Over the past 24 hours, several meme coins, including Shiba Inu and Floki Inu, have experienced a significant surge in value, boasting gains exceeding 50%.
Indeed, this remarkable price performance has propelled many investors to substantial profits, underscoring meme tokens’ growing interest and potential profitability.
SHIB Takes Centre Stage in Meme Coin Rally
According to pricing data from BeInCrypto, SHIB has surged by an impressive 69% in the past 24 hours. This upswing in Shiba Inu’s value marks a continuation of a positive trend, with the token having gained 128% over the last week.
“Shiba Inu is the latest meme coin surging in value after Dogecoin, Bonk, Floki, and Pepe have all taken their turns in the sun as the work week draws to a close,” blockchain analytical firm Santiment said.
These substantial gains have prompted many holders to capitalize on their SHIB investments, leading to some selling off their holdings.
Indeed, a crypto whale recently pocketed over $2.5 million in profits after depositing 365.36 billion SHIB to Binance. This crypto whale initially withdrew the funds from Binance when it amounted to $3.24 million between November 17 and December 27, 2023, as reported by on-chain analytics firm Lookonchain.
Read more: 7 Hot Meme Coins and Altcoins that are Trending in 2024
Meme Coins Social Dominance. Source: Santiment
The cryptocurrency market has also seen a meteoric rise in other meme coins. Over the past week, several cryptocurrencies like PEPE, WIF, BONK, DOGE, and FLOKI have all witnessed significant surges.
For instance, WIF, a meme coin built on the Solana blockchain, has soared by 32% in the last 24 hours. It marks a staggering 319% increase in the past week. This exceptional performance has propelled both early and late investors into substantial profits.
Lookonchain also reported that a single crypto whale holds an unrealized profit of approximately $1.35 million after purchasing 673,394 WIF for 7,059 SOL, equivalent to $918,000. This whale has acquired a total of 2.82 million WIF tokens at an average price of $0.71 for 16,857 SOL, worth $2 million.
Read more: 6 Best Platforms To Buy Shiba Inu (SHIB) in 2024
Similarly, BONK, another Solana-based meme coin, has surged 11% in the past 24 hours. This brought its accumulated gains for the week to more than 100% and its market capitalization to $1.65 billion. Meanwhile, Dogecoin has experienced a notable uptick of 16.7%, culminating in a weekly gain of 66.6%, and PEPE has resurged by an impressive 250%.
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