Is the carnival of the SHIB coming to an end? Who is profiting from this short-term bull market?

Is this the end of the “born” on social media canine concept coin frenzy?

Is the carnival of the SHIB coming to an end? Who is profiting from this short-term bull market?

In the recent week, according to CoinGecko’s statistics, the Meme Coin sector, which is mainly composed of animal coins, rose 192.54%, among which, SHIB, ELON, AKITA and other canine Meme Coins rose 1,213.6%, 135.8% and 689.7% respectively. The new “wealth creation effect” has made these animal Meme Coins “come out of the woodwork” at a rapid pace, attracting the attention of everyone. The average number of new comments per hour on Reddit was as high as 1,362.

However, in the early hours of May 13, Vitalik Buterin, the founder of Ether, distributed the SHIB in his wallet to several charitable foundations, who sold it in bulk, causing the market to plummet. Is this the end of the “born in social media” canine concept coin frenzy? From the social media fever and market transaction data, these canine meme coins have a significant growth rate of fans on social media, but except for DOGE and SHIB, the market transaction volume of other tokens is very small, and most of them have no application prospect and development route, for these tokens, when the fever dies down may be the time when the price bubble bursts.

01 SHIB Weibo super talk ranked second in the financial category, and the heat of foreign media is rising exponentially

Recently, the topic of Shiba Inu coin (SHIB) has been on Weibo’s hot search for many times, becoming the second animal coin to be “out of the loop” after Dogcoin (DOGE). As of now, SHIB has about 13,000 followers on Weibo, and is currently ranked second in the financial category. The number one is Bitcoin, with about 170,000 followers.

SHIB is not only kicking up buzz on social media in China, but is also rapidly climbing in popularity on social media abroad. According to CoinGecko data, SHIB’s follower count on both Twitter and Reddit is trending up exponentially. The number of Twitter followers has grown significantly since May 2, and has now reached 324,400, an increase of about 490.65% in two weeks. subscribers on Reddit have risen significantly since May 9, and has now reached about 89,400, an increase of about 290.70% in one week. Approximately 1,362.

In fact, recently, similar canine meme coins to SHIB have emerged, such as AKITA, KISHU, ELON, HUSKY, HOKK, etc. These tokens are also sought after by investors to varying degrees. Among them, KISHU and ELON have more Twitter followers, about 29,100 and 33,500 respectively, much higher than other Meme Coins.

Among these canine concept coins, except for KISHU, which has a white paper, the rest of the projects do not have white papers, and the official website is designed in a rather simple way, the project concept is basically the same, and the social media buzz does not seem to be high. elon has an interesting declaration on its official website, claiming that Dogelon is an interstellar currency between Earth and Mars, but other than that, elon and other dog-headed cottage coins There seems to be no difference. These projects seem to be more like spoofs by the developers.

In contrast, KISHU has devised other routes of development and has now launched a decentralized exchange, KISHU Swap, on which users can trade any ERC20 tokens. Just on May 14, KISHU was also featured on the largest billboard in New York’s Times Square.

02 SHIB market cap squeezes into top 24, trading volume soars about 20486.3% in 7 days

According to PAData’s past research, DOGE is positively correlated with online communication fever, meaning its coin price is easily influenced by social media opinion, and its derivative other Meme Coins show a similar situation. According to CoinGecko, SHIB’s coin price hit an all-time high of approximately $0.003532 on May 11 amid continued social media fervor, and on the same day, SHIB’s trading volume reached an all-time peak of approximately $14.55 billion on exchanges. As of May 14, the last 7 days, SHIB’s coin price has risen by about 1203.4%, while trading volume has soared by 20486.3%. It should be noted that during the same period, BTC’s coin price fell by about 10.8% and trading volume dropped by about 0.70%.

Other canine Meme Coin coin prices have come out of a similar trend to SHIB in the recent week, with price peaks for several canine coins generally occurring on May 11 and May 12. In contrast, on May 13, all of these canine coins generally took a significant dive.

This rise in the price of canine Meme Coin showed a high degree of volume-price consistency, with trading peaks for various canine coins also occurring on May 11 and May 12. Among them, on May 11, AKITA’s trading volume reached about $629 million, which is one of the most traded tokens in Canine Meme Coin in a single day in recent week, but its trading scale is still very small compared to SHIB, and the peak trading volume is only about 4.33% of SHIB’s peak trading volume. It is also worth noting that the trading volume of ELON and HUSKY picked up significantly on May 14, up about 177.13% and 1,165.01% respectively from May 13.

Posted by:CoinYuppie,Reprinted with attribution to:
Coinyuppie is an open information publishing platform, all information provided is not related to the views and positions of coinyuppie, and does not constitute any investment and financial advice. Users are expected to carefully screen and prevent risks.

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