Highlights:
- Shiba Inu’s burn rate leap to 6750%, together with the rise in Shibarium, leads to near-term price growth.
- Cat in a Dog World (MEW) is showing bullish momentum, up more than 80% on the monthly chart.
- Book of Meme (BOME) shows strong resilience, with a 40% weekly rise and positive technical indicators.
The leading cryptocurrencies are exhibiting bearish trends, and the entire cryptocurrency market is experiencing yet another steep decline. As we navigate the fourth quarter of the year, astute traders and investors are still intrigued by the meme currency craze. Memecoins yield high returns, even in the face of current market turbulence.
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The meme coin market is also declining, dropping from $59 billion to $56 billion in the past week. Moreover, the trading volume has dropped to $5.14B, a more than 3% decline in the past 24 hours. Despite the volatility, there is a catch. Let’s take a look at the next memecoins to explode, October 23.
Next Memecoins to Explode Today
1. Shiba Inu (SHIB)
Shiba Inu, the renowned dog-themed memecoin, is trading at $0.00001785, displaying a decline of 2.40% on the daily chart. Over the past week, SHIB has been trading on a bearish note despite the monthly spike of 23%. The market capitalization and the trading volume are at $10.52B and $251.97M, respectively.
Despite the bearish outlook in SHIB’s price movement, the Shiba Inu burn rate surged by 6750% today, removing millions of coins from circulation. Over 27 million tokens were burned, boosting market sentiment for the meme coin. Over the past week, over 58 million coins were burned, driving the optimism further.
HOURLY SHIB UPDATE$SHIB Price: $0.00001826 (1hr 0.74% ▲ | 24hr -1.14% ▼ )
Market Cap: $10,754,819,671 (-1.05% ▼)
Total Supply: 589,268,757,549,259TOKENS BURNT
Past 24Hrs: 27,108,433 (6750.67% ▲)
Past 7 Days: 58,389,212 (-81.73% ▼)— Shibburn (@shibburn) October 22, 2024
In addition, Shiba Inu’s layer 2 blockchain, Shibarium, has seen a resurgence after months of stagnation. On October 22, daily transactions hit 1.8 million, an increase of 1,300%. Active accounts reached over 26,000, the highest in a year. The rise in Shiba Inu burn rate, and Shibarium’s revival suggests that SHIB could become the next memecoin to explode.
2. Cat In A Dogs World (MEW)
The Solana-based meme coin, Cat in a Dog World (MEW), has attracted strong attention from the crypto community. On the monthly chart, MEW has surged by over 80% and is up by 6% to trade at $0.009411, currently. The addition to bullish momentum for MEW saw a 13% rise on the weekly chart.
Coinglass data indicate that MEW’s Long/Short ratio is near 1, at 0.97. This implies that traders are feeling the upbeat. Additionally, the open interest has turned positive over the past day, indicating that traders are increasingly showing up to ride the price surge.
Frequently, traders interpret positive open interest and increasing Long/Short ratio as bullish. MEW is widely regarded as the next memecoin to explode in the cryptocurrency industry because to its increasing popularity and price momentum.
3. Book of Meme (BOME)
BOOK OF MEME (BOME) was launched in March 2024 and became of interest to the crypto community. As an integrated part of the Solana ecosystem, BOME capitalized on Solana’s cutting-edge blockchain characteristics to draw significant attention.
Despite the recent market swings, BOME currently has a price of $0.009302, a 40% weekly jump. This price resilience points to a potential for BOME to become the next memecoin to explode. BOME’s outstanding performance and investor interest have sparked enthusiasm in the crypto market.
Technical indicators for the 4-hour chart point to a bullish trend. The MACD indicator indicates a buying signal as the histogram becomes green and rises into positive territory.
Additionally, at the 50 index, the Relative Strength Index (RSI) is in the neutral region after having jumped from ovesold region. Given that the majority of indications are moving north, BOME presents a chance to buy.
Final Thoughts
Even with the general market decline, these meme coins exhibit great promise. The next memecoins to explode are Shiba Inu (SHIB), Book of Meme (BOME), and Cat in a Dog World (MEW). As burn rates increase, positive momentum in the present market, and investor interest grow, there is potential for substantial gains.
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