Dogecoin and Shiba Inu-led meme economy has seen a sharp rise in trading volumes over 24 hours. According to CoinMarketCap data, trading volumes for the meme sector have risen by 71.99% in comparison to that of DeFi's 16.87% and Metaverse's 21.06%.
This may suggest that more traders are turning to meme tokens to seek out gains as the crypto market rebounds. This may also signify that investors still have faith in the meme cycle, despite flat price action reported for several tokens.
Generally, a spike in trading volume might imply that more holders are currently shifting their coins around. This kind of trend could prompt large price swings as traders are useful in sustaining such moves.
The whale surveillance website WhaleStats reports that Dogecoin has become a top hit among 1,000 Binance smart chain whales.
U.Today also reported Shiba Inu as the most traded and biggest hodling token among the top 1,000 ETH wallets, according to WhaleStats. As seen on CoinMarketCap data, Dogecoin is up 4.98% at $0.17, while Shiba Inu was trading at $0.00003193, up 11.98% in the last 24 hours.
Meme economy
Dogecoin and Shiba Inu inspired a great number of dog-themed asset coins in 2021 as there are now several meme tokens floating in the crypto space. Despite this, Dogecoin and Shiba Inu are leading the meme token economy presently valued at $41.4 billion, as per CoinMarketCap data.
Dogecoin is currently the largest meme token in terms of market capitalization presently valued at $22.6 billion. Shiba Inu's market capitalization stands at $17.6 billion to rank second largest. Dogelon Mars (ELON) has become the third-largest meme with a crypto market valuation of $637 million.