Three meme coins – Shiba Inu (SHIB), Floki (FLOKI), and Dogwifhat (WIF) – are causing a stir in the crypto market. Each of these digital currencies is seeing big jumps in price and exciting developments.
Shiba Inu’s price shot up to its highest point in months during early trading on March 2, likely influenced by Bitcoin’s recent surge past $64,000.
Shiba Inu (SHIB) Price Surge and Market Activity
At the time of writing, the price of SHIB experienced a remarkable 68.5% increase to $0.00002196, representing a significant weekly surge of 122.8%. This surge was accompanied by a staggering 407% rise in 24-hour trading volume, reaching $7.389 billion, sparking optimism among traders and investors worldwide.
SHIB Price Chart | Source: Coinstats
A massive whale transaction involving the transfer of 3.02 trillion SHIB further fueled interest in the coin. This transaction occurred amidst a surge in large holder inflows, which soared by 700% since Feb. 25. Notably, the number of SHIB purchased by large holders surged from 336.79 billion to 2.08 trillion between Feb. 25 and Feb. 28.
The SHIB community witnessed a flurry of developments, including the launch of SHEboshi, the upcoming KNINE launch, and Sharbi’s FETCH bridge, contributing to growing optimism. Additionally, SHIB experienced a significant surge in its burn rate, with a staggering 3,0187% increase on March 1. With 3.75 million SHIB destroyed in the past 24 hours, the coin’s supply continues to decrease, bolstering bullish sentiments among investors.
🚨 🚨 3,023,255,579,400 #SHIB (49,933,096 USD) transferred from unknown wallet to unknown wallethttps://t.co/3D24M928iE
— Whale Alert (@whale_alert) March 1, 2024
Technical indicators and derivatives data support a bullish outlook for Shiba Inu, with strong buy sentiments prevailing. However, caution is advised as the Relative Strength Index (RSI) suggests an overbought condition for SHIB, potentially signaling an upcoming period of consolidation.
Floki Makes Significant Gains
Floki, another meme coin, has joined the race for gains over the weekend. According to data from crypto price aggregator Coinstats, Floki has surged nearly 80% in the past 24 hours, now trading at $0.0001126.
FLOKI Price Chart | Source: Coinstats
This surge is accompanied by an impressive 890% increase in 24-hour trading volumes, totaling $1.277 billion. Floki’s current value represents a 219% increase over seven days and a 245% rise over the last two weeks. Over the past month, the coin has skyrocketed by 306%, as per CoinGecko data.
Dogwifhat Emerges as a Standout
Dogwifhat (WIF) has also emerged as a standout meme coin, experiencing a rapid ascent in the crypto market. Its price has surged 21% to $1.26 at the time of writing, with trading volume increasing by 41.90% to $232.9 million. This recent surge follows an impressive 318% rally in the last week, propelling WIF into the top 100 cryptocurrencies by market capitalization.
WIF Price Chart | Source: Coinstats
The listing of WIF for trading on Robinhood Europe, along with rumors of potential listings on other major exchanges, has fueled excitement surrounding Dogwifhat. Substantial whale activity has been observed in the WIF market, with a large investor reportedly purchasing over 673,000 WIF tokens at $1.36 each, indicating confidence in the project’s future prospects.
The price of $WIF broke through $1 and has increased by ~250% in the past week.
Another whale spent 9,999 $SOL($1.34M) to buy 1.49M $WIF at $0.8995 6 hours ago.https://t.co/m1dgfoPJE0 pic.twitter.com/xU4rZNgcWg
— Lookonchain (@lookonchain) March 1, 2024
With positive sentiment and significant developments, there is potential for substantial gains in the coming months.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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