- Market momentum stays with meme coins, niche market cap grows 21%.
- PEPE Token flips Shiba Inu in social media buzz, estimated LunarCrush.
- Shiba crypto’s rebound power relies on retail interest, analyst exclaims.
As the broader crypto markets face a 1% downturn due to Bitcoin (BTC) briefly plunging below $66K, social media is buzzing with crypto investors looking for favorable entry points. According to social metrics from LunarCrush, the three most talked-about meme coins currently are Dogecoin (DOGE), Pepe (PEPE), and Shiba Inu (SHIB).
Meme Coins Fight for Territory
Interactions around DOGE soared to 11.2M in the latest 24-hour period, striving to stay above $0.13 after a 35% monthly bull race. Dogecoin’s social media actions take up 3.85% of the overall market “share of voice.” PEPE snatched second place by this metric with nearly 3M daily interactions.
SHIB takes the bronze medal in social activity on meme coins, consuming 1.6% of the social crypto talk. SHIB and PEPE registered micro gains on Thursday, as Bitcoin is attempting to sustain above $67K.
Is $0.000022 Feasible for SHIB?
SHIB was rejected before hitting the core level of $0.000022 twice in September 2024, and this price milestone has been unclaimed since June 13, 2024. To recoup this territory, SHIB has to conquer the first major resistance at $0.00001891, based on the 200-day simple moving average (SMA).
Fiat Leak’s technical analysis shows that the 50-day SMA coincides with the $0.000022 resistance levels, potentially marking a strong recovery. The crypto analyst draws attention to SHIB’s struggles with market volatility, as SHIB’s price has nearly retraced all 440% gains from its massive spring rally.
As of press time, SHIB is changing hands at $0.00001777, picking up a daily trading volume of $418 million, a slight upswing from the beginning of the week. Aside from the technical implications, retail demand drives a fortune for Shiba Inu’s bullish breakouts, usually paired with rising social prominence.
On the Flipside
- Pepe Token currently triples Shiba Inu coin’s Spot trading volume, boasting $1,222,100,413 in 24 hours compared to Shiba Inu’s $418,668,257.
- The distance is even bigger on Derivatives, where Pepe nets $1.23 billion over the past 24 hours, in contrast to Shiba Inu’s $313 million.
Why This Matters
The rapidly spiking interest in meme coins portrays a shift in cryptocurrency trader mentality, as leveraged plays on underlying crypto assets are breaking records in popularity.
Read DailyCoin’s top crypto news:
Ripple CEO Predicts Crypto Reset, No Matter Who Wins 2024
Why Ethereum Short Sellers Risk Getting Squeezed Out: CryptoQuant
