There is a broad-based slump in the digital currency ecosystem today with the combined crypto market cap dropping by 3.99% to peg its new valuation at $1.03 trillion. Amid this rout, the new Shiba Inu meme coin clone, Shikoku (SHIK), is leading the market upsurge with a 42.04% growth over the past 24 hours, per data from CoinMarketCap.
At its current price of $0.00000001558, the meme coin has now recorded more than 68% growth in the trailing seven-day period to showcase the stability of the token thus far.
It is not uncommon to find a new meme coin trailbraze the market when there is an impressive protocol update that excites its community. The same holds true for Shikoku as it recently announced it burnt off as much as $300,000 worth of SHIK tokens. While this sum may appear small, it is having a significant impact on the token, whose market cap is just a mere $14.9 million.
Shikoku was created to serve as a decentralized meme coin experiment. While its applications are numerous and growing, it essentially focuses on creating the Shikoku Inu Decentralized Ecosystem (SIDE) of applications and tools.
Bullish growth not permanent
Meme coins are generally regarded as fun tokens, and their relevance over the years has been embodied primarily in driving temporary growth in investors' portfolios. The uptick in most meme coins is not permanent, and this begs for caution considering related trends that have been recorded thus far this year.
While there has been a case of pump and dump with legacy meme coins like Dogecoin (DOGE), new entrants like Solana-based BONK have fizzled out as quickly as the token made its way into the ecosystem.
With highly bullish growth periods of over 600% at a time, growth was unsustainable, reinforcing the note of caution to investors into new industry entrants like Shikoku.