The post $SHIB Edges Closer to $DOGE; $GFOX Presale Nears $2 Million appeared on BitcoinEthereumNews.com.

The following content does not constitute the opinion of BeInCrypto and should not be construed as financial advice The start of a new year is generally a time of optimism for market sentiment, despite $BTC historically being a poor performer in Q1. But the potential for rate cuts and a looser monetary policy have added fuel to fire for those anticipating upwards trends to continue into January. Now in 2024, the year promises to be a thrilling one for crypto investors as a perfect storm of conditions is brewing on the horizon. A solid performance from the leading market cap cryptocurrencies has highlighted the underlying strength of digital assets – and further up the risk ladder, the gains were even wilder. Memecoins have grabbed much of the spotlight over the past few months, with coins like $BONK making headlines.   Shiba Inu ($SHIB) Gains on $DOGE The assumption that market leader Dogecoin would perform best has thus far proven false. Memecoin investors have shown that they prefer smaller market caps and larger multiples. Two of the main reasons behind Shiba Inu’s recent performance are $SHIB’s burn rate, with more than 150 million tokens burnt in recent days, as well as increased whale activity. These larger, more capitalized investors appear to be taking advantage of the memecoin mania and targeting $SHIB because of its liquidity and lower market cap.     This scenario has played out across the wider ecosystem. The flipping of Pepe ($PEPE) by Bonk ($BONK) is another crucial example of memecoin traders favoring fresh narratives and lower market caps. And as $BONK retraced, Dogwifhat ($WIF) was next in rotation. $SHIB outpacing $DOGE is emblematic of the larger trend towards smaller and faster-moving projects, which shows no sign of slowing as 2024 begins. Galaxy Fox ($GFOX): Up-And-Coming Memecoin/ P2E Hybrid…

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Filed under: News - @ January 3, 2024 3:04 am