As a seasoned crypto investor with a knack for spotting trends and understanding market dynamics, I’ve always kept a keen eye on the meme coin sector. The recent surge of Shiba Inu (SHIB) has once again caught my attention, not just because of its 43% gain over the past nine days but also due to the profound on-chain activity it’s experiencing.
Once again gaining attention among investors, Shiba Inu (SHIB) has seen a significant surge of 43% over the past nine days. Over the last 24 hours, the SHIB price has increased by 14%, currently sitting at approximately $0.00001927 with a market capitalization of $11.41 billion. Moreover, the daily trading volume for SHIB has spiked by 105% to exceed $1.3 billion.
In just a brief span of time, Shiba Inu coins have shown significant growth, boosting the entire meme coin market today. Interestingly, when looking at their on-chain activity, Shiba Inu stands out more than other meme coin competitors.
As a researcher, I’ve observed an interesting trend in the Shiba Inu market. According to Santiment, not only have trading volumes spiked, but so have the circulation and whale transactions, reaching a 10-week peak. However, despite this surge, the price of Shiba Inu remains at a 50% discount from its February high of $0.000043. If Shiba Inu is to reclaim these levels, it’s crucial for its bulls to engineer a breakout above $0.000020, backed by substantial trading volumes.
😺📈 Over the last 9 days, Shiba Inu has experienced a remarkable increase of 43%. Notably, its on-chain activity has significantly outpaced other altcoins and meme coins. Key indicators such as volume, circulation, and whale transactions have peaked at their highest levels in over ten weeks. Furthermore, the coin’s social dominance is also on the rise. This suggests that Shiba Inu might be gaining increased popularity and attention within the cryptocurrency community.
— Santiment (@santimentfeed) September 26, 2024
A significant factor contributing to SHIB‘s superior performance among meme coins is its high burn rate. According to Shibburn data, the burn rate for SHIB increased an astounding 33,818.39% in the last 24 hours. This means that approximately $1.18 trillion worth of SHIB tokens have been removed from circulation, which puts upward pressure on the price of Shiba Inu.
Shiba Inu Triggers Meme Coin Party
There’s a significant surge in the meme coin market, with Dogecoin (DOGE) experiencing a 9% increase. Similarly, other competitors like Pepe Coin (PEPE), Floki Inu (FLOKI), BONK, and others are also up by 12-15%, extending their weekly gains beyond 30%. Here’s a quick look at their current status:
After $ATH, Arthur Hayes turns to accumulate memecoin $PEPE!
Over the course of the last two hours, I’ve noticed a significant transaction on Binance. Arthur Hayes, who goes by @CryptoHayes, deposited one million USDC into the platform. Interestingly, for the first time, he then withdrew approximately 24.39 billion PEPE tokens (worth around $252,000) to wallet 0x6cd.
Follow @spotonchain for more updates about #ArthurHayes and…
— Spot On Chain (@spotonchain) September 27, 2024
As a researcher, I recently observed an interesting development in the crypto world. BitMEX CEO Arthur Hayes made an announcement about his decision to acquire the PEPE coin. According to data from SpotonChain, he transferred $1 million worth of USDC to Binance, followed by a withdrawal of approximately 24.39 billion PEPE coins. The 24-hour volume of this coin is relatively low at 0.1%, and its market capitalization stands at around $36.31 billion, with a 24-hour trading volume of about $7.73 billion. This move by Hayes could potentially impact the PEPE coin’s price and popularity within the crypto market.
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2024-09-27 12:57