Key Points
- Meme coins Shiba Inu, Floki, and Dogwifhat are experiencing significant price surges and developments.
- Shiba Inu’s price and trading volume have skyrocketed, while Floki and Dogwifhat have also seen substantial increases in value and trading volume.
Shiba Inu (SHIB), Floki (FLOKI), and Dogwifhat (WIF) are causing a stir in the cryptocurrency market with notable price surges and significant developments.
Shiba Inu’s Remarkable Surge
On the back of Bitcoin’s recent surge past the $64,000 mark, Shiba Inu saw its price skyrocket to a multi-month high in early trading on March 2.
The SHIB price was up 68.5% to $0.00002196, marking a weekly increase of 122.8%. This price surge was accompanied by a staggering 407% surge in 24-hour trading volume, totaling $7.389 billion worth of transactions.
A huge transaction involving the transfer of 3.02 trillion SHIB further fueled interest in the coin.
This transaction comes amidst a surge in large holder inflows, which have increased by 700% since Feb. 25, indicating substantial buying activity.
The number of SHIB bought by large holders surged from 336.79 billion to 2.08 trillion between Feb. 25 and Feb. 28.
The Shiba Inu community has also seen a flurry of developments, including the launch of SHEboshi, the upcoming KNINE launch, and Sharbi’s FETCH bridge, all contributing to the growing optimism surrounding SHIB.
The coin also witnessed a significant surge in its burn rate, with a staggering 3,0187% increase on March 1. With 3.75 million SHIB destroyed in the past 24 hours, the coin’s supply continues to decrease, further bolstering bullish sentiments among investors.
Technical indicators and derivatives data further support the bullish outlook for Shiba Inu, with strong buy sentiments prevailing in the market. However, caution is advised as the Relative Strength Index (RSI) hints at an overbought condition for SHIB, potentially signaling an upcoming period of consolidation.
Floki and Dogwifhat’s Rapid Ascend
Floki has also been included in the race for gains this weekend. Floki is up nearly 80% from 24 hours ago, trading at $0.0001126.
The new price is also buoyed by an almost 890% uptick in the meme coin’s 24-hour trading volumes, which reached a whopping $1.277 billion.
Floki’s current value marks a 219% increase over seven days and 245% over the last fortnight. In the previous 30 days, the coin has shot up by 306%.
Dogwifhat (WIF) has emerged as another standout meme coin, with its price increasing 21% to $1.26 at the time of writing and trading volume surging 41.90% to $232.9 million, WIF has garnered significant attention from investors.
The recent surge in Dogwifhat’s price follows a remarkable 318% rally in the last week, catapulting WIF into the top 100 cryptocurrencies by market capitalization.
With Robinhood Europe recently listing WIF for trading, alongside rumors of other major exchanges considering listing the coin, excitement surrounding Dogwifhat continues to grow.
Significant whale activity has also been observed in the WIF market, with a large investor reportedly purchasing over 673,000 WIF tokens at $1.36 each, demonstrating confidence in the project’s prospects.
These activities, along with the positive sentiment surrounding WIF, suggest the potential for significant gains in the coming months.
