SHIB, DOGE & WIF Reign Supreme in Record-Breaking $56B Cycle

Shiba Inu & Dogecoin dominate the fortunate $56B memecoin bull cycle, joined by a ridiculously fancy third brother.

WIF with a backwards baseball cap spinning the world.
Created by Kornelija Poderskytė from DailyCoin
  • Dogwifhat’s uncanny 253,083% run since inception puts WIF amid meme heavyweights.
  • Shiba Inu surpassed Dogecoin by trading volume in the record-breaking $80bn week.
  • Nearing $5, WIF dethroned PEPE for the third place in crypto’s meme department.

The memecurrency Zeitgeist stormed through March, claiming a couple of substantial milestones along the way. In general, the memecurrency department had the most successful week of all time, with over $80 billion in memecurrency trades during the inaugural week of March 2024.

SHIB & DOGE Joined by Younger Sibling in TOP 3

Shiba Inu (SHIB) whipped up massive gains on March 5, 2024, to challenge Dogecoin (DOGE) for the top dog’s spot. That week, SHIB flipped DOGE by trading volume, surpassing Dogecoin’s $31 billion to $23 billion. Moreover, the record-high first week of March didn’t pause the emergence of memecurrencies, as the blockchain analytics platform IntoTheBlock highlighted the unusually rapid spike of global market capitalization since February.

Cards in the memecurrency department got completely shuffled after Solana’s Dogwifhat (WIF) surprisingly entered crypto’s TOP 50 by global market cap and even pushed away Pepe (PEPE) for the third largest memecoin spot. Dogwifhat comes into the TOP 3 fresh off a newly claimed all-time high at $4.83 on the last day of March.

Sponsored

Entering March at just below $20 billion in overall market capitalization, memecoins have skyrocketed for several reasons. First, the recent success of emerging blockchains like Solana (SOL), Avalanche (AVAX), and Coinbase’s Base Layer-2. 

These have become hubs of fresh meme coin projects, hosting the likes of WIF, Coq Inu (COQ), and Base’s ANIME. The latter is visibly the most volatile, as ANIME soared to an all-time high of $0.0174 three days ago but plunged by 72.5% to claim a new bottom just 13 hours ago at $0.004299.

Memecoin Department Grows in Huge Numbers

According to on-chain data provided by IntoTheBlock, a large chunk of the successful memecoin bull cycle can be ascribed to new investors. To illustrate, DOGE witnessed a massive 1,095% spike in January 2024 when the DOGE 1-X Band rocket was about to launch and its XPayments account was created.

Furthermore, the graphic portraying cryptocurrency wallet addresses holding memecoins for less than 30 days confirms the mass appeal of SHIB andPEPE, as both tokens experienced a tsunami of new holders joining the memecoin game amid 300% and 700% bull rallies, respectively. The rising demand for memecurrencies is also visible in Derivatives statistics, with DOGE and WIF being the clear leaders in the field, claiming a combined Derivatives daily trading volume of $5.58 billion, according to CoinGlass data.

On the Flipside

  • While it’s clear that the new canine coin Dogwifhat overthrew Pepe by global market capitalization, WIF is yet to claim territory by social metrics and match PEPE’s liquidity.
  • PEPE sports $66M in combined liquidity compared to WIF’s $26M and stands as the third most talked about memecoin, despite Dogwifhat topping PEPE in Derivatives markets.

Why This Matters

Meme currencies sparked a market-wide bull rally in March and are one of the best-performing asset classes in the cryptosphere so far in 2024.

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This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

Author
Tadas Klimasevskis

Tadas Klimaševskis is a Lithuanian journalist at DailyCoin, specializing in covering the lighter side of the crypto industry such as memecoins and pop culture in the metaverse. He has experience as a music artist, English language teacher, and freelance writer, and uses his creative writing skills to summarize valuable information in his work. He is also a strong believer in the potential of blockchain and spends his free time listening to music, traveling, and watching basketball games.