According to U.Today, the marketing lead of the Shiba Inu team, known as Lucie within the SHIB community, has responded to critics within the community. Lucie's message was directed at those criticizing the SHIB team and their major creations, including SHIB and the layer-2 solution Shibarium. She suggested that if these critics believe they can do a better job, they should take action themselves rather than just criticizing. Lucie emphasized that in the world of blockchain and decentralized cryptocurrencies, everyone can contribute and succeed.

Lucie also highlighted the freedom and decentralization of the SHIB ecosystem and the Shibarium blockchain, reminding readers that there are no owners. She encouraged those who think they can improve things to go ahead and do so. The SHIB team has recently faced criticism, particularly regarding the slow process of burning Shiba Inu tokens. Lucie has been responding to these criticisms by stating that burning SHIB via Shibarium is a responsibility shared by all and that increased on-chain activity will result in more SHIB coins being burned.

In other news, the official X account of the Shiba Inu token reported that a dormant 'diamond holder' of SHIB sold a significant amount of these meme coins, nearly 50 billion SHIB. The holder had purchased them on February 1, 2021, for 2 ETH, which was worth $2,625 at the time. After holding the coins for 3.5 years, the holder sold them for 278.1 ETH, valued at $1.1 million, resulting in a substantial gain of 419x.

Lastly, the Shibburn tracker reported a 79% increase in the SHIB burn rate over the last 24 hours. Approximately 5,573,534 SHIB meme coins were transferred to unspendable blockchain wallets.

A long-term Shiba Inu (SHIB) holder has made headlines by transforming a modest investment of $2,625 into more than $1.1 million after holding the cryptocurrency for over three years.

Shiba Inu (SHIB), a decentralized cryptocurrency launched in August 2020 by an anonymous creator known as Ryoshi, is built on the Ethereum blockchain. Often referred to as a “meme coin” or parody cryptocurrency, SHIB features the Shiba Inu dog breed as its mascot and aims to compete with or surpass Dogecoin, branding itself as the “Dogecoin killer.”

The investor, identified by the blockchain analysis service Lookonchain, saw an extraordinary 419-fold increase on their initial investment. On 1 February 2021, the investor used 2 Ether (ETH), valued at $2,625, to purchase 48.09 billion SHIB. Recently, they sold these holdings for 278.7 ETH, equivalent to $1.1 million. The discovery of this lucrative trade was shared by Lookonchain on the social media platform X on May 27. Following this profitable sale, the trader’s wallet now holds over $1.1 million in Ether.

After being dormant for 3.5 years, the super diamond trader finally sold $SHIB at a profit.He spent 2 $ETH($2,625) to buy 48.09B $SHIB on Feb 1, 2021, and sold it for 278.7 $ETH($1.1M) just now, a gain of 419x!https://t.co/Pw9i9wbKcn pic.twitter.com/Qvp9wKpWCc

— Lookonchain (@lookonchain) May 27, 2024

This significant profit-taking occurred during a surge in interest in memecoins, with the cumulative trading volume of these coins increasing by over 40% to surpass $13 billion on May 28.

In other news, the Shiba Inu team announced a major update to their decentralized finance (DeFi) platform, ShibaSwap, on May 16. This update includes porting ShibaSwap to the Shibarium blockchain, enhancing its functionality and utility. The upgrade allows ShibaSwap to operate on both the Ethereum and Shibarium networks, providing better support for creators, fostering connections, and driving innovation within the ecosystem.

The transition to Shibarium introduces several new features to ShibaSwap, improving its role as a decentralized exchange (DEX) and decentralized application (DApp) platform. Enhancements include a revamped dashboard, streamlined processes for adding and withdrawing liquidity, simplified staking, and improved tools for trend analysis. The platform now also features discovery charts for new and trending tokens, helping traders navigate market fluctuations. Additionally, the onboarding process for new tokens has been made more user-friendly.

The Shiba Inu community is encouraged to use ShibaSwap on the Shibarium blockchain, with a portion of transaction fees allocated to increasing the value of liquidity provider (LP) tokens used in swap transactions. This is expected to benefit yield farmers within the community.

Shytoshi Kusama, the lead developer of Shiba Inu, emphasized that the updated ShibaSwap offers a transformative experience for DeFi innovators on Shibarium. The redesigned platform supports community tokens and facilitates the easy porting of existing Shibarium tokens. Kusama noted that this is an early version of ShibaSwap, with further updates planned.

Shibarium is designed to enable high-speed transactions with minimal gas fees, enhancing the user experience in the blockchain space. Built on a community-first and environmentally friendly consensus mechanism, it supports the development of cost-effective protocols. This expansion enriches the Shiba Inu ecosystem, which includes the $SHIB and $LEASH tokens, SHEboshis DN-404 tokens, SHIB The Metaverse, the ShibaSwap DEX, and the Shiba Eternity game.

Featured Image via Pixabay

The marketing lead of the Shiba Inu team, known within the SHIB community as Lucie, has published a post to send a message to those inside the community who are criticizing both the SHIB team and their major creations – SHIB and layer-2 solution Shibarium.

"Go ahead and do it yourself"

Lucie published a message to address all those who have been pouring criticism on the Shiba Inu meme coin, the developer team behind it, as well as its ecosystem, including layer-2 blockchain Shibarium.

Lucie suggested that if these critics think they can do it  better, instead of being rude and criticizing they should “just go ahead and do it” themselves. The SHIB marketing lead reminded the vast global SHIB community that in the world of blockchain and decentralized cryptocurrencies, “everyone can do their part, be the best SHIB, and succeed.”

This is one of the advantages of freedom and decentralization, she added. She also reminded readers that when it comes to the SHIB ecosystem and the Shibarium blockchain, “there are no owners.”

If you think you can do something better, please do. Don’t be rude, just go ahead and do it yourself. It’s a different world where everyone can do their part, be the best $SHIB , and succeed.That’s the beauty of freedom and decentralization.THERE ARE NO OWNERS If you are…

— 𝐋𝐔𝐂𝐈𝐄 | SHIB.IO (@LucieSHIB) May 27, 2024

The SHIB team has been facing criticism from various community members recently, in particular regarding the slow process of burning Shiba Inu tokens. Lucie has been constantly tweeting back that burning SHIB via Shibarium is everyone’s responsibility and that the more on-chain activity there is, the more SHIB coins will be eventually burned.

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"Diamond holder" dumps billions of SHIB

The official X account of the Shiba Inu token spread the word about a dormant “diamond holder” of SHIB selling a massive amount of these meme coins – almost 50 billion SHIB.

He bought them on Feb. 1, 2021, for 2 ETH (worth $2,625 back then). SHIB was released in August 2020, and by February 2021, it was an unknown project that hardly anyone believed in.

Three years ago, a dedicated member of our community took a leap of faith and invested in $SHIB . Today, they’re celebrating a monumental 419x gain! 🎉 This incredible journey showcases the power of patience, belief, and the potential of Shiba Inu. https://t.co/xJaPFaq7uA

— Shib (@Shibtoken) May 27, 2024

After holding that impressive stash for 3.5 years, he sold it for a whopping 278.1 ETH evaluated at $1.1 million. He made a substantial gain of 419x.

SHIB burns jump 79%

The Shibburn tracker has published a tweet to report an increase in the SHIB burn rate that has occurred over the last 24 hours. The increase came close to 80%. As it happened, a total of 5,573,534 SHIB meme coins were transferred to unspendable blockchain wallets.

Mysterious SHIB lead developer Shytoshi Kusama has published some tweets after a week’s pause. These posts seem to carry a bullish message to the SHIB army.

In the meantime, the Shiba Inu leader is approaching a major milestone of one million followers on the X platform (formerly known as Twitter). Kusama has not been treating the community to his tweets often of late, posting them with roughly a week’s pause in between.

WOOF!

— Shytoshi Kusama™ (@ShytoshiKusama) May 29, 2024

Shytoshi Kusama's tweets bullish mood as SHIB soars 19.3%

Shytoshi Kusama broke his weeklong silence on the X app by issuing a SHIB-themed call to the Shiba Inu community – “WOOF!” It was followed by an anime-style animated GIF with a bullish, fighting mood in response to a recent tweet by early Bitcoin millionaire Da Vinci, who published an engaging and bullish post about Shiba Inu.

https://t.co/JW9fuAQh3G pic.twitter.com/a95jzyNUSW

— Shytoshi Kusama™ (@ShytoshiKusama) May 29, 2024

Da Vinci tweeted that the current SHIB run “is looking hot.” This happened while the second largest meme cryptocurrency by market capitalization size, Shiba Inu, printed a jaw-dropping price increase of 19.3%, reaching the $0.00002946 price tag. By now, however, the surge has changed to a decline, with the meme coin dropping by 3.38 and changing hands at $0.00002844 at the time of this writing.

This sudden bullish move has pushed Shiba Inu into the top 10 coins list as it surpassed Cardano’s ADA by market cap value. Now, SHIB occupies 10th place on this list on the CoinMarketCap website.

This tremendous price surge has coincided with recently begun efforts by the SHIB team to conquer the TikTok audience as it posted a viral SHIB video on its official page, promising that SHIB is “not a sprint but a marathon.”

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SHIB burn rate plummets

Despite the positive news about the SHIB price, the current state of things with one of the key SHIB metrics – the burn rate – does not look good. According to the Shibburn data platform, within the last 24 hours, this metric has demonstrated a decline of more than 44%, with merely 1,695,852 SHIB meme coins transferred out of circulation.

This amount of SHIB has been transferred to unspendable blockchain wallets since yesterday morning in nine transactions, where the two biggest ones carried 469,507 and 359,001 Shiba Inu.

Activity on the Shibarium network has increased by 50%: how will this affect the price of Shiba Inu. Shibarium is showing significant growth in on-chain activity. Moreover, the number of new transactions on the Shibarium second-layer network, a key element of the Shiba Inu (SHIB) ecosystem , increased by almost 50% from Friday to Sunday, from 5,150 to 7,691, according to Shibariumscan.

Shibarium attracts more users

The total number of accounts on the Shibarium network also increased significantly : from 105,367 as of May 1 to 113,732 by May 27. However, this dynamic indicates sustainable development and growing trust in the platform.

Shibariumscan

Shibarium functions as a layer 2 solution, increasing the scalability and efficiency of transactions on the Ethereum blockchain. The development of the network reflects Shiba Inu’s goal to move beyond its ” meme ” origins and become a widely used cryptocurrency.

On May 2, an important hard fork was successfully completed in Shibarium. In addition, the network upgrade promises to deliver lightning-fast transaction speeds and more predictable gas fees. All this should improve the customer’s user experience. Meanwhile, on May 16, the ecosystem officially launched ShibaSwap, its own decentralized exchange (DEX), at Shibarium. Moreover, this strategic move is part of further efforts to increase the value and attractiveness of Shibarium.

Kaal Dhairya, developer of Shiba Inu, emphasized the team’s commitment to continuous development: “We will continue to release updates and improvements on a regular basis to ensure everyone remembers that this is not a sprint, but a marathon.”

Shiba Inu on the edge of potential 32% growth

Additionally, Shiba Inu is exhibiting a Volatility Compression Pattern (VCP). This technical pattern is characterized by gradually narrowing price swings. Meanwhile, It is often seen by traders as an indicator of a potential breakout.

Dynamics of Shiba Inu (SHIB). Source: TradingView

If SHIB successfully breaks the $0.00002631 neckline, it could strengthen by about 32% of its current market price towards the $0.00003282 resistance level.

However, if the bullish breakout fails, the price could return to the support at $0.00002345. Its breakdown could push the coin to the next significant support level $0.00002052.

The post Shiba Inu Eyes 32% Surge as Shibarium Network Grows first appeared on The VR Soldier.

According to U.Today, Shiba Inu (SHIB) has begun the week with a significant reset in some of its key growth metrics. The token's price has risen by 0.98% in the last 24 hours to $0.00002487, following a concerning drop over the weekend. The primary objective for Shiba Inu investors is to surpass the $0.00003 price point. The burn rate, which has been a significant interest indicator in the community over the past few months, is the first major catalyst to help achieve this.

As per data from Shibburn, the current burn rate stands at 164.94%, equating to 7,128,803 SHIB. Despite the daily amount of SHIB burned being small, it does not diminish its impact. This indicates that users have faith in the project and are doing everything possible to reduce its supply.

Another factor to monitor this week is the retail sentiment in the market. For the token to reach the anticipated price point, its trading volume needs to remain high throughout the week. Currently, the daily trading volume has decreased by 4.12% to $363,490,960. How this changes in the coming days could be crucial for its growth.

Shiba Inu whale activities, which are currently in a dormant state, are also crucial for driving multi-week growth. Data from IntoTheBlock shows a 36.96% decrease in this metric overnight. With this rate, only about $29.93 million were traded in 24 hours, a figure that is significantly lower compared to coins like Dogecoin, which saw $1.16 billion in whale traded volume.

The influence of Shibarium and other initiatives and partnerships within the Shiba Inu ecosystem could also help restore prices to their previously bullish trajectory.

A trader has made it big from a small initial investment in the canine-themed meme coin Shiba Inu (SHIB). On-chain data shows a crypto address that bought about $2,700 worth of SHIB in 2021 bagged over $1 million in profits this week.

“Super Diamond Trader” Finally Sells SHIB

Shiba Inu enjoyed an explosive rally from its launch in August 2020 to its all-time high in October 2021. According to Etherscan data, one savvy trader purchased roughly 48.09 billion SHIB on Feb 1, 2021, for two wrapped ether (WETH) on the decentralized exchange Uniswap for $2,625. At the time, Shiba Inu was still an unrecognized project that only very few crypto fanatics knew about.

After hodling the SHIB stockpile for approximately three and a half years, the investor sold it for $1.1 million as the meme coin’s price surged to $0.00002614. The trade netted the unknown investor a 419x gain from their initial investment.

The price of SHIB jumped 1.9% on Tuesday and has gained 9.8% in the past 14 days. It is currently the 11th largest crypto by market capitalization at $15.2 billion after dethroning Avalanche (AVAX). SHIB is now only three spots behind Dogecoin (DOGE), its Shiba Inu-themed predecessor. Both Doge and SHIB soared earlier this year along with other meme coins as indirect beneficiaries of the spot Bitcoin exchange-traded fund (ETF) approvals in mid-January.

SHIB Is still down 70.5% from its current lifetime high of $0.00008616 registered back in October 2021. The aforementioned investor seems to be satisfied with the huge gains that they have accrued during these three years. The investor seems convinced that it may be too late for established meme coins like Shiba Inu to see a 2021-style mind-blowing upsurge again.

The team behind Shiba Inu recently raised $12 million through a token sale for the upcoming digital asset TREAT to develop its new privacy-centric Layer 3 blockchain, built atop Shibarium — its Ethereum Layer 2 solution.

SHIB is also one of the cryptocurrencies accepted by Republican candidate Donald Trump’s campaign for the 2024 presidential election.

Shiba Inu (SHIB), the second-largest meme coin by market capitalization, has experienced a surge in the past 24 hours, rising by over 16% and briefly touching a market cap of $17 billion. This impressive performance has allowed SHIB to flip Cardano (ADA) and secure its position as the 11th biggest cryptocurrency in the market.

TLDR

Shiba Inu (SHIB) surged by 16% in the past 24 hours, reaching a market capitalization of nearly $17 billion and flipping Cardano (ADA) to become the 11th largest cryptocurrency.

The surge in SHIB’s price coincides with an overall revival in the meme coin sector, with many other meme coins experiencing substantial price increases.

Two essential factors that may have contributed to the recent Shiba Inu rally are the project’s burning mechanism and the advancement of its layer-2 scaling solution, Shibarium.

A long-term SHIB holder turned a $2,625 investment into over $1.1 million after holding the meme coin for more than three years, showcasing the potential for significant returns in the meme coin market.

While Dogecoin (DOGE) and Shiba Inu have been lagging in price action, other dog-themed meme coins such as Dogwifhat (WIF), Floki (FLOKI), and Bonk (BONK) have delivered double-digit weekly gains.

The recent rally in Shiba Inu’s price is part of a broader revival in the meme coin sector, with numerous assets witnessing substantial price increases and the total market capitalization of meme coins surpassing the $70 billion mark.

Despite the surge, SHIB remains the second-biggest meme coin, trailing behind Dogecoin (DOGE), which currently boasts a market capitalization of over $24 billion.

SHIB Price at Coingecko

Two essential elements that may have contributed to the recent Shiba Inu rally are the project’s burning mechanism and the advancement of its layer-2 scaling solution, Shibarium.

The burn rate of SHIB tokens exploded by almost 600% a week ago, resulting in the destruction of nearly 10 million tokens.

The program’s ultimate goal is to reduce the tremendous circulating supply of the meme coin, potentially making it scarcer and more valuable over time. To date, the SHIB team has sent approximately 41% of the total supply to a null address.

Shibarium, which aims to elevate Shiba Inu above its rivals by lowering transaction fees and improving speed, has made significant strides since its launch last summer.

It has surpassed the 400 million mark in total transactions and undergone two major upgrades to improve user experience, empower the community of developers and innovators, and implement quicker block processing times.

The potential for significant returns in the meme coin market was recently highlighted by the success story of a long-term SHIB holder who turned a $2,625 investment into over $1.1 million after holding the meme coin for more than three years.

After being dormant for 3.5 years, the super diamond trader finally sold $SHIB at a profit.

He spent 2 $ETH($2,625) to buy 48.09B $SHIB on Feb 1, 2021, and sold it for 278.7 $ETH($1.1M) just now, a gain of 419x!https://t.co/Pw9i9wbKcn pic.twitter.com/Qvp9wKpWCc

— Lookonchain (@lookonchain) May 27, 2024

This impressive return showcases the potential for substantial gains in the meme coin sector, although it is important to note that such returns are not guaranteed and come with a high level of risk.

While Dogecoin (DOGE) and Shiba Inu have been lagging in price action recently, other dog-themed meme coins have been experiencing notable gains.

Solana-based Dogwifhat (WIF) rose 34%, Floki (FLOKI) rose 35%, and Bonk (BONK) rose over 25% over the past week, demonstrating the widespread interest in meme coins across various blockchain platforms.

The post Shiba Inu (SHIB) Surges 16%, Flips Cardano (ADA) to Become 11th Largest Cryptocurrency appeared first on Blockonomi.

Over the past week, memecoins have outshined Bitcoin, recording over 25% growth as a category. 

Memecoins have outperformed $BTC in the past 7 days, gaining over 25% growth as a category.

Let’s dig into the top 5 memes by market cap. 👇 pic.twitter.com/bxstXHZ483

— Cointelegraph (@Cointelegraph) May 27, 2024

Here’s a look at the top five memecoins by market cap:

Dogecoin ($DOGE ) – Market Cap: $24.8 billion

Created in 2013, Dogecoin remains the largest memecoin. Inspired by the Shiba Inu Kabosu, who recently passed away, DOGE faces significant resistance between $0.166 and $0.171, where 75,500 addresses hold nearly 10 billion DOGE. Overcoming this barrier could see DOGE doubling, with the next resistance at $0.322. 

#Dogecoin is encountering significant resistance between $0.166 and $0.171, where 75,500 addresses have acquired nearly 10 billion $DOGE . However, once this barrier is overcome, #DOGE has the potential to double, with the next key resistance around $0.322 pic.twitter.com/p02Cks63EI

— Ali (@ali_charts) May 28, 2024

Shiba Inu ($SHIB ) – Market Cap: $15.2 billion

Shiba Inu, the second-largest memecoin, initially gained attention by giving 50% of its allocation to Vitalik Buterin. The ecosystem has expanded with the recent launch of Shibarium, a Layer 2 chain.  

PepeCoin ($PEPE) – Market Cap: $6.9 billion

PepeCoin, the third-largest memecoin, has surged 75% in the past week. Launched as a tribute to the Pepe the Frog meme, PEPE reached a record high on May 27.  

DogeWifHat ($WIF) – Market Cap: $3.2 billion

Ranking fourth by market cap, DogeWifHat is a Solana-based memecoin described as “literally just a dog with a hat.”  

Floki Inu ($FLOKI ) – Market Cap: $2.7 billion

Floki Inu, closely trailing DogeWifHat, has gained over 40% in the past week. Launched by SHIB community members and named after Elon Musk’s Shiba Inu, FLOKI recently flipped OP and BONK to become a top 45 project. Rumors of a Coinbase listing are fueling its rise.  

BREAKING: $FLOKI is up 18% in the last 24 hours and just flipped $OP and $BONK to be a top 45 project. It has outperformed $PEPE, $WIF, $DOGE , and $SHIB as the top major #memecoin this week. #Coinbase will list #FLOKI perps on May 30, which is fueling rumors of a Coinbase spot… pic.twitter.com/zdzgYlDkwM

— BITCOINLFG® (@bitcoinlfgo) May 28, 2024

Floki Inu’s impressive performance has led several analysts to predict it could be the main memecoin of this bull run. With Coinbase set to list FLOKI perpetuals on May 30, speculation about a potential spot listing is growing.

Memecoins continue to captivate the market, with each token bringing its unique charm and community-driven growth. As these tokens gain traction, their influence on the broader crypto landscape becomes increasingly evident.

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

Follow us on Twitter @themerklehash to stay updated with the latest Crypto, NFT, AI, Cybersecurity, and Metaverse news!

Image Source: archnoi1/123RF // Image Effects by Colorcinch

The post Memecoins Surge, Outperforming Bitcoin: Top 5 Memecoins By Market Cap appeared first on The Merkle News.

According to U.Today, the meme cryptocurrency Shiba Inu (SHIB) has overtaken Cardano (ADA) in terms of market capitalization. As per CoinMarketCap, the current values of these two cryptocurrencies stand at $16.9 billion and $16.5 billion, respectively. In the last 24 hours, the price of SHIB, the second-largest meme coin, has seen a surge of over 16%, outperforming other major cryptocurrencies. In comparison, Dogecoin (DOGE), which is currently in eighth place by market capitalization, has only seen a modest increase of 2.4%.

Other smaller meme coins are also experiencing significant rallies. For example, Solana-based dogwifhat (WIF) has seen a surge of 21.4%, outperforming SHIB. Other coins such as Floki (FLOKI) and Bonk (BONK) have also recorded double-digit gains. Pepe, despite being an outlier with only a 1.1% increase, has still added 18% over the past week.

In October 2021, SHIB briefly surpassed DOGE in market cap. It remains uncertain whether it will be able to repeat this achievement this year, as there is currently a $7 billion gap between the two rival meme coins. Despite the recent price surge, SHIB is still down 66% from its peak on Oct. 28, 2021. However, data from IntoTheBlock shows that 70% of SHIB holders are making money at current prices, with the majority (76%) having owned the cryptocurrency for more than a year.

According to U.Today, the Shiba Inu community was recently alerted to be vigilant due to a rise in fraudulent activity in the crypto market. Lucie, the marketing lead of the project, used social media to emphasize a crucial point about the Shibarium ecosystem token TREAT. She cautioned SHIB enthusiasts that TREAT has not yet been launched and warned them about numerous impostors targeting the SHIB community. She encouraged those interested in the Shiba Inu project to follow only its official accounts to get accurate information and avoid confusion. TREAT is a reward token with multiple functions, one of which is to provide liquidity for the SHI stablecoin.

In other news, Ripple's CTO David Schwartz recently explained how tokenization can enhance efficiency in a new clip posted on the company's official handle. Schwartz stated that tokenization could solve some of the issues related to asset transfer and ownership by using digital distributed ledgers to track asset ownership. This would simplify processes like borrowing against an asset or using it as collateral, as lenders could easily verify asset ownership and ensure that borrowers aren't borrowing from multiple different ledgers.

Lastly, the crypto community was saddened by the news of the passing of Kabosu, the dog that became the face of the Dogecoin meme cryptocurrency. Ethereum co-founder Vitalik Buterin responded to the news with a heartfelt message: 'Rest in Peace Kabochan.' The Dogecoin Foundation also paid tribute, posting, 'Rest in peace, dear Kabosu, beloved Doge. You were very much wow.' Kabosu's iconic photo went viral in 2010, and three years later, the Dogecoin asset was created with Kabosu as its mascot.

The post Shiba Inu Marketing Lead Responds To Community Criticisms appeared first on Coinpedia Fintech News

In response to the community members who are criticizing the SHIB team, Shibarium, and the developer team, the marketing lead of the Shiba Inu team, Lucie has suggested they just go ahead and do it themselves instead of being rude and criticizing. She reminded the vast SHIB community of the blockchain world and decentralized cryptocurrencies where everyone can do their part, be the best SHIB, and succeed. The SHIB team has been facing criticism due to the slow-burning process of Shiba Inu tokens. Lucie continues tweeting that burning SHIB is everyone’s responsibility and the more the on-chain activity, the more SHIB coins eventually burn.

Pepe The Gay (PEPEGAY) could turn early investors into multi-millionaires, like Shiba Inu (SHIB) and Dogecoin (DOGE) did.

Pepe The Gay (PEPEGAY), a new Solana memecoin that was launched today, is poised to explode over 14,000% in price in the coming days.

Currently, Pepe The Gay can only be purchased via Solana decentralized exchanges, like Jupiter and Raydium, and early investors stand to make huge returns in the coming days.

Early investors in SHIB and DOGE made astronomical returns, and Pepe The Gay could become the next viral memecoin.

In fact, many early Shiba Inu and Dogecoin investors have been pouring funds into this new Solana memecoin.

Pepe The Gay launched with over $4,000 of locked liquidity, giving it a unique advantage over the majority of other new memecoins, and early investors could make huge gains.

To buy Pepe The Gay on Raydium or Jupiter ahead of the KuCoin listing, users need to connect their Solflare, MetaMask or Phantom wallet, and swap Solana for Pepe The Gay by entering its contract address – 46miVUNgCmhnBxXsXRwm1QuRg8VDtKjT4vMLEpJqd8vZ – in the receiving field.

In fact, early investors could make returns similar to those who invested in Shiba Inu (SHIB) and Dogecoin (DOGE) before these memecoins went viral and exploded in price.

If this happens, a new wave of memecoin millionaires could be created in a matter of weeks – or potentially even sooner.

The Solana memecoin craze continues amid larger memecoins, like Shiba Inu (SHIB), Dogecoin (DOGE) and DogWifHat (WIF) trading sideways in recent weeks and losing momentum.

This is why many SHIB, DOGE and WIF investors are instead investing in new Solana memecoins, like PEPEGAY.

Shiba Inu (SHIB) saw a major price jump, rising by 18% to $0.00002933.

SHIB surpasses Cardano in market cap, ranking as the 10th largest crypto.

Shiba Inu (SHIB) has displayed a significant price increase following a month-long period of consolidation. The meme coin surged over 18%, overtaking Cardano (ADA) in market cap. Lucie, the marketing lead for Shiba Inu, highlighted this development on social media, praising the recent price rally.

Over the past month, SHIB has traded between $0.000021 and $0.000025 amidst a generally slight bearish market condition. However, the past 24 hours have seen a remarkable 18% rally, bringing SHIB’s price to $0.00002933. This surge has propelled its market cap to $17.27 billion, positioning it as the 10th-largest digital currency. Shiba Inu’s daily trading volume also saw a significant 146% rise, exceeding $2.4 billion.

Further, Shibarium, a project that aimed to enhance Shiba Inu by reducing transaction fees and increasing speed, has seen steady growth since its launch last summer. Shibarium has exceeded 400 million total transactions and has undergone two major upgrades to improve user experience, support developers, and accelerate block processing times.

Shiba Inu (SHIB) Breaks Out Key Resistance

Today Shiba Inu showcased a bullish pattern by breaking the crucial $0.000026 resistance level reaching nearly $0.00002933. At the time of writing, SHIB had increased by 15.32% to $0.00002832. This upward trend suggests that SHIB might soon reach its next target of $0.00003, which will set a new trend for Shiba Inu.

Shiba Inu (SHIB) Price Chart (Source: TradingView )

Hence, the buying pressure could uplift the SHIB price more, however, the risk of an upcoming dump is also higher, due to the potential for a price correction

If SHIB fails to maintain its position above $0.000025, it could decline further to around $0.00002376. That would potentially trigger Shiba Inu to drop to a month-low of $0.00002087 and re-entering a bearish trend, which could see it fall to $0.000008374.

Shiba Inu’s price shows strong upward momentum, approaching a critical resistance at $0.00003000.

Significant rise in SHIB’s trading volume and market cap indicates robust buying interest and potential for further gains.

Despite being overbought, technical indicators suggest short-term bullish momentum for SHIB, with forecasts showing optimism for June 2024.

Shiba Inu has shown significant momentum breaking through resistance levels and initiating a fresh upward trend. Currently trading at $0.00002866, the currency has appreciated in value. This has led to an increase in market capitalization, now at $16.89 billion, an increase of 15.96%. The 24-hour trading volume has also risen by 94.86% to $1.97 billion.

Starting from $0.00002472, SHIB’s price has followed an upward trajectory with minor fluctuations. This low point in the time frame serves as a crucial support level. The day’s price movement has been marked by breaking through several minor resistance points, underscoring strong buying pressure. The peak price of $0.00003000, however, presents a key resistance level that SHIB is currently facing.

The support level at $0.00002472 has been confirmed as crucial for future upward movements. Conversely, the resistance level at $0.00003000, the highest it has ever reached, poses a significant challenge for further gains. SHIB’s ability to break this resistance could define its capacity to sustain its upward trend.

Coinglass data shows a 120.36% increase in trading volume this week, reaching $541.18 million. Open interest for SHIB futures contracts also rose by 10.95% to $121.66 million. Despite a long/short ratio of 0.9654 indicating a dominance of short positions, the overall trading activity remains robust.

Shiba Inu/USD 1-day price chart, Source: Trading view

Technical indicators provide additional insights with the 1-day stochastic RSI, trading above the signal line at 90.79, suggests the market is currently overbought, indicating a potential price correction in the near future.

However, the 1-day MACD, also above the signal line, suggests bullish momentum in the short term. Additionally, the 1-day ADX at 15.42 indicates a lack of a strong trend in either direction, suggesting a period of consolidation or market uncertainty.Changely blog data show that cryptocurrency experts expect SHIB’s price in June 2024 to be between $0.0000288 and $0.0000382, with an average expected value of around $0.0000355.

The post Shiba Inu’s Trading Activity Spikes: Key Insights and Future Prospects appeared first on Coin Edition.