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Surge in Popularity of Shiba Inu, Floki, and Dogwifhat

A meme coin trio — Shiba Inu (SHIB), Floki (FLOKI), and Dogwifhat (WIF) — is making waves across the cryptocurrency market. Each digital asset is experiencing significant price surges and notable developments.

Shiba Inu, following the recent surge of Bitcoin (BTC) surpassing the $64,000 mark, witnessed its price skyrocket to a multi-month high in early trading on March 2.

As of the latest update, the price of SHIB has surged by 68.5% to $0.00002196, marking a substantial weekly increase of 122.8%. This surge was accompanied by a remarkable 407% increase in 24-hour trading volume, totaling $7.389 billion worth of transactions, igniting optimism among traders globally.

Shiba Inu 24-hour price chart | Source: CoinGecko

A significant whale transaction involving the transfer of 3.02 trillion SHIB further sparked interest in the coin.

The surge in large holder inflows by 700% since Feb. 25, indicating considerable buying activity, has also contributed to the excitement surrounding Shiba Inu. The number of SHIB bought by large holders surged from 336.79 billion to 2.08 trillion between Feb. 25 and Feb. 28.

This surge in price and activity coincides with various developments within the Shiba Inu community, including the launch of SHEboshi, the upcoming KNINE launch, and Sharbi’s FETCH bridge, all adding to the positive sentiment surrounding SHIB.

Moreover, the burn rate of Shiba Inu has witnessed a significant surge, with a staggering 3,0187% increase on March 1. With 3.75 million SHIB destroyed in the past 24 hours, the reduction in coin supply continues, further boosting investor confidence.

Technical indicators and derivatives data support the bullish outlook for Shiba Inu, with strong buying sentiments prevailing in the market. However, caution is advised as the Relative Strength Index (RSI) indicates an overbought condition for SHIB, possibly signaling a period of consolidation.

Floki, Dogwifhat prices skyrocket

Joining the race for gains, fellow meme coin Floki has witnessed substantial price increases over the weekend. According to data from CoinGecko, Floki is up nearly 80% from 24 hours ago, now trading at $0.0001126.

Floki’s current value marks a 219% increase over the past seven days and 245% over the last two weeks. In the previous 30 days, the coin has surged by 306%, as reported by CoinGecko.

The increase in Floki’s trading volumes by almost 890% to $1.277 billion has further strengthened its position in the market.

In the meantime, Dogwifhat (WIF) has emerged as another prominent meme coin, experiencing rapid growth in the crypto space.
At the time of writing, Dogwifhat was trading at $1.26, representing a 21% increase, with a trading volume surge of 41.90% to $232.9 million, garnering significant attention from investors.

The recent surge in Dogwifhat’s price follows a remarkable 318% rally in the last week, propelling WIF into the top 100 cryptocurrencies by market capitalization.

With Robinhood Europe recently listing WIF for trading and rumors circulating about other major exchanges considering the coin, excitement surrounding Dogwifhat continues to grow.

Noteworthy whale activity has been observed in the WIF market, with a significant investor reportedly acquiring over 673,000 WIF tokens at $1.36 each, reflecting confidence in the project’s prospects.

These developments, combined with the positive sentiment surrounding WIF, indicate the potential for significant gains in the future.

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