Meme Coins Take Action as Transaction Volume Increases 180%!

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  • Transaction volumes in the meme coin asset class increased by a whopping 188%, with Dogecoin and Shiba Inu leading the way.

Meme cryptocurrencies are leading the way Shiba Inu (SHIB) and Dogecoin (DOGE) It excited its investors by posting 24-hour gains of 7.29 percent and 22.99 percent, respectively.

In the last 24 hours, new capital has flowed into the meme coin economy, which has reported an increase of up to 13.19 percent in market capitalization. The largest meme cryptocurrencies by market cap are currently valued at $19.34 billion, according to CoinMarketCap data.

meme coin

Why did the increase occur?

Price movements in altcoins are generally dependent on Bitcoin. The rise in meme coins may also be due to BTC’s move towards $25.00, but there are other reasons as well.

shiba inu

According to whale-watching platform WhaleStats data, Shiba Inu ranked among the top 10 in terms of trading volume among the 1000 largest ETH whales in the last 24 hours. On August 2, the developers behind Shiba Inu announced the name of the highly anticipated collectible card game (CCG) Shiba Eternity, sparking positive expectations about the coin’s price.

However, by the founder of Shib according to the statement, the highly anticipated Shib Eternity is now available for testing for users in Vietnam. These users will give feedback by trying the game.

It is a tracking platform that actively performs SHIB burning and can track the amount of SHIB tokens burned by the Shiba Inu community. shibburn According to data from the website, more than 292 million Shiba Inu tokens have been burned in the last 24 hours, which acted as another catalyst for Shiba Inu’s rally. The burning of tokens is believed to have a positive effect on prices, although there is no guarantee.

ShibaSwap, which has fueled interest in the Shiba Inu, has come a long way since its launch in July 2021. Shiba Inu’s native DEX; It also facilitates token swapping and staking along with other features like liquidity pools and governance, and by doing so, it has started to compete with other decentralized exchanges like Uniswap.

As reported by KoinFinans, the project, which reached new records, entered the list of the top 10 projects of Ethereum blockchain-based social signals, according to a tweet recently shared by the CEO of Generation Crypto Media. ShibaSwap topped the list with 909k signal points. Not only that, the DEX has also surpassed $1 billion in total locked value.

dogecoin

On the Dogecoin side, last week, Dogecoin Foundation Developer Michi Lumin released the first release of libdogecoin, a C library of Dogecoin building blocks that enables lightweight and direct integration of memecoin across various platforms, without the need for developers with deep knowledge of blockchain. announced.

Profitability increases in meme coins

As more investors take profits, meme cryptocurrencies, according to data from IntoTheBlock Shiba Inu (SHIB) and Dogecoin (DOGE) increased profitability.

Reaching the level of 0.0000157 USD with an increase of 23.69 percent during the day. SHIB price increased by up to 30 percent in the past week. Dogecoin, on the other hand, is at $ 0.07781, up 6.61 percent in 24 hours and 12.88 percent compared to last week.

Shiba Inu is currently the 12th largest cryptocurrency with a market cap of $8.37 billion after climbing the rankings, while Dogecoin regained the 10th place with a market capitalization of $10.3 billion.

You can follow the current price action here.

Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.


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