Memecoins Gain Traction in Crypto Market

about 1 month ago

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Memecoin traders and investors are showing renewed interest in the cryptocurrency market, as evidenced by the significant recovery observed today. Among these altcoins, Shiba Inu‘s SHIB and a Shibarium token, Bone ShibaSwap‘s BONE, have particularly stood out with their notable increases over the last 24 hours. This recovery follows a period of significant price corrections where SHIB and BONE dropped to $0.000019 and $0.51 respectively. Recent on-chain data and developments related to the Shiba Inu ecosystem suggest a reversal or potential reversal of the downtrend, supported by significant price increases in both altcoins.

SHIB and BONE Recover

The resurgence in memecoins coincides with the recovery in the largest cryptocurrency, Bitcoin‘s (BTC) price, reflecting the general trend in the cryptocurrency market. As Bitcoin approaches its 4th block reward halving, the overall cryptocurrency market faced a significant correction influenced largely by fluctuations in Bitcoin’s price.

Following Bitcoin’s correction and subsequent rise, with a recovery of over 1.5% in the last 24 hours, various altcoins including memecoins like Floki (FLOKI), Dogecoin (DOGE), and cat in a dogs world (MEW) also experienced notable price increases. This market-wide recovery provided a favorable environment for positive price movements in SHIB and BONE.

In addition, derivative data for SHIB and BONE support the observed upward price movements. Today, derivative data for SHIB indicates a significant decrease in selling pressure, confirming the altcoin’s price increase. Similarly, increases in the open interest (OI) for both SHIB and BONE indicate a renewed interest from investors, contributing to the optimistic market dynamics surrounding the Shiba Inu ecosystem.

Token Burn Rate Increases for Both

Furthermore, the token burning mechanism implemented in Shiba Inu also plays a role in the altcoin’s price increase. According to Shibburn‘s data, there has been a slight increase in SHIB’s burn rate in the last 24 hours and a corresponding increase in BONE’s burn rate attributed to the DAMN token burning mechanism, reducing the supply of both altcoins. This reduction in token supply contributes to the bullish sentiment surrounding SHIB and BONE, supporting the price increase.

With the latest data, Shiba Inu’s SHIB is trading at $0.00002242 after a 2.12% increase in the last 24 hours, while Bone ShibaSwap’s BONE has reached $0.5991, marking a 2.28% increase.

The post first appeared on COINTURK NEWS: Memecoins Gain Traction in Crypto Market
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