Traders betting on meme cryptocurrencies as trading volumes jump 16%
According to data from CoinMarketCap, the “Doggon Dogrell” class, including Dogecoin and Shiba Inu, has seen a 16% increase in trading volume over the past 24 hours. This asset category exhibited the largest increase in trading volume among all categories according to the CoinMarketCap groups. This may suggest that traders continue to bet on these crypto assets.
For the second largest meme cryptocurrency, Shiba Inu (SHIB), 31 trillion tokens, or 31,468,854,759,613 SHIB worth $387,802,356, have been swapped within the last 24 hours. Meanwhile, 8 billion DOGE (8,048,271,119) worth $485,583,309 have been traded in the last 24 hours.
Global markets tumbled on Tuesday after a stronger-than-anticipated August inflation report, which dented investors’ hopes of a less aggressive Federal Reserve. Bitcoin fell as well as most altcoins. However, at press time, several altcoins were attempting to rally.
At the time of publication, SHIB was marginally up at $0.0000122, and its price had increased by 1.97% in the last hour. Dogecoin remains marginally down in 24 hours at $0.06 and is up 1.06% in the last hour. Shiba Inu currently ranks as the 14th largest cryptocurrency with a market valuation of $6.63 billion. Dogecoin has reclaimed the 10th spot with a market cap of $8 billion.
Traders committed to long-term outlook
Despite the current price drop, a large number of traders have remained in positions in recent months. According to data from IntoTheBlock on holder structure over time, 29% of SHIB holders have “hold” their tokens for more than a year, 67% have held within a year, and 3% have held more than a month. Holding on to your token for a short period of time.
For Dogecoin, 67% of holders have “hodled” their tokens for more than a year, 30% have held within a year and 3% have held onto their tokens for less than a month.
