The meme coin mania has started picking up pace again. During the past few days, Shiba Inu (SHIB) and Dogecoin (DOGE) have gained significant price momentum. SHIB has jumped by almost 50% in the last week. DOGE, on the other hand, witnessed a spike of 35% during the same period.
According to the data published by Coinmarketcap, the total Shiba Inu addresses are now approaching the mark of 1.2 million. Despite the correction in the crypto market, the total number of SHIB holders has increased by approximately 20% since November 2021.
For meme coins, 2021 remained a landmark year as digital assets like Shiba Inu and Dogecoin came under the spotlight of large retail and institutional investors. With significant gains, SHIB topped the list of the biggest crypto gainers in 2021.
Elon Musk, the CEO of Tesla, recently announced that he will keep supporting Dogecoin. Musk, who is holding Bitcoin, Ethereum and DOGE, has previously supported the meme coin and called Dogecoin, the ‘people’s currency'.
While meme coins have seen strong gains in the last few days, BTC and ETH have struggled. Glassnode’s recent report shows that the crypto assets are going through one of the worst bear markets in the history of the digital asset ecosystem.
“Year to date, 2022 has been a historically challenging year for asset prices, with equities, bonds and digital assets alike struggling under ever-tightening monetary conditions. In the midst of this, Bitcoin and Ethereum have both traded below their previous cycle ATHs, which is a first in history. This has subsequently plunged a great proportion of the market into unrealized loss, with all 2021-22 investors now underwater. As this financial pain sets in, a growing proportion of investors are liquidating their holdings, locking in record realized losses,” the report explained.
Shiba Inu's top 10 holders control over 62% of the supply.
This article was written by Bilal Jafar at www.financemagnates.com.
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