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

Sun, 08/14/2022 - 12:08
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Tomiwabold Olajide
Trading volumes of this class of assets have increased by staggering 151%
Shiba Inu, Dogecoin Post Gains as Meme Cryptocurrencies' Trading Volumes Spike 151%
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Meme cryptocurrencies, Shiba Inu and Dogecoin, were seen outperforming at press time, posting 24-hour gains of 7.29% and 22.99%, respectively. In the previous 24 hours, new money has poured into the meme economy, which has reported a 13.19% increase in market value. The top meme cryptocurrencies by market valuation are currently valued at $19.54 billion, according to data from CoinMarketCap.

Meme Cryptos
Top Meme Tokens, Courtesy: CoinMarketCap

The trading volumes of this class of assets have increased by a staggering 151%, indicating a resurgence in interest in meme cryptocurrencies.

According to WhaleStats data, Shiba Inu was among the top 10 by trading volume among the 1,000 biggest ETH whales in the last 24 hours. On August 2, the developers behind Shiba Inu announced the name of the much-awaited collectible card game, Shiba Eternity, leading to positive expectations.

More than 292 million Shiba Inu tokens have been burned in the last 24 hours, according to data from the Shibburn website, acting as another catalyst for Shiba Inu's rally. The burning of tokens is believed to have a positive impact on prices, although not guaranteed.

In the past week, Dogecoin Foundation Developer, Michi Lumin, unveiled the initial release of libdogecoin, a C library of Dogecoin building blocks by the Dogecoin Foundation that enables lightweight direct integration of Dogecoin into a variety of platforms without the need for developers to have in-depth blockchain knowledge.

Profitability increases

As per IntoTheBlock data, the profitability of the meme cryptocurrencies Shiba Inu (SHIB) and Dogecoin has increased as more investors enter profit.

At the time of publication, SHIB was up 23.69% at $0.0000157, and its price has increased by 30.37% over the past week. Dogecoin is up 8.45% in 24 hours at $0.078 and up 15.23% in the past week.

Shiba Inu currently ranks as the 12th largest cryptocurrency with a market valuation of $8.59 billion after rising through the ranks. Dogecoin has also reclaimed the 10th spot with a market cap of $10.47 billion.

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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.