Memecoins, these cryptos inspired by popular online culture, have always intrigued as much as they divided, but their capacity to capture billions in record time is undeniable. Last week, Shiba Inu, one of the most popular memecoins, jumped a spectacular 42%, adding $6 billion to its market capitalization. What's driving this sudden surge of interest in memecoins, and what implications might this have for the broader crypto ecosystem?
Shiba Inu leads the memecoin rally
The past week has seen Shiba Inu dominate the memecoin market with a meteoric rise. In the space of seven days, the value of SHIB rose 42%, bringing its market capitalization to $20 billion, up from $14 billion. Such a surge places Shiba Inu as the 14th largest cryptocurrency by capitalization. While the increase may seem surprising, it is part of a broader trend where several memecoins, including PEPE, FLOKI and MOG, have also seen double-digit increases. In just 24 hours, these cryptos all saw their value increase by more than 10%, while BONK posted an increase of 13% over the same period.
However, the reasons behind this Shiba Inu outbreak remain unclear. Some traders speculate that the appointment of Japan's new Prime Minister, Shigeru Ishiba, may have fueled this rise, a hypothesis supported by ironic statements like that of Zaheer, manager of the hedge fund Split Capital, who declared: “ SHIB price soared 50% in two days simply because Japan's new Prime Minister is called 'ISHIBA'. Don't ask your most ignorant friends for advice. »
The comeback of memecoins and the influence of launch platforms
Beyond Shiba Inu, the memecoin rally seems to be part of a broader market dynamic. Specialized platforms like Pump.Fun have recorded a significant increase in activity, with more than 50,000 addresses active daily, a figure not reached since mid-August. The volume of transactions on these platforms has also exploded, exceeding 67 million dollars on September 26, more than double the 30 million observed a week earlier. This renewed activity reflects a new craze for memecoins, as many investors seek to capitalize on this speculative trend.
The volatility that characterizes these assets means that increases can be as dazzling as the corrections that follow. The recent surge in several memecoins, while lucrative for some traders, highlights the risks associated with these assets whose value is often based more on popular enthusiasm than on solid fundamentals. This dynamic suggests that we could be at the start of a new memecoin supercycle, but these cryptos could collapse just as quickly in the absence of lasting catalysts. So be careful!
The rise of Shiba Inu and other memecoins offers a fascinating insight into the forces at work in the crypto world, where speculation can sometimes trump fundamentals.
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