The market seems to be more sluggish today. Bitcoin’s dominance continues to limit movement in altcoins. However, this is not the case on the meme-coins side. Where the Shiba Inu, known in particular as the Dogecoin killer, witnessed double gains during the past days, but today it failed to break out of this dominance and fell again. On the other hand, doji have followed Chiba’s path but with relatively modest gains.
Reasons for the sharp rise
There are many reasons why the Shiba Inu is leading the way. As a result of these increases, there has been a significant increase in weekly performance and market capitalization. Serious Sheba purchases have also been popping up in the whale community, according to Well Alert.
The meme currency started to rise as of Monday, while it remained more stagnant last week. Much of this is due to the announcement of the launch of a new currency. Although the team didn’t specify a release date for Cheparium Beta on Twitter, a post was shared stating that the launch would be soon.
Meme coins make over a billion dollars a week
The Shiba Inu was sold for $0.00001238, according to data from the crypto tracker, as the meme currency posted an impressive 16.17% increase yesterday. It was the best performing cryptocurrency among the top 50 and top 100 assets.
The market value of Shiba Inu increased significantly in 24 hours. The value of meme coins, which were worth $5.76 billion just yesterday, has risen to $6.75 billion.
In just one day, it saw an increase in value of over $850 million. Last week, it rose by more than $1.7 billion, up more than 35%.
However, it is worth noting that the Shiba Inu is now down 10.6%.