The recent meme coin market has seen a strong surge, with Shiba Inu (SHIB) recording a more than 70% increase in the past 24 hours, leading to its market value rising to the 11th position in the global cryptocurrency rankings.
While Bitcoin continues to fluctuate around $62,000, the dog-themed meme coins, led by Dogecoin (DOGE), have been experiencing strong upward momentum recently.
According to data from Binance, SHIB has been on the rise for the past 8 consecutive days, with a surge of 72% in the past 24 hours and over 130% in the past week. It is currently priced at $0.00002256, reaching its highest point since May 2020. SHIB’s market value has also surpassed $12.3 billion, ranking it 11th among all cryptocurrencies, surpassing TRON (TRX) and Chainlink (LINK).
The strong surge in SHIB can be attributed not only to the overall bullish market sentiment but also to the announcement made by the official team 6 days ago regarding their experiment with the DN404 standard. They launched the DN404 project called SHEB. DN404 is an improvement of the popular ERC404 standard and was developed in collaboration with Cygaar and Vectorized, the founders of ERC721A, and other well-known developers.
Furthermore, data from Coinglass shows that the open interest of SHIB futures contracts on the Binance platform has risen to $85 million, reaching its highest level since August last year. It is worth noting that historically, when the open interest of SHIB contracts surges, it coincides with the top of the Bitcoin market. Whether this will be the case this time remains to be seen.
Despite being initially regarded as a meme coin, SHIB has been dedicated to shedding the meme label and focusing on other developments. In August 2023, the Shiba Inu team launched their own Ethereum L2 solution called Shibarium, with the new ERC20 token Bone ShibaSwap (BONE) serving as gas fees. They have also emphasized their focus on the metaverse and GameFi sectors.
Recently, the total value locked (TVL) in Shibarium has risen to its initial launch level, surpassing $1.32 million. The BONE token has also experienced significant growth, with an 18.4% increase in the past 24 hours and a 36% increase in the past week. At the time of writing, the price of BONE is temporarily reported at $0.8156.
In addition, the DEX Shibaswap, launched by SHIB in July 2021, has also issued the liquidity token Doge Killer (LEASH). Its price has risen by 22.4% in the past 24 hours and 35.8% in the past week. At the time of writing, the price of LEASH is temporarily reported at $393.61.
Among other dog-themed meme coins, Dogecoin, which has the largest market value, has risen by 20.4% in the past 24 hours, breaking through $0.14 and ranking as the 9th largest cryptocurrency.
One of the most astonishing performers is Floki, a meme coin project named after Elon Musk’s dog. It has surged by 102% in a single day and 238% in the past 7 days. At the time of writing, Floki is temporarily reported at $0.0001167.
Related Reports:
– Floki surges over 113% in a week, enters the top 100 cryptocurrencies! Sister coin TOKEN officially launched tonight at 11 PM.
– Mishap right after launch! Shiba Inu coin’s L2 blockchain Shibarium experienced an 8-hour outage, and $BONE plummeted by 20%.
– Shiba Inu coin makes a strong comeback! SHIB surges over 30% for 5 consecutive days, open interest breaks $100 million.