The meme coins have gained notable traction lately, amid a price rally of the major players in the segment, especially the Solana-based dogwifhat (WIF). However, recent retreats in the prices of top contenders like Shiba Inu (SHIB) and Dogecoin (DOGE) have stirred speculation about the sustainability of the meme coin frenzy.
While some view these setbacks as strategic maneuvers by investors, others question if this marks the beginning of a downturn for meme coins.
dogwifhat (WIF) Crossed $2 Despite SHIB & DOGE Dip
The crypto market has been abuzz with excitement over meme coins, with last week seeing these tokens emerge as top gainers. Despite the recent dip in prices of leading meme coins like SHIB and DOGE, market participants remain optimistic about the meme coin phenomenon. Analysts suggest that the retreat of SHIB and DOGE could be a strategic move by investors, redirecting attention towards other meme coins.
This redirection is evident in the impressive rally of lesser-known meme coins like dogwifhat (WIF), which has surpassed the $2 milestone, showcasing growing investor confidence. Meanwhile, as reported by CoinGape Media, BitMEX co-founder Arthur Hayes had previously shown optimism for the crypto to surpass the $2 mark.
Meanwhile, other meme coins like Pepe Coin (PEPE) and Floki have also witnessed significant price surges, indicating a broader enthusiasm for meme coins in the market. Considering the mixed performance, the traders are keeping a close watch on the price actions in the meme coin segment.
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Strategic Shifts and Continued Optimism
Despite the enthusiasm over WIF crossing the $2 mark, the retreat in Dogecoin and Shiba Inu prices has raised eyebrows among market analysts. Notably, some attribute the dip to recent liquidation data, with significant sell-offs recorded.
As the meme coins noted an unprecedented surge lately, some investors might have taken a profit-booking opportunity from that. According to CoinGlass data, Dogecoin saw liquidations totaling $40.85 million in the last 24 hours, while Shiba Inu noted liquidations amounting to $26.28 million.
Besides, analysts interpret the recent pullback in SHIB and DOGE prices as strategic moves by investors, possibly reallocating their assets to other meme coins. This strategic maneuvering reflects the dynamic nature of the meme coin market, where sentiment can swiftly shift between projects.
Despite short-term fluctuations, the broader outlook for meme coins remains positive, with growing interest and adoption. As of writing, the dogwifhat price was up around 41% and traded at $2.08, while its one-day volume skyrocketed 213.28% to $1.46 billion.
On the other hand, the Dogecoin price slipped 4.87% in the last 24 hours to $0.1695, while the Shiba Inu price plunged 4.84% to $0.00003704. However, the Pepe Coin price has added over 9%, while the FLOKI price was up nearly 13% in the same time frame.
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