Recent Meme Coin Market Experiences Strong Surge: Shiba Inu (SHIB) Surges Over 70% in the Past 24 Hours, Ranking 11th in the Global Cryptocurrency Market.
(Background:
Dogecoin (DOGE) Surges 40% and Breaks $0.13! Meme Coins Soar Together)
(Content:
Besides Meme Coins, Are There Any Other Good Coins? An Overview of SHIB’s Current Ecosystem Development)
Table of Contents:
SHIB Surges Over 70% in a Single Day
SHIB’s Unfilled Contract on Binance Exceeds $85 Million
BONE and LEASH Surge Over 18% and 22% respectively
Meme Coins Soar Together
While Bitcoin continues to fluctuate around $62,000, meme coins led by Dogecoin (DOGE) have been showing strong upward momentum in recent times.
According to Binance spot data, SHIB has been on the rise for 8 consecutive days, surging 72% in the past 24 hours and over 130% in the past week. It is currently priced at $0.00002256, reaching its highest point since May 2020. SHIB’s market capitalization also surpassed $12.3 billion, ranking 11th among all cryptocurrencies, surpassing TRX and LINK.
The strong surge may be attributed not only to the overall market rally but also to the official announcement made 6 days ago about entering the DN404 standard experimental test. They launched the DN404 project called SHEB. It is understood that the DN404 standard is an improvement on the recent popular ERC404, developed by Cygaar and Vectorized, the founders of ERC721A, and several other well-known developers.
At the same time, Coinglass data also shows that the unfilled volume of SHIB futures contracts on the Binance platform has risen to $85 million, reaching its highest level since August last year.
An important data worth noting is that, according to historical statistics, when the SHIB contract holdings surge, it often coincides with the top of Bitcoin. Whether this will be the case this time also requires time to verify.
Despite initially being seen as a meme coin, SHIB has been committed to breaking free from the meme label and striving for other developments.
In August 2023, Shib officially launched its own Ethereum L2 solution called Shibarium, using the new ERC20 token Bone ShibaSwap (BONE) as gas fees, with a focus on the Metaverse and GameFi sectors.
Recently, Shibarium’s TVL (Total Value Locked) has risen to the level of the first day of launch, surpassing $1.32 million. The BONE token has also experienced a significant surge. According to CoinGecko data, the price of BONE has risen by 18.4% in the past 24 hours and 36% in the past week. At the time of submission, the price is temporarily reported as $0.8156.
In addition, Shib’s DEX Shibaswap, launched in July 2021, also issued Doge Killer (LEASH) as a liquidity token. The current price has risen by 22.4% in the past 24 hours and 35.8% in the past week. At the time of submission, the price is temporarily reported as $393.61.
Meme Coins Soar Together
Among other meme coins, Doge, the largest meme coin in terms of market capitalization, has risen by 20.4% in the past 24 hours, breaking $0.14, and ranking as the 9th largest cryptocurrency.
Among them, the most astonishing surge is Floki, a meme coin project named after Elon Musk’s dog. It surged 102% in a single day and 238% in the past 7 days. At the time of submission, the price is temporarily reported as $0.0001167.
Related Reports:
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Issues upon Launch! Shiba Inu Coin’s L2 Blockchain Shibarium Experiences 8 Hours of Downtime, with $BONE Plunging 20%
Shiba Inu Coin Makes a Strong Comeback! SHIB Surges Over 30% for 5 Consecutive Days, Unfilled Contracts Exceed $100 Million)