Dogecoin sees significant accumulation by holders possessing between 1 million and 10 million tokens, indicating growing interest and confidence in the coin.
Similarly, Shiba Inu and Bonk experience rallies are driven by developments like ShibaSwap’s launch and Bonk’s listing on a Korean exchange.

Amid the GameStop frenzy, the cryptocurrency meme coin sector has benefitted the most with most of the meme coins registering skyrocketing gains this week. In the past 24 hours, three of the top ten meme coins – Dogecoin (DOGE), Shiba Inu (SHIB), Bonk (BONK) – have extended further gains.

However, it’s not the GameStop rally that’s impacting the surge in these three meme coins. There have been several other contributing factors to this.

Major Dogecoin (DOGE) Accumulation In May

According to data from crypto intelligence tracker Santiment, Dogecoin, the leading meme coin by market capitalization, has witnessed accumulation by entities possessing between 1 million and 10 million tokens. Over the period from May 1 to May 16, holders increased their DOGE holdings by 30 million tokens.

Courtesy: Santiment

Another popular crypto analyst Kaleo noted that during the 2021 GameStop rally, the Dogecoin price started rallying soon after the GME stock price topped. A similar situation could turn out this time as well, noted the analyst. Kaleo further stated that Dogecoin is overdue for a good pump.

https://x.com/CryptoKaleo/status/1790872217535819969

On the other hand, the Dogecoin (DOGE) ecosystem is getting its own Layer-2 solution in the form of the Laïka project, per the Crypto News Flash report. The aim is to transform the Dogecoin ecosystem by integrating smart contract capabilities, enhancing transaction speeds, reducing fees, and facilitating seamless interaction with other blockchain networks.

Shiba Inu and BONK Rally

Shiba Inu has launched its decentralized exchange, ShibaSwap, on its Layer 2 chain, enhancing liquidity and user experience for SHIB holders, per the Crypto News Flash report. The DEX facilitates swaps and liquidity pool creation for tokens, offering seamless transfers between the Ethereum and Shiba Inu chains. As of Thursday, SHIB is trading at $0.0000247 on Binance, showing a decline of nearly 2%.

https://x.com/Shibtoken/status/1790792311942643804

In other news, Bonk has been listed on the Korean crypto exchange Bithumb on May 16. Following the listing announcement, BONK surged to a 10-day high of $0.00002648. The meme coin surpassed resistance at $0.00002552 on Thursday.

According to data from crypto intelligence tracker Santiment, the trade volume of Bonk has surpassed $384 million, marking a 10-day high for the meme coin.

This surge in trading activity follows the token’s recent listing on a leading cryptocurrency exchange, as traders eagerly react to the news. Bonk’s listing on a prominent exchange has heightened investor interest and contributed to increased liquidity in the market.

The significant uptick in trade volume underscores the growing popularity of Bonk within the cryptocurrency community.

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Filed under: Bitcoin - @ May 20, 2024 3:23 pm