Connect with us
Active Currencies 14734
Market Cap $2,583,682,995,475.70
Bitcoin Share 51.46%
24h Market Cap Change $0.47

Memecoin WEN crosses SHIB in volume: Should you be concerned?

2min Read

WEN surpasses SHIB in trading volume, raising concerns of a shift in market activity.

Memecoin WEN crosses SHIB in volume: Should you be concerned?

Share this article

  • WEN outperformed SHIB in terms of volume.
  • SHIB’s price remained unaffected while Sentiment and Social Volume witnessed growth.

Shiba Inu [SHIB] has always been one of the most popular meme coins in the crypto space. However, in the past 24 hours, WEN, a meme coin on the Solana [SOL] network, surpassed the former in trading volume.

According to SolanaFloor, WEN’s trading volume surged to $115.08 million, while SHIB reported a trading volume of $88.60 million.

This development may indicate a change in investor interest and trading preferences within the meme coin space.

 

WEN’s price also rose as a result. Regardless, the ever-lasting volatility surrounding meme coins ensured that the token soon experienced a decline of 9.35% over the past 24 hours.

Assessing the impact

Even though WEN was able to outperform SHIB in terms of volume, its momentary surge failed to have any substantial impact on prices.

At press time, the meme coin was trading at $0.000009, and its price had surged by 3.61% in the last 24 hours.

SHIB’s social volume also remained high, implying that the frequency at which the token was being discussed on these networks was consistent.

Source: Santiment

The popularity of SHIB on social networks can significantly help the token see improvements in terms of price. Notably, the Weighted Sentiment around the token grew over the last few days.

SHIB’s long-term possibilities

Despite momentarily losing out on volume to new entrants, SHIB’s market trajectory continued to follow its popular counterparts, Dogecoin [DOGE] and Bonk [BONK].


Realistic or not, here’s SHIB’s market cap in BTC’s terms


AMBCrypto’s Analysis of Santiment’s data revealed that the movement of the market cap of all these meme coins was largely the same at the time of writing.

This indicated that SHIB has planted deep roots in the crypto sector, and it is unlikely that it will be affected by new meme coins that gain momentary popularity.

Source: Santiment

Share

Himalay is a full-time journalist at AMBCrypto. A Computer Science graduate, Himalay writes about crypto with a special focus on the latest coin-based updates. He is a fan of gonzo journalism, transgressive fiction, heavy metal, and Manchester United.
Read the best crypto stories of the day in less than 5 minutes
Subscribe to get it daily in your inbox.
Please check the format of your first name and/or email address.

Thank you for subscribing to Unhashed.