Meme Coins Fuel Market Activity, Despite Volatility

By: Isha Das

In recent cryptocurrency developments, meme coins have made a significant mark on the market, despite their inherent volatility. One such example is Shiba Inu (SHIB), which has seen record burns, including a noteworthy incident where 9.35 billion tokens were burned in a single transaction, causing a surge in the SHIB burn rate. This transaction was worth $92,953.36 at the time of execution, marking it as the largest burn performed by the Shiba Inu team since they began the initiative.

Another emerging trend is the development and trading of Bitcoin Exchange Traded Fund (ETF) meme coins on the Solana blockchain. While some traders argue these coins are crash-bound, market activity continues to rise. Crypto rug pulls, or sudden sell-offs, impact the market, causing substantial losses, highlighting the more risky side of investing in meme coins and the crypto market broadly.

Dogecoin (DOGE) has maintained steady price movements over a longer period of time. Cryptocurrency analyst Skew has flagged a price point of $0.08750 as a key profitable level for DOGE, while some expect a bull run for the coin to begin within the first half of 2024.