The post Rise of the Memecoins: Shiba Inu Leads Weekly Altcoin Surge, Pepe Coin Follows appeared first on Coinpedia Fintech News
Shiba Inu (SHIB), the second-largest meme coin by market capitalization, has shown remarkable resilience in its journey toward success. After hitting a bear market low in June, the coin’s fortunes have taken a positive turn, with a consistent rise in both market capitalization and trading volume.
Excitement Rises for Shiba Inu Community
The last two weeks have proven to be particularly fruitful for Shiba Inu. This surge in success can be attributed to a series of impactful announcements made by its core development team, led by the notable figure Shytoshi Kusama.
Anticipation is building with the upcoming Shibarium launch. Core developers are underscoring the importance of integrating Self-Sovereign Identity (SSI) into SHIB’s layer two. This move is seen as essential for the coin’s future growth prospects. The exact impact still remains to be seen.
Shiba Inu is Headed for Success!
Santiment, a leading platform for on-chain intelligence, has singled out Shiba Inu for its outstanding performance in the past week. This success is driven by a notable increase in social activity. Over this period, the coin has experienced an astonishing 65 percent surge in social engagement.
Prices are mildly up for #altcoins today, but most mid & small caps are still struggling to gain any traction on the weekly timeframe. Many traders have shifted their focus to #ShibaInu, as the #memecoin is one of the few bright spots. $SHIB is +19% with rising social volume. pic.twitter.com/RNXashVDQo
— Santiment (@santimentfeed) August 10, 2023
The heightened social engagement has translated into real gains for Shiba Inu. The coin’s underlying value has surged by approximately 22 percent in just a fortnight. In the most recent market update, the coin is trading around $0.000009895 in the early hours of Friday’s Asian market.
The Altcoin Market is Yet to Catch Up
Interestingly, while the leading meme coins have shown a strong correlation in their performance, the wider altcoin market has painted a different picture. Over the past two weeks, a majority of mid and small-cap altcoins have struggled to gain momentum, leading to lackluster results. Puzzling, right?
Pepe Coin (PEPE) Isn’t Far Behind
Joining the upward trajectory of Shiba Inu is Pepe coin (PEPE), recognized for the frog meme. In recent weeks, Pepe coin has exhibited signs of mirroring Shiba Inu’s accomplishments.
According to the latest data from crypto price oracles, Pepe coin’s value has surged by about 3 percent in the last 24 hours. This has brought its trading price to around $0.00000127 in the early hours of Friday’s Asian market.
Related: Altcoin Price Analysis: Can DOGE Price Replicate Shiba Inu’s 20% Weekly Upswing?
What other meme coins are you keeping an eye on?
