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Strong on-chain activity and whale transactions have led to a major Shiba Inu price surge with other altcoins such as PEPE, BONK, and FLOKI joining the party.
Key Notes
Strong on-chain activity, including increased SHIB circulation and whale transactions, has driven the recent price rally.The SHIB burn rate has surged over 33,000% in the last 24 hours, removing a significant amount of SHIB from circulation.BitMEX CEO Arthur Hayes stated that he's adding the PEPE coin to his wallet.Dogecoin killer Shiba Inu SHIB $0.0000 24h volatility: 15.5% Market cap: $11.54 B Vol. 24h: $2.04 B is once again on investors’ radar with a staggering 43% gain over the past nine days. In the last 24 hours, the SHIB price is up by 14% currently trading at $0.00001927 with a market cap of $11.41 billion. Also, the daily trading volumes for SHIB have surged by 105% to more than $1.3 billion.
With Shiba Inu’s strong upside in a very short time, the entire meme coin sector is seeing strong gains today. However, the on-chain activity in SHIB is more profound in comparison to its meme coin competitors.
Crypto analytics platform Santiment noted that apart from the trading volumes, the SHIB circulation and the Shiba Inu whale transactions have also surged to a 10-week high. Despite this, the Shiba Inu price still continues to trade at a 50% discount from its February highs of $0.000043. If SHIB has to regain these levels, its bulls need to ensure a breakout above $0.000020 with strong trading volumes.
😺📈 Shiba Inu has surged +43% in the past 9 days with on-chain activity notably surging compared to altcoin alternatives and other meme coins. In addition to volume, circulation, and whale transactions spiking to 10-week highs, social dominance is up as well. This indicates that… pic.twitter.com/w13pdr4r7K
— Santiment (@santimentfeed) September 26, 2024
Another major reason that SHIB is outperforming other meme coins in the sector is the Shiba Inu burn rate. As per the Shibburn data, the SHIB urn rate has surged by a staggering 33818.39% in the last 24 hours. Thus, a total of $.18 trillion SHIB has moved out of circulation thereby putting an upside pressure on the Shiba Inu price.
Shiba Inu Triggers Meme Coin Party
There’s a strong resurgence across the entire meme coin sector with Dogecoin DOGE $0.12 24h volatility: 9.6% Market cap: $18.19 B Vol. 24h: $1.70 B up by 9%. Similarly, other SHIB competitors such as Pepe Coin PEPE $0.0000 24h volatility: 17.6% Market cap: $4.45 B Vol. 24h: $2.41 B , Floki Inu FLOKI $0.0002 24h volatility: 15.0% Market cap: $1.64 B Vol. 24h: $595.83 M , BONK BONK $0.0000 24h volatility: 15.6% Market cap: $1.58 B Vol. 24h: $424.30 M , and others are also up by 12-15% thereby extending their weekly gains to more than 30%.
After $ATH, Arthur Hayes turns to accumulate memecoin $PEPE!
In the past 2 hours, Arthur Hayes (@CryptoHayes) deposited 1M $USDC to #Binance and withdrew back 24.39B $PEPE ($252K) to wallet 0x6cd for the first time.
Follow @spotonchain for more updates about #ArthurHayes and… https://t.co/zTPMYKQH7W pic.twitter.com/032cBetVuv
— Spot On Chain (@spotonchain) September 27, 2024
In his recent announcement, BitMEX CEO Arthur Hayes stated that he’s adding the PEPE coin to his wallet. As per the data from SpotonChain, Arthur Hayes deposited a total of 1 million USDC USDC $1.00 24h volatility: 0.1% Market cap: $36.31 B Vol. 24h: $7.73 B to the Binance exchange and soon after withdrew back 24.39 billion PEPE coins.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
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Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.
