Connect with us
Active Currencies 14430
Market Cap $2,644,874,139,949.50
Bitcoin Share 50.17%
24h Market Cap Change $-3.07

SHIB, PEPE, and a ‘famous people’ meme have the market at their beck and call

2min Read

Since most top altcoins and Bitcoin decided to be quiet, meme tokens have caught the eye of traders.

SHIB, PEPE, and a ‘famous people’ meme have the market at their beck and call

Share this article

  • The trading volume of SHIB, PEPE, and HarryPotterObamaSonic10Inu jumped.
  • While the price action was impressive, the social dominance trend differed.

Bitcoin [BTC] may have risen above $30,000 again. However, after lasting only a while above the region, it could be obvious that the king coin’s dominance in the market was nowhere near its peak. But what assets are showing lots of promise and enticing the crowd?


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


Well, there have been the memecoins including Shiba Inu [SHIB], and Pepe [PEPE]. And according to Santiment, there is an ERC-20-based meme called HarryPotterObamaSonic10Inu also making waves.

Memes’ season to blossom?

With a BITCOIN ticker, HarryPotterObamaSonic10Inu launched in May as an endgame for crypto assets, whose aim is to incentivize the creation of entertaining meme content. Based on on-chain data, the trading volume of HarryPotterObamaSonic10Inu increased by 139.31% in the last 24 hours.

Other memes like SHIB and PEPE also experienced major hikes in volume. Typically, increasing volume can push the price of a cryptocurrency higher. But for that to continue, the volume must maintain its momentum.

SHIB, PEPE, and HarryPotterObamaSonic10Inu volume and price

Source: Santiment

Over the last seven days, SHIB has increased by 13.70%, breaking the $0.00001 barrier. PEPE, on the other hand, has had an increase of 23.39%. 

And lastly, HarryPotterObamaSonic10Inu is the only asset out of the three which could boast of a rising volume on a rising price in the last 24 hours. At press time, the ERC-20 token had registered a pump to $0.015, thanks to a 24-hour 25.35% hike. 

With respect to weighted sentiment, Santiment revealed that all three memes had a similar trend. As a measure of the positive and negative commentary, the weighted sentiment considers crowd perception of an asset within social networks. 

For instance, SHIB’s weighted sentiment went up to to 2.86 within the last 30 days. The metric in HarryPotterObamaSonic10Inu’s terms was as high as 2.30, and PEPE was much less at 0.15.

Therefore, the metric’s rise into the positive region by all of the assets implies that the broader crypto community was positive about their respective performances.

SHIB, PEPE, and HarryPotterObamaSonic10Inu weighted sentiment

Source: Santiment

Different directions in this regard

However, with reference to social dominance, SHIB, PEPE, and HarryPotterObamaSonic10Inu took different routes. Social dominance measures the number of discussions concerning an asset compared to others in the top 100.

At the time of writing, SHIB’s social dominance increased. But that of HarryPotterObamaSonic10Inu and PEPE decreased. 

SHIB and PEPE weighted sentiment

Source: Santiment


How much are 1,10,100 PEPEs worth today?


The increase in SHIB’s social dominance implies that there was a lot of hype around the token. And this could be connected to the anticipation around Shibarium’s launch.

The decline in the other two suggests a fall in the razzmatazz around them. 

Share

Victor Olanrewaju is a full-time journalist at AMBCrypto. Settled in Lagos, his fascination with blockchain technology and the cryptocurrency market arose out of his love of freedom and everything free. As a Nigerian, Victor understands the impact unfounded financial restrictions have on a population. He sees Bitcoin and cryptos as a way to circumvent these obstacles, as a tool for value creation despite all the setbacks. A graduate in Physics, Victor previously worked as a Senior Marketer at Melange Technologies. Before that, he dealt with crypto-marketers on a regular basis in his capacity as Copywriter at Ventrix Media. At AMBCrypto, Victor’s focus is on assessing the real effectiveness of both on-chain and off-chain developments on a project and its community sentiment.
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.