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Shiba Inu-Dogecoin-Led Meme Economy Sees 16% Jump in Trading Volumes Amid Market Drop

Wed, 09/14/2022 - 13:45
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Tomiwabold Olajide
Traders betting on meme cryptocurrencies as trading volumes jump 16%
Shiba Inu-Dogecoin-Led Meme Economy Sees 16% Jump in Trading Volumes Amid Market Drop
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According to CoinMarketCap data, the "Doggone Doggerel" class, including Dogecoin and Shiba Inu, has seen a 16% jump in trading volumes in the last 24 hours. This category of assets demonstrated the largest increase in trading volumes among all categories, per CoinMarketCap groupings. This might suggest that traders continue to bet on these crypto assets.

Related
35 Trillion SHIB Swapped in Last 24 Hours as Trading Volume Suddenly Jumps 23%

For the second largest meme cryptocurrency, Shiba Inu (SHIB), 31 trillion tokens, or 31,468,854,759,613 SHIB worth $387,802,356, have been swapped within the last 24 hours. Meanwhile, 8 billion DOGE (8,048,271,119) worth $485,583,309 have been traded in the last 24 hours.

The global markets plunged on Tuesday after a crucial August inflation report came in stronger than anticipated, which undermined investor hopes for a less aggressive Federal Reserve. Bitcoin tumbled as well as the majority of altcoins. However, at press time, several altcoins were attempting to rebound.

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Shiba Inu, Dogecoin Post Gains as Meme Cryptocurrencies' Trading Volumes Spike 151%

At the time of publication, SHIB was marginally up at $0.0000122, and its price had increased by 1.97% in the last hour. Dogecoin remains marginally down in 24 hours at $0.06 and is up 1.06% in the last hour. Shiba Inu currently ranks as the 14th largest cryptocurrency with a market valuation of $6.63 billion. Dogecoin has reclaimed the 10th spot with a market cap of $8 billion.

Traders commit to long-term approach

Despite the current price drop, a significant number of traders have held onto their positions in recent months. According to IntoTheBlock's data on holder composition by time held, 29% of SHIB holders have "hodled" their tokens for more than a year, 67% have held within a year, and 3% have held onto their tokens for less than a month.

For Dogecoin, 67% of holders have "hodled" their tokens for more than a year, 30% have held within a year and 3% have held onto their tokens for less than a month.

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About the author

Tomiwabold is a cryptocurrency analyst and an experienced technical analyst. He pays close attention to cryptocurrency research, conducting comprehensive price analysis and exchanging predictions of estimated market trends. Tomiwabold earned his degree at the University of Lagos.