Meme coins are once again stealing the spotlight in a flurry of activity in the cryptocurrency markets. Among them, Shiba Inu, the latest contender, has surged in value over the past 24 hours, which is coming right after other notable meme coins like Dogecoin, Bonk, Floki, and Pepe that have each had their moment in the limelight as week winds down.
An intriguing pattern of social dominance spikes accompanies these surges, according to Data from Santiment, indicating a crucial element in timing the market’s peaks. Tracking these social dominance metrics can provide valuable insights into future market movements, especially since meme coins continue to seize investors’ imaginations.
If we look at Coinmarketcap data, we can see that meme coins have gained immense popularity as Shiba Inu (SHIB) leads the pack. As illustrated in the daily chart, SHIB has grown by an astonishing 62.43%, while its weekly chart shows it has increased by 121.19%. The coin’s 24-hour trading volume surged by a whopping 188.51%, amounting to $4.49 billion.
In the meantime, Pepe (PEPE) has shown remarkable growth, with a daily increase of 54.38% and a weekly one of approximately 262.39%. Its trading volume within the last 24 hours grew to $2,1 billion, skyrocketing by 209.95%.
These statistics show a growing interest and investment in meme coins among cryptocurrency community members. On the other hand, Floki’s worth has grown by 85.54% in 24 hours, intensifying the craze around meme coins. Even Dogecoin (DOGE) has gone up by 18%.
The Rising Tide Of Shiba Inu
In the middle of riotous price hikes and escalating trading volumes, Lucie, Shiba Inu’s elusive social media marketing lead, used Twitter to celebrate SHIB’s growth. With an informal yet defiant tone, Lucie pointed out how SHIB had climbed meteorically into thirteenth place among all cryptocurrencies globally and dismissed any doubters’ claim of legitimacy while declaring victory over them.
Shiba Inu has been on an unprecedented upward journey this week, reaching a weekly high of $0.00002136. This surge has resulted in the coin rising to the top layers of the crypto market, pushing out DOT and MATIC. Nonetheless, this meme coin craze is not coming to a halt. As this landscape changes, investors and those who simply love digital currencies get ready for another wave of speculation and thrill.