$0.001 Shiba Inu Price Now Looks ‘Crazy’ as Memecoins’ Performance Goes Through the Roof ⋆ ZyCrypto

A new dawn has arrived for meme coins as they continue to show outstanding performance thanks to the bullish momentum in the cryptocurrency market.

Hinting at this trend, IntoTheBlock, a leading on-chain metrics provider, said: “Memecoin has performed very well this month, with PEPE leading the way with monthly returns of over 600%.”

Shiba Inu has been leading the meme coin pack in terms of exemplary monthly returns, along with other coins such as BONK, PEPE, FLOKI and Dogwifhat.

The presence of meme coins in the cryptocurrency market is no longer forgotten, as they serve as an important proxy for the overall interest and trends in this field.

As a result, meme coins have become quite popular on social media platforms as they are an ideal vehicle for social and professional traders looking to profit from the next trend.

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Meme coins are gaining popularity

Despite the high volatility associated with meme coins, adoption continues to trend upward.

Leading investment firm Franklin Templeton said: “We believe that meme coins have a strong relationship with the native network.”

Therefore, this connection was instrumental in allowing meme coins to go through the roof. For example, Solana Network has garnered increased investor interest based on the notable meme coins being developed on the blockchain.

For example, BONK experienced exponential growth in trading volume last year, surpassing DOGE and SHIB.

Amid the increasing traction of SHIB, there has also been a parallel surge in meme coin trading, as highlighted in a report by Coingecko.

Additionally, the surge in SHIB whale activity coincided with a significant increase in net flows to large holders. Net flows to large holders of Shiba Inu have increased 1,058% over the past 30 days, according to data from on-chain analytics firm IntoTheBlock.

This indicates that the whales are continuing to accumulate Shiba Inu as the bulls target the $0.001 price. Despite the short-term price volatility, this trend indicates whales are increasingly confident in SHIB’s long-term prospects.

As the cryptocurrency market takes a break after seeing strong growth last quarter, meme coins appear to be gaining the attention of major investors. This trend is evident in the ever-changing world of cryptocurrency.

This bullish trend in the BONK network has played a pivotal role in the explosive growth in the number of daily user addresses on the Solana blockchain.

Therefore, meme coins continue to present themselves as a force to be reckoned with in the cryptocurrency sector.