Highlights:
- The number of daily users of Dogecoin surges to 1.33 million, indicating strong network demand and investor interest.
- FLOKI’s support coming from Coinbase boosts momentum of its success and attracts significant investor attention.
- Shiba Inu’s burn rate rocketed 2225% boosting the reduction of supply and potentially fueling bullish sentiment.
The crypto market continues to set new highs as the leading asset rallies, setting the pace for the broad market. Bitcoin once again made headlines, as its price hit an ATH of $97,860 while the overall market cap nears $2 trillion.
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The market sentiment is optimistic, as the total market cap of cryptocurrency witnessed an increase of 2.9%, pushing the value to $3.19T. Despite the overall sentiment still being in extreme greed as showcased from the fear and greed index at 85, the trading volume increased by 13% at 204B.
Despite the broad bullish sentiment, the meme coin sector shows a bearish view, with most of the leading meme coins suffering negative trends. Memecoin’s market cap and trading volume declined to $111B and $26B, respectively.
Let’s look at the best memecoins to invest in right now including Dogecoin (DOGE), FLOKI (FLOKI), and Shiba Inu (SHIB) despite the fluctuations.
Best Memecoins to Invest in Right Now
1. Dogecoin (DOGE)
The largest memecoin, DOGE has cooled off from its recent rally which saw the price face resistance at $0.4300 region. At the time of writing, DOGE has dropped by 1% in the past 24 hours to trade at $0.3858. Over the past month, DOGE has surged by 160% and now ranks the 7th largest crypto by market cap with a trading volume of $8.63B.
Dogecoin has reached a new milestone with over 1.33 million daily users signalling robust demand by the network. In most cases, this surge signals price increases because of strong investor interest. Consequently, more transactions enhance Dogecoin’s credibility.
Furthermore, the DAA Divergence metric portrays a positive growth pointing to the fact that now would be a great buying opportunity. When the activities on the network increase, the prices also follow, positioning Dogecoin among the best memecoins to invest in right now. The alignment between participation and price movements indicates a promising future for DOGE.
2. Floki (FLOKI)
FLOKI, the dog-themed memecoin based on Ethereum, has been on an impressive run recently, gaining 11% and 70% on the weekly and monthly charts, respectively. Currently, FLOKI is trading at $0.0002580, up by 5% in the past 24 hours, pushing the market cap to $2.49B. The 24-hour trading volume has surged by 150% at $1.38B, suggesting a heightened activity for the memecoin.
Floki’s momentum increased on Wednesday following the news of forthcoming Coinbase support. Provided that there is adequate liquidity, trading starts on November 21. Initially, the Floki version on the platform will be listed as the ERC-20 version to adhere to local regulations. Therefore, some regions may face restrictions on trading this asset.
Trading will begin on or after 9AM PT on 21 November 2024, if liquidity conditions are met. Once sufficient supply of this asset is established trading on our FLOKI-USD trading pair will launch in phases. Support for FLOKI may be restricted in some supported jurisdictions.
— Coinbase Assets 🛡️ (@CoinbaseAssets) November 20, 2024
3. Shiba Inu (SHIB)
After facing a pullback after the recent rally, SHIB remains a top choice for the best memecoin to invest in. The memecoin has declined by 7% on the weekly chart despite the monthly surge of 30%. SHIB’s market cap and trading volume stand at $14.20B and $1.14B, respectively.
Despite the fluctuations, there is a catch in Shiba Inu’s market. Shiba Inu’s burn rate has skyrocketed 2225%, with 14.58 million coins burned on Thursday. This significant activity contributes to a huge amount of burning tokens from the circulating supply. In addition, 50.06 million SHIB have been burned over the past week. The notable supply reduction could fuel a bullish sentiment for the meme coin.
HOURLY SHIB UPDATE$SHIB Price: $0.00002395 (1hr -0.08% ▼ | 24hr -7.14% ▼ )
Market Cap: $14,066,105,964 (-7.54% ▼)
Total Supply: 589,262,168,453,842TOKENS BURNT
Past 24Hrs: 14,582,917 (2225.34% ▲)
Past 7 Days: 50,067,595 (-92.03% ▼)— Shibburn (@shibburn) November 21, 2024
Final Thought
Dogecoin, FLOKI, and Shiba Inu pose as the best memecoins to invest in right now despite the volatility of the market. With strong network activity, strategic developments, and reductions in supply, these assets present great potential for investors looking for opportunities in the memecoin sector.
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