Memecoins rally alongside Bitcoin as the global cryptocurrency market makes a major recovery. The previous week saw a massive decline in asset prices as weekend liquidations rose. However, the new week is kicking off with a memecoin rally, and Shiba Inu, Dogecoin, and PEPE are leading the pack.

The new week saw PEPE, Shiba Inu surge along with their counterparts, although the bullish movement directly correlates with Bitcoin’s, which has maintained momentum above $60,000 for four days.

It bears mentioning that Shiba Inu recently emerged as the highest performing top memecoin for the past 7 days, with daily, weekly, and monthly gains surpassing Dogecoin, a long-standing Shiba Inu rival. The asset also became the 4th most traded cryptocurrency on a global scale.

Meanwhile, both meme coins are leading with the highest social dominance recorded on March 1st. According to on-chain data, Doge and Shiba Inu’s market dominance levels soared by 4.82% and 3.27%, respectively.

At report time, SHIB has soared by 228.36% over the last week, while monthly gains are up by 142%, placing it ahead of Dogecoin and other top meme coins.

The bulls and bears seem to have changed hands, as the hourly technical chart shows a mild spike in selling pressure. Hourly and daily losses are a little over 1% at report time, and Shiba Inu now trades for $0.00003378.

Network activity on Shibarium coincidentally soars

Meanwhile, whale activities have validated the current price upsurge. The SHIB burn rate has soared by 887% within 24 hours. Whale activity has also risen, with an unknown giant whale securing a 1.05 trillion SHIB token.

Network activity on Shibarium has also soared significantly as active addresses have notably surged by 30%.

Market data revealed that the uptick in addresses is not a result of an influx of new participants but rather an increase in participation from existing Shibarium account owners.

Before Shiba Inu’s bull run, other meme coins had recorded massive increases in price value before mildly correcting downwards. Pepecoin is one such memecoin, which has not only historically been a best-performing altcoin but has recently hit new highs.

PEPE has hit an all-time high of $0.000007269 today. Similarly, DOGE, BONK, and FLOKI experienced their week-long rally, which has successfully carried on into the new week. DOGE has since soared by 64% this week, while FLOKI and BONK are currently up by 304% and 233% respectively.

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Filed under: Bitcoin - @ March 4, 2024 8:16 pm