- The meme cryptocurrency market is heating up again with Shiba Inu (SHIB) seeing a 20% rise in price since yesterday.
- The duo-inspired Brett (BRETT) and Pepe (PEPE) tokens have also shown remarkable gains.
- Notably, SHIB’s open interest has surged by 78%, reaching $29.5 million.
The latest surge in meme coins with SHIB, BRETT, and PEPE leading the charge is captivating the market’s attention.
Surge in Shiba Inu Coin: Key Drivers and Impacts
Shiba Inu (SHIB) has experienced significant momentum, with its price soaring to $0.0000191 in the last 24 hours. This surge has been accompanied by a spot trading volume of $1.3 billion, making SHIB the second-largest meme coin by trading volume behind Dogecoin (DOGE). In addition, SHIB’s open interest has seen a substantial increase of 78%, rising to $29.5 million.
The daily burn rate of SHIB has contributed significantly to this rise, with a remarkable 33,000% increase in burn rate leading to nearly 2 billion tokens sent to dead addresses. This burning mechanism aims to reduce the circulating supply of SHIB, with over 410 trillion SHIB tokens already burned, leaving a circulating supply of just 583 trillion tokens. Furthermore, Shiba Inu’s Layer-2 scaling solution, Shibarium, continues to perform well, recently surpassing 7 million blocks and handling 418 million transactions.
BRETT and PEPE Ride the Meme Coin Wave
Besides SHIB, other meme coins like Brett (BRETT) and Pepe (PEPE) have also seen considerable gains. BRETT has seen a 15% increase in the last 24 hours with its price reaching $0.103, and its spot trading volume has surged by 86%. Meanwhile, PEPE has risen 18% to $0.0000102, pushing its market capitalization to $4.3 billion. This renewed interest is evident from the $1.3 billion spot trading volume for PEPE, signifying traders are back in action. Speculative energy seems to have returned to the meme coin market, which has seen a $10 billion boom in the past week alone.
Potential New Entrants: Pepe Unchained
Another frog-themed meme project, Pepe Unchained (PEPU), is looking to join this bullish trend. PEPU has garnered attention with an impressive $15.5 million presale. Pepe Unchained aims to build its own blockchain, promising faster and cheaper transactions compared to existing platforms. According to its whitepaper, “Pepe Chain” will be 100 times faster than Ethereum. With the meme coin craze in full swing, this new cryptocurrency might capitalize on the hype.
Pepe Unchained has already built substantial communities on Twitter and Telegram, and has been featured on leading cryptocurrency ranking sites such as CoinSniper and ICOBench. Influencers like Austin Hilton have discussed the project, adding to its credibility. Investors can still purchase PEPU tokens at $0.00986 during the presale stage, with an expected price increase when the next phase begins.
Conclusion
The current surge in meme coins, led by SHIB, BRETT, and PEPE, is indicative of renewed speculative interest in the market. Shiba Inu’s impressive rally, driven by its significant burn rate and the robust Shibarium network, alongside BRETT and PEPE’s gains, demonstrates the volatile yet opportunistic nature of meme cryptocurrencies. Meanwhile, emerging projects like Pepe Unchained signal continuous innovation and potential growth in the meme coin space, making it essential for investors to stay informed about these developments.
