Meme coin mania: Shiba Inu, Floki, Dogwifhat surge

A meme coin trio — Shiba Inu (SHIB), Floki (FLOKI), and Dogwifhat (WIF) — is making waves across the crypto market. Each digital asset is experiencing notable price surges and significant developments.

Shiba Inu, riding on the coattails of Bitcoin’s (BTC) recent surge past the $64,000 mark, saw its price skyrocket to a multi-month high in early trading on March 2. 

At the time of writing, the SHIB price was up 68.5% to $0.00002196, marking a weekly increase of 122.8%. This surge in price was accompanied by a staggering 407% surge in 24-hour trading volume, totaling $7.389 billion worth of transactions, sparking optimism among traders and investors globally.

A massive whale transaction involving the transfer of 3.02 trillion SHIB further fueled interest in the coin. 

The latest whale transaction comes amidst a surge in large holder inflows, which have increased by 700% since Feb. 25, indicating substantial buying activity. Notably, the number of SHIB bought by large holders surged from 336.79 billion to 2.08 trillion between Feb. 25 and Feb. 28.

This surge in price and activity also comes amidst a flurry of developments within the Shiba Inu community, including the launch of SHEboshi, the upcoming KNINE launch, and Sharbi’s FETCH bridge, all contributing to the growing optimism surrounding SHIB.

The dog-themed meme 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, Dogwifhat prices skyrocket

Fellow meme coin Floki has been included in the race for gains this weekend. Per data from crypto price aggregator CoinGecko, 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%, per CoinGecko.

Meanwhile, Dogwifhat (WIF) has emerged as another standout meme coin, experiencing a rapid ascent in the crypto hierarchy. 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.

Substantial 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.