- Market momentum remains with meme coins, with niche market capitalization increasing by 21%.
- PEPE tokens are what makes Shiba Inu flipping social media buzz, LunarCrush estimates.
- Shiba crypto’s rebound strength will depend on retail interest, analyst says
Social media is buzzing with cryptocurrency investors looking for a lucrative entry point as Bitcoin (BTC) briefly plunges below $66,000 and the broader cryptocurrency market faces a 1% decline. According to LunarCrush’s social metrics, the three most talked about meme coins right now are Dogecoin (DOGE), Pepe (PEPE), and Shiba Inu (SHIB).
Meme coins fight for territory
Interactions around DOGE have surged to 11.2 million in the last 24 hours, struggling to stay above $0.13 after a 35% monthly bull run. Dogecoin’s social media activity accounts for 3.85% of the overall market “voice share.” PEPE ranks second in this metric with nearly 3 million daily interactions.
SHIB won a bronze medal in the social activity category of meme coins, consuming 1.6% of social cryptocurrency talk. SHIB and PEPE recorded small gains on Thursday as Bitcoin attempted to hold above $67,000.
Is $0.000022 possible for SHIB?
SHIB was rejected before reaching the key level of $0.000022 twice in September 2024, and this price milestone has not been claimed since June 13, 2024. To reclaim this area, SHIB will need to conquer the first major resistance at $0.00001891 on a 200-day basis. Simple Moving Average (SMA).
According to Fiat Leak’s technical analysis, the 50-day SMA is aligned with the $0.000022 resistance level, potentially indicating a strong recovery. Crypto analysts have noted SHIB’s struggles with market volatility, as its price has retraced almost all of its 440% gain from the massive spring rally.
As of press time, SHIB was changing hands at $0.00001777, with daily trading volume of $418 million, up slightly from the start of the week. Beyond the technical implications, retail demand usually brings good fortune to the Shiba Inu’s bullish breakout, along with rising social prestige.
On the flipside
- Pepe tokens have now tripled the Shiba Inu coin’s spot trading volume, boasting $1,222,100,413 in 24 hours compared to Shiba Inu’s $418,668,257.
- The difference is even larger in Derivatives, where Pepe earned $1.23 billion in the last 24 hours, while Shiba Inu earned $313 million.
Why This Matters
The surge in interest in meme coins shows a shift in the mindset of cryptocurrency traders. Because leveraged plays on underlying cryptocurrency assets are breaking records in popularity.
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