Shiba Inu Leads Weekly Altcoin Surge, Pepe Coin (PEPE) Joins the Trend
The post Shiba Inu Leads Weekly Altcoin Surge, Pepe Coin (PEPE) Joins the Trend appeared first on Coinpedia Fintech News
Shiba Inu (SHIB), the second-largest meme coin by market capitalization, has demonstrated remarkable resourcefulness in its journey toward success. Following a bear market low earlier in June, the coin’s fortunes have taken a positive turn, with a consistent rise in both market capitalization and trading volume.
Notably, the past two weeks have been particularly fruitful for Shiba Inu, fueled by a series of impactful announcements from its core development team, spearheaded by Shytoshi Kusama.
The looming possibility of the Shibarium launch has intensified speculation, with core developers emphasizing the pivotal integration of Self-Sovereign Identity (SSI) into SHIB’s layer two, a move deemed crucial for its future growth prospects.
Santiment Highlights Exceptional Performance: Social Volume Surge
Santiment, a leading on-chain intelligence platform, has identified Shiba Inu as a standout performer in the recent week, driven by an impressive surge in social volume. The coin witnessed an astounding 65 percent increase in social activity over this period.
Prices are mildly up for #altcoins today, but most mid & small caps are still struggling to gain any traction on the weekly timeframe. Many traders have shifted their focus to #ShibaInu, as the #memecoin is one of the few bright spots. $SHIB is +19% with rising social volume. pic.twitter.com/RNXashVDQo
— Santiment (@santimentfeed) August 10, 2023
This heightened social engagement has correlated with tangible gains for Shiba Inu, with its underlying value surging by approximately 22 percent in just two weeks. As of the latest market update, the coin is trading around $0.000009895 during the early hours of the Asian market on Friday.
Interestingly, while the top meme coins have displayed a strong correlation in their performance, the broader altcoin market has portrayed a different picture. In the past two weeks, the majority of mid and small-cap altcoins have struggled to gain traction, posting lackluster results. This divergence in performance adds an intriguing layer to the evolving dynamics of the cryptocurrency market.
Pepe Coin (PEPE) Emerges as Shiba Inu’s Counterpart
Joining the ranks of Shiba Inu’s upward trajectory is Pepe coin (PEPE), characterized by its frog-themed identity. In recent weeks, Pepe coin has shown signs of mirroring Shiba Inu’s success. According to the latest data from crypto price oracles, Pepe coin’s value surged approximately 3 percent in the past 24 hours, reaching a trading price of around $0.00000127 during the early hours of the Asian market on Friday. This emergence further adds to the narrative of meme coins carving their unique paths within the crypto ecosystem.
Filed under: Bitcoin - @ August 11, 2023 5:02 am