Analysis of Meme Coins Market Trends

Meme tokens like Shiba Inu (SHIB) are facing challenges due to the increasing number of similar tokens entering the market. Despite the hurdles, SHIB has managed to achieve a significant increase of over 152% year-to-date; however, it continues to face selling pressure.

Trillions of Shiba Inu Tokens Transferred

Recent data provided by crypto trader and analyst Ali Martinez reveals that more than 4 trillion Shiba Inu tokens have been transferred to various crypto exchanges in the last two weeks. This transfer amounts to approximately $103 million, leading to a rise in the total SHIB supply on exchanges from 144 trillion to over 147.5 trillion coins.

Market Performance

Shiba Inu has seen a 7% increase in the last 7 days and a 21% rise in the last 30 days. However, there is a noticeable increase in selling pressure within the community, resulting in a 10% price decline over the past 60 days. On the other hand, the new meme token, PEPE, has surged by 1000% in the past year.

Price Fluctuations

On May 29, SHIB's price reached a peak of $0.000029, marking a 21% increase within a short period. This surge was followed by a 12.16% decline, occurring in two stages: an initial 8% drop followed by a subsequent 10% decrease.

Current Status of Shiba Inu

At present, Shiba Inu is trading at an average price of $0.00002619. This reflects a 70% decrease from its all-time high of $0.00008845 recorded on October 28, 2021. The 24-hour trading volume has decreased by 53% to $669.2 million, with a market cap of $15.42 billion.

Token Burns and Whale Transactions

Shibburn platform data indicates that 9,846,020 SHIB tokens were burned in 13 transactions since the previous day. The largest burns involved 2,915,754, 2,000,000, and 1,500,000 SHIB coins, respectively. Furthermore, a significant whale transaction occurred, with an unidentified wallet address acquiring 445.86 billion SHIB tokens at a price of $0.000027. This acquisition, totaling 527.37 billion SHIB tokens, worth around $13.76 million, demonstrates confidence in SHIB's potential, along with holdings in other cryptocurrencies like Chainlink (LINK), Uniswap (UNI), and Matic (MATIC).