Meme coins have once again ignited interest in the cryptocurrency market with their impressive performance after staying quiet for over two years. On March 2, 2024, Shiba Inu (SHIB), Pepe (PEPE), DogWifhat (WIF), and other meme coins showcased remarkable surges, capturing the attention of investors worldwide.
As the crypto market gears up for a potential bull run, meme coins are stepping into the limelight with eye-catching gains. Shiba Inu (SHIB) led the charge with an impressive 55% surge in just 24 hours.
Following closely, Pepe (PEPE) boasted a 52% surge, while DogWifhat (WIF), a favorite of former BitMEX CEO Arthur Hayes, experienced a notable 35% increase. Other meme coins like Bonk Inu (BONK) saw a 10% rise, and Floki Inu (FLOKI) stole the show with gains exceeding 70%.
Even the iconic Dogecoin (DOGE) joined the rally, showcasing a 20% surge in the last 24 hours. However, amidst this surge, reports from Whale Alert on X revealed that two crypto whales collectively sold nearly $70 million worth of DOGE.
Simultaneously, another whale invested $13.3 million in DOGE, indicating a divided sentiment among crypto whales.
Last year in October, WazirX a well-known crypto exchange highlighted three key reasons behind the rallying nature of meme coins, particularly in sync with Bitcoin’s movements:
Retail Investor Appeal: Meme coins, known for their entertaining nature, attract retail investors during bullish market phases, leading to increased demand.
Impact of Capital Inflow: Meme coins often have fair market capitalizations, making them susceptible to significant price surges with even a relatively small capital inflow.
Community Engagement: Meme coins foster high engagement within their communities, inspiring enthusiasm and demand, especially during periods of increased activity.
When meme coins, like Shiba Inu and Dogecoin, rise in value at the same time as Bitcoin, some people, like those at Fortune magazine, think it might mean the “crypto bubble” is making a comeback.
The simultaneous increase in the prices of meme coins and Bitcoin makes the cryptocurrency market more thrilling. Both regular people and big investors are paying close attention to see how things change in the crypto world.
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