MemeCoin Economy Adds Up Another $5B, Is Shiba INU (SHIB) Among the Top Contributors?
The memecoins are surging high and hence the market capitalization of the popular tokens have been swelling profusely
Despite the current bearish action, the on-chain metrics indicates high probabilities of continuing with an ascending trend
The global market capitalization is standing strong above $1 trillion and the meme-coin market cap has raised beyond $21.5 billion with a trading volume of $1.6 at the press time. The top meme coin is Dogecoin with a market cap of $12.19 billion, standing at 9th position. While the second-largest token as per the market cap, Shiba INU is expanding its reach and attempting to enter the top 10 crypto rankings.
The Shiba INU prices have inflated by more than 25% in the past week, raising beyond the crucial resistance at $0.000015. While many believe the current rally is due to the hype created around the much-awaited Shibarium. However, apart from being the most-hyped coin, some of the on-chain metrics, indicate the momentum may remain bullish for a long.
Huge Drop in Supply on Exchanges
The supply on exchanges indicates the number of tokens held in the wallets of the popular crypto exchanges. The metrics indicate the sentiments of the market participants and also the supply or demand of the token. A rise in the metrics indicates a drop in the demand for the token and that the traders are willing to either sell or swap the token.
However, the supply has dropped in the case of Shiba INU which reflects the bullish market sentiments with a significant rise in demand. It also indicates the holders are also willing to hold the token for a long term and hence transfer it into their wallets.
Intensifying Whale Accumulation
The whale accumulation is considered as one of the important indicators that help to analyze the impending direction of the rally. A rise in whale accumulation indicates a notable bullish wave is fast approaching. Although the whale accumulation may not directly impact the value of the token, the sentiments turn bullish that compelling the retail traders to accumulate more, uplifting the price beyond the crucial levels.
The surge in Daily Active Addresses
The daily active address is one of the important metrics that determine the number of addresses actively interacting with the platform. It considers all the addresses, regardless of whether they are buying or selling or just swapping the tokens but only once a day. A rise in these metrics as visible on the above chart indicates a rise in the transactions that may further impact the price in a positive way.