On a day when blue-chip currencies dipped lower, memecoins continued to show strength, led by Shiba Inu and dogwifhat.
What Happened: Solana (CRYTPO: SOL)-based dogwifhat emerged as the market's third-largest gainer, and the best-performing memetoken in the last 24 hours. The coin reached a six-week high and is steadily approaching its March top of $4.73.
WIF clocked $1.4 billion in volume in the last 24 hours, representing a 40% increase.
The second-largest memecoin, Shiba Inu, clocked double-digit gains as well, spiking to its highest value since March 10. The trading volume of the Ethereum (CRYTO: ETH)-based dog-themed token jumped 70% in the last 24 hours to $1.64 billion, higher than Dogecoin (CRYPTO: DOGE)
The renewed interest in Shiba Inu could be attributed to an upcoming airdrop as announced by Lucie, Shiba Inu's marketing lead. The airdrop will reward users for participating in the Shibarium ecosystem, with the amount depending on their holdings and activities.
Why It Matters: The uptick in the memecoin space reflects the robust demand, even as large-cap coins like Bitcoin (CRYPTO: BTC) and Ethereum edged lower.
In recent weeks, memecoins have exhibited resilience despite the fluctuations in assets perceived as having higher utility.
The rally boosted the profitability of the holders of these cryptocurrencies, with nearly 62% of SHIB holders being "In the Money,", according to IntoTheBlock.
Photo by Fernando Cortes on Shutterstock
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