The Memecoin Rally: Shiba Inu Takes the Lead
With the support of the rally in the broader cryptocurrency market, thereโs a strong undercurrent in the memecoin sector. In the last 24 hours, Shiba Inu has been leading the memecoin rally with a staggering 52% accompanied by Dogecoinโs 18% gains. The Shiba Inu price is currently trading at $0.00002.
Shiba Inu (SHIB) Price Rally
As of press time, the Shiba Inu (SHIB) price is up 52.85% trading at $0.00001976 with a market cap of $11.65 billion. Also, the daily trading volume for SHIB has also shot up by a staggering 93% moving closer to $4 billion.
The recent surge in the SHIB price comes amid massive whale activity. Lookonchainโs data reveals a significant event: a whale recently sold a considerable amount of PEPE tokens, totaling 1.97 trillion and reaching a staggering $6.07 million. Following this sale, the whale pocketed a profit of $3.49 million. Subsequently, the whale shifted focus to Shiba Inu, purchasing 75.9 billion SHIB tokens valued at $893,000.
A smart whale changed his position from PEPE to SHIB, MANA, SAND, and GALA.
The whale sold all 1.97T PEPE($6.07M) and made a profit of $3.49M.
Then bought 75.9B SHIB($893K), 1.6M MANA($1.07M), 2.43M SAND($1.48M) and 36.88M GALA($1.46M). pic.twitter.com/PbWGVtOVOZ
— Lookonchain (@lookonchain) March 1, 2024
Another major contributing factor to the Shiba Inu (SHIB) price rally is the staggering 30000% surge in burn rate recorded on March 1st. In the past 24 hours, the destruction of 3.75 million SHIB tokens has contributed to a continuous reduction in the meme coinโs supply, prompting increased optimism within the global crypto community. The total tokens burnt from Shiba Inuโs initial supply have now reached around 410.70 trillion SHIB, leaving a circulating supply of 581.65 billion coins.
Lucie, a marking specialist within the Shiba Inu ecosystem, anticipates an 800% surge in the Shiba Inu price. Drawing parallels with the 2021 bull run, Lucie points out a remarkable 800% increase within a single week, even in the absence of any documented burns.
$SHIB surged 800% in a week without any burns in 2021.
Eager to see the outcome in 2024.
Slow burns and steady demand are essential. $SHIB is poised for growth and waits for no one.
— ๐๐๐๐๐ | SHIB.IO (@LucieSHIB) February 28, 2024
Memecoin Fest Begins
According to on-chain data provider Santiment, Shiba Inu is the newest memecoin experiencing a surge in value following the trends set by Dogecoin, Bonk, Floki, and Pepe. These fluctuations in social dominance are vital for predicting peak moments as the week comes to an end.
#ShibaInu is the latest #memecoin surging in value after #Dogecoin, #Bonk, #Floki, and #Pepe have all taken their turns in the sun as the work week draws to a close. Track social dominance spikes with each here, as they are crucial in timing the tops. pic.twitter.com/bSb3HvIGrB
— Santiment (@santimentfeed) March 2, 2024
The Dogecoin (DOGE) price rally continues with another 18% gains at press time shooting past $0.15. Over the last week, the DOGE price has surged by a staggering 66%.
Solana-based Dogwifhat (WIF) is another major memecoin that has been part of the memecoin rally. In the last 24 hours, the WIF price is up by another 35% shooting all the way to $1.25. With this, Dogwifhat (WIF) has extended its weekly rally to a staggering 311%.
Hot Take: Memecoins are on Fire ๐ฅ
With Shiba Inu leading the memecoin rally and Dogecoin and Dogwifhat (WIF) also experiencing significant gains, itโs clear that memecoins are currently in high demand. Hereโs what you need to know:
Factors Driving the Memecoin Rally
- Shiba Inuโs recent surge is fueled by whale activity and a surge in burn rate.
- The destruction of SHIB tokens has led to a reduction in supply and increased optimism among investors.
- Past performance indicates that Shiba Inu could experience an 800% surge in price.
- Santiment data shows that Shiba Inu is following in the footsteps of other popular memecoins.
- Dogecoin and Dogwifhat (WIF) have also seen significant gains during this memecoin rally.
What to Expect
The memecoin sector is highly volatile, and while there are opportunities for significant gains, there is also a high level of risk. Hereโs what you should keep in mind:
- Monitor whale activity and burn rates to gauge the market sentiment.
- Stay informed about the latest trends in the memecoin space to make informed investment decisions.
- Exercise caution and be prepared for rapid price fluctuations.
- Consider diversifying your portfolio to include other cryptocurrencies and assets for a balanced investment strategy.
Remember,
Gapster Innes emerges as a visionary adeptly blending the roles of crypto analyst, dedicated researcher, and editorial maestro into an intricate tapestry of insight. Amidst the dynamic world of digital currencies, Gapster’s insights resonate like finely tuned harmonies, captivating curious minds from various corners. His talent for unraveling intricate threads of crypto intricacies melds seamlessly with his editorial finesse, transforming complexity into an eloquent symphony of comprehension.