The meme coin market is heating up once again, with Shiba Inu (SHIB) leading the charge with an impressive 20% price surge in just 24 hours. This explosive growth comes amid a renewed wave of interest in the playful, speculative side of cryptocurrency, and SHIB isn’t the only meme coin riding the bullish momentum.
Shiba Inu – The Meme Coin Powerhouse Reignites
Shiba Inu (SHIB) has seen a significant spike in both price and trading volume, now sitting at $0.0000191. Over $1.3 billion in spot trading volume was recorded, making SHIB the second most-traded meme coin after Dogecoin (DOGE). But it’s not just about numbers; the excitement around SHIB is being fueled by its rising open interest, which shot up 78% to reach $29.5 million.
One of the key drivers behind SHIB’s resurgence is its aggressive token burn rate. The daily burn rate surged by over 33,000%, with nearly 2 billion SHIB tokens removed from circulation. This initiative, designed to reduce the total supply of SHIB, is clearly having an impact. Over 410 trillion SHIB have already been burned, leaving just over 583 trillion in circulation.
Adding to the momentum is Shibarium, SHIB’s Layer-2 scaling solution, which continues to perform well. Shibarium recently surpassed the 7 million block milestone and has processed 418 million transactions, underscoring its role in SHIB’s ecosystem development.
As SHIB continues to rally, other meme coins are not far behind. Brett (BRETT) and Pepe (PEPE) have both recorded significant gains in the past 24 hours. Brett surged by 15%, pushing its price to $0.103. The coin’s spot volume has also skyrocketed by 86%, signaling growing trader interest.
Pepe (PEPE), another market favorite, saw an 18% price jump, bringing its value to $0.0000102 and its market cap to $4.3 billion. With $1.2 billion in trading volume, Pepe is cementing its place as a major player in the meme coin market, rivaling the performance of Shiba Inu.
The meme coin market as a whole has grown by $10 billion over the past week, and with the traditionally bullish “Uptober” approaching, excitement is only expected to increase. However, as with all meme coins, volatility is ever-present, and traders remain cautious about potential market corrections.
Is Pepe Unchained the Next Big Thing?
Adding to the meme coin craze is Pepe Unchained (PEPU), a Layer-2 meme coin that raised $15.5 million in its presale. Pepe Unchained is building its own blockchain, boasting faster and cheaper transactions, promising a better trading experience for meme coin enthusiasts.
With plans to be 100 times faster than Ethereum, Pepe Unchained has already garnered attention across the crypto space. The project has been featured on platforms like CoinSniper and ICOBench and has attracted a large following on social media platforms like Twitter and Telegram.
With its presale price at $0.00986, Pepe Unchained is positioning itself as the next potential breakout star in the meme coin space.
Also Read: Meme Coins Surge – Shiba Inu Up 15%, Bonk Soars 17% Amid China’s $365M Liquidity Boost
Meme Coins Are Back — But For How Long?
While the current meme coin rally is exciting, investors should remain cautious. The speculative nature of meme coins means that gains can disappear just as quickly as they appear. However, for now, coins like Shiba Inu, Brett, and Pepe are enjoying the spotlight, and with new entrants joining the fray, the meme coin market could be set for even more wild price movements in the weeks to come.
With trading volumes and market caps rising across the board, meme coins have once again captured the attention of both seasoned traders and newcomers. As always, the question remains: how long will the fun last?
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
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