Meme Coins $16 Billion Market Cap

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Meme Coins $16 Billion Market Cap

Meme Coins $16 Billion Market Cap

The Meme coins have achieved a new milestone by reaching a $16 billion market cap. The cryptocurrency markets have continued to gain momentum this week and the Shiba inu (SHIB) is no different. It has gained more than 50 percent.

The biggest gainers on Monday were Bitcoin and Ethereum. Ripple and Doge traded higher by about 10 percent. However, no crypto asset matched the growth of Shiba inu which was up by 48 percent at $0.0003484. It picked up the momentum by more than 70 percent in the past 24-hour following the breakout of resistance at $0.100002332.

The prices are now being traded above the resistance of $0.00003374 that has been the price so far in 2022.

Among the biggest losers is LEO and it is currently down by about 2.60 percent. However, the UNES SED LEO has gained about 40 percent in the period of the last seven days.

Bitcoin gained momentum over the weekend and moved from $38,000 to more than $42,700. It was a 15 percent jump over a period of the past seven days. Ethereum closed at $3,100 with an upward rise of 23 percent compared to the price about a week ago.

Solana was up from $106 to $118 with 31 percent strength and Terra jumped 33 percent to more than $58.50 from $51.50. Similarly, Avalanche gained momentum and reached $83.36 with an increase of 28 percent and Polkadot jumped 29 percent and stood at $22.35 over the week.

Ripple and Cardano gained 27 percent and 14 percent to 74 cents and $1.16 respectively. Binance Coin was at $377 on Friday and now with a gain of 16 percent has stood at $428.

However, considering a broader picture over the year-end and thereafter, most digital assets witnessed a massive sell-off over the past few weeks as investors are trying to reduce the risky assets from their financial portfolios. The period is being chattered as a crypto winter in which the prices stay depressed.

The rebound of Shiba inu is basically boosted by a couple of significant factors like its community revealing a partnership with Italy's fast-food chain Welly's to accept the coin and the launching of NFTs. In late January, the pseudonym of its community leader, Shytoshi Kusama, offered a sneak peek to investors at its metaverse project and it triggered a rally in the coin.

PointPay CEO Vladimir Kardapoltsev said the coin has developed a cult-like following lately and this has resulted in price gain momentum.

It is an Ethereum-based token and is one of the most popular coin trades in the wallets. Meanwhile, CoinFlip founder Daniel Polotsky warns a good time may end when the bull market falls and speculative assets may lead to a losing trade.

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