Dogecoin and Shiba Inu-Led Meme Economy Sees Sharp Rise in 24-Hour Trading Volume

By | December 21, 2021
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Tomiwabold Olajide

Meme Token Trading Volumes Led By DOGE And SHIB Increase With Renewed Interest

Run by Dogecoin and Shiba Inu memes The economy has seen a sharp increase in trading volumes over 24 hours. According to data from CoinMarketCap, trading volumes for the meme sector have increased by 71.99% compared to 16.87% for DeFi and 21.06% for Metaverse.

CoinMarketCap meme tokens
Fountain: CoinMarketCap meme tokens

This may suggest that more traders are turning to meme tokens for profit as the cryptocurrency market recovers. This may also mean that investors still have faith in the meme cycle, despite reported fixed price action for various tokens.

In general, an increase in trading volume could mean that more holders are exchanging their currencies. This type of trend could cause large price swings, as traders are helpful in sustaining such movements.

The WhaleStats whale watch website reports that Dogecoin has become a huge hit among Binance’s 1000 smart chain whales.

U.Today also reported Shiba Inu as the largest and most traded hodling token among the top 1,000 ETH wallets, according to WhaleStats. As seen from CoinMarketCap data, Dogecoin is up 4.98% to $ 0.17, while Shiba Inu was trading at $ 0.00003193, an increase of 11.98% in the last 24 hours.

Memes economy

Dogecoin and Shiba Inu inspired a host of dog-themed asset coins in 2021, as there are now several meme tokens floating around in the crypto space. Despite this, Dogecoin and Shiba Inu lead the meme token economy currently valued at $ 41.4 billion, according to data from CoinMarketCap.

Dogecoin is currently the largest meme token in terms of market capitalization currently valued at $ 22.6 billion. Shiba Inu’s market capitalization is $ 17.6 billion to rank second largest. Dogelon Mars (ELON) has become the third largest meme with a crypto market valuation of $ 637 million.


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