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Shiba Inu and Dogwifhat Post Double-Digit Gains as Memecoins Avoid Drops in Bitcoin and Ethereum: What’s Happening?
May 28, 2024 10:52 pm | 1 minute reading
On a day when blue chip coins fell, memecoins continued to show strength, led by Shiba Inu It is dog with hat.
What happened: Solana Dogwifhat based on (CRYTPO:SOL) has emerged as the market’s third biggest gainer and the best performing memetoken in the last 24 hours. The coin has reached a six-week high and is steadily approaching the March high of $4.73.
WIF recorded $1.4 billion in volume in the last 24 hours, representing a 40% increase.
| Cryptocurrency | Earnings +/- | Price (recorded at 10:10 pm EDT) |
| dog with hat (CRYPTO: WIF) | +12.25% | $3.72 |
| Shiba Inu (CRYPTO: SHIB) | +9.78% | $0.00002767 |
| Floki (CRYPTO: FLOKI) | +9.10% | $0.0002907 |
The second-largest memecoin, Shiba Inu, also recorded double-digit gains, reaching its highest value since March 10. Ethereum The dog-themed token based on (CRYTO:ETH) has jumped 70% in the last 24 hours to $1.64 billion, higher than Dogecoin (CRYPTO: DOGE)
The renewed interest in Shiba Inu may be attributed to an upcoming airdrop as announced by Lucia, Shiba Inu marketing lead. The airdrop will reward users for participating in the Shibarium ecosystem, with the amount depending on their participation and activities.
Why this matters: The surge in the memecoin space reflects robust demand, even as large-cap coins like Bitcoin (CRYPTO: Bitcoin) and Ethereum fell.
In recent weeks, memecoins exhibited resilience despite fluctuations in the assets considered most useful.
The recovery has boosted the profitability of holders of these cryptocurrencies, with almost 62% of SHIB holders being “In the Money”, according to for IntoTheBlock.
Photo by Fernando Cortes on Shutterstock
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