• Various meme coins, including DOGE, SHIB and BABYDOGE, have experienced notable increases in value over the last 24 hours.
• The performance of these coins could not match that of Bitcoin [BTC] and Ethereum [ETH], but were still significant enough to reverse the previous seven-day decline.
• On-chain data suggest whales had a major role to play in this uptrend, as well as increased volume for BABYDOGE and positive investor sentiment for SHIB.
Meme Coins Surge In Value
Over the past 24 hours, various meme coins – including DOGE, SHIB and BABYDOGE – have recorded notable increases in value. While whale transactions for DOGE surged, investor sentiment acted as a guide for SHIB. As the crypto market left the red region behind, Shiba Inu [SHIB], Dogecoin [DOGE], and BabyDoge ETH [BABYDOGE] followed suit with immense upticks.
Whales on Lock
On-chain data revealed that Dogecoin whales put up one of their best performances since 5 February due to an increase of transactions worth over 100,000 at the time of writing. Moreover, Dogecoin Whale Alert indicated several transactions that edged closer to $1 million between 15 – 16 February. Furthermore, BABYDOGE experienced a rise in volume since 13 February which propelled its 10% increase within the same period.
Positive Investor Sentiment For SHIB
Despite falling to 13th place in terms of market value, SHIB has enjoyed a large majority of positive investor sentiment which pushed its weighted sentiment up to 1.09 at press time – its highest since February began. Additionally, social volume followed a similar trend as investors looked out for opportunities with SHIB tokens.
Realistic Market Cap For SHIBS In DOGES Terms?
As per CoinMarketCap’s data analysis toolkit on 17th February 2021; SHIBS registered 6.02% landslide victory over bears while DOGES surged 3.15%. However BABYDGE surpassed both registering 10% increase within same period but could not match Bitcoins & Etherums surge during same time frame .
The surge in meme coin prices is likely due to an influx of whales into the ecosystem combined with an increase in volume for BABYDGE and positive investor sentiment towards SHIBS tokens.