Memecoins
Shiba Inu and Dogwifhat Post Double-Digit Gains as Memecoins Ignore Bitcoin and Ethereum Declines: What’s Happening?
May 28, 2024 10:52 p.m. | 1 minute reading
On a day when blue-chip currencies fell, memecoins continued to show strength, led by Shiba Inu And dogwifhat.
What Happened: Solana (CRYTPO: SOL), based on dogwifhat, became the market’s third-biggest gainer and best-performing memetoken over the past 24 hours. The coin hit a six-week high and is steadily approaching its March high of $4.73.
WIF saw $1.4 billion in volume in the last 24 hours, an increase of 40%.
| Cryptocurrency | Earnings +/- | Price (recorded at 10:10 p.m. EDT) |
| dogwifhat (CRYPTO: Wireless) | +12.25% | $3.72 |
| Shiba Inu (CRYPTO: SHIB) | +9.78% | $0.00002767 |
| Floki (CRYPTO: FLOKI) | +9.10% | $0.0002907 |
The second-largest memecoin, Shiba Inu, also saw double-digit gains, hitting its highest value since March 10. Ethereum (CRYTO:ETH) the dog-themed token surged 70% in the past 24 hours to $1.64 billion, more than Dogecoin (CRYPTO: DOGE)
The renewed interest in the Shiba Inu could be attributed to an upcoming airdrop as announced by Lucy, marketing manager of Shiba Inu. The airdrop will reward users for participating in the Shibarium ecosystem, with the amount depending on their holdings and activities.
Why is this important: The uptick in the memecoin space reflects strong demand, even though large-cap coins like Bitcoin (CRYPTO: BTC) and Ethereum fell slightly.
In recent weeks, memecoins have demonstrates resilience despite fluctuations in assets perceived to have greater utility.
The rally has boosted the profitability of holders of these cryptocurrencies, with nearly 62% of SHIB holders being “In the Money”, according to to IntoTheBlock.
Photo by Fernando Cortés on Shutterstock
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