After a strong resurgence in September, Dogecoin DOGE/USD and shiba inu SHIB/USD look on track for an even stronger performance in October.
What happened: Elon Muska strong supporter of Dogecoin, on Saturday tweeted an AI-generated image of him and Donald Trump with an image of the Dogecoin dog and the inscription “Department of Government Efficiency.” Musk has already mentioned “DOGE” several times, mocking the Dogecoin community.
In early September, Musk was acquitted of all charges related to Dogecoin market manipulation. He joked about making DOGE the official mascot of the DOGE agency.
Shibetoshi Nakamoto, Dogecoin developer saying on Sunday that he doesn't know why Dogecoin rose 20% in a week.
On the other hand, the marketing leader of Shiba Inu announced that “Shib The Metaverse” will be released in the foreseeable future, hinting at a virtual playground that is much more than just a gathering place
The Shiba Inu burn rate increased by 320.3% since the last burn transaction of 6.9 million SHIB coins, according to Shibburn data. This brings the total number of coins burned to 10.3 million in the last 24 hours.
Also Read: If You Invested $1000 In Bitcoin, Dogecoin And Shiba Inu Exactly A Year Ago, This Crypto Would Give You The Best Returns Today
Why it is important: The total meme coin market capitalization is currently around $54 billion, with Dogecoin, Shiba Inu, and Pepe PEPE/USD occupying the first three positions. They have increased by 18.6%, 31.9% and 39.3% in the last 30 days, respectively.
A close look at the performance chart shows that a significant portion of the gains occurred in the week beginning September 26.
Additionally, Shiba Inu has seen the announcement of a SHI stablecoin and the launch of its highly anticipated liquid staking platform, K9 Finance on the Shibarium network in September.
Data from Shibariumscan shows that new accounts increased from 20 to 156. Data from IntoTheBlock shows that high transaction volume decreased by 54% and daily active addresses fell by 30.7% in the last 24 hours. On the other hand, Dogecoin's large transaction volume decreased by 47.7% and daily active addresses increased by 2.6% in the same time period.
What's next?: The influence of meme coins is expected to be further explored at Benzinga's upcoming Future of Digital Assets event on November 19.
Read next:
Image: Shutterstock
Market news and data provided by Benzinga APIs
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.