Shiba Inu, Dogecoin Post Gains as Meme Cryptocurrencies’ Trading Volumes Spike 151%


Trading volumes of this class of assets have increased by staggering 151%

Meme cryptocurrencies, Shiba Inu and Dogecoin, were seen outperforming at press time, following 24-hour gains of 7.29% and 22.99%, respectively. In the past 24 hours, new money has been poured into the meme economy, registering a 13.19% increase in market cap. According to data from CoinMarketCap, the top meme cryptocurrency by market valuation is currently valued at $19.54 billion.

The trading volumes of this class of assets have increased by a staggering 151%, indicating a resurgence in interest in meme cryptocurrencies.

According to whalestats According to the data, the Shiba Inu was among the top 10 in terms of trading volume among the 1,000 largest ETH whales in the last 24 hours. On August 2, the developers behind Shiba Inu announced the name of the highly anticipated collectible card game, Shiba Eternity, raising positive expectations.

More than 292 million Shiba Inu tokens have been burned in the last 24 hours, according to data from the Shibburn website, acting as another catalyst for Shiba Inu’s rally. The burning of tokens is believed to have a positive impact on prices, although not guaranteed.

In the past week, Dogecoin Foundation developer, Michi Lumin, unveiled the initial release of LibDogecoin, a C library of Dogecoin building blocks by the Dogecoin Foundation that enables lightweight direct integration of Dogecoin across various platforms without the need for developers. – In-depth blockchain knowledge.

Profitability increases

As per IntoTheBlock data, the profitability of the meme cryptocurrencies Shiba Inu (SHIB) and Dogecoin has increased as more investors enter profit.

At the time of publication, the SHIB was up 23.69% at $0.0000157, and its price is up 30.37% in the past week. Dogecoin is up 8.45% in 24 hours at $0.078 and up 15.23% over the past week.

Shiba Inu currently ranks as the 12th largest cryptocurrency with a market valuation of $8.59 billion after rising through the ranks. Dogecoin has also reclaimed the 10th spot with a market cap of $10.47 billion.


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