Over the past week, meme coins have seen a massive surge in their value. Although a lot of attention is put on newcomers like Dogwifhat (WIF), the market’s mainstays have enjoyed just as much success. Indeed, Shiba Inu (SHIB) adoption was up 2,000% in March, as many investors are pondering if an all-time high is close for the token.
Digital asset data platform IntoTheBlock noted that the SHIB ecosystem has brought in more than 8,400 new daily addresses this month alone. Moreover, that 20x increase from March has incited massive optimism surrounding the asset. Yet, could it be enough to ascend it past its $0.00008 all-time high?
SHIB Enjoys Adoption Surge as Traders Brace for Unprecedented Heights
Throughout the last several weeks, the digital asset market has been booming. The industry has seemingly made good on the lofty expectations placed on it at the start of the year. Led by Bitcoin’s (BTC) rally toward an all-time high, other tokens have benefited from the positive sentiment that is abounding in the cryptocurrency sector.
One subsect of that industry that has found renewed excitement is meme coins. Although relative newcomers like WIF and PEPE have gotten the brunt of attention, some of the market’s top performers have continued to impress. Among them is Shiba Inu (SHIB), which saw adoption increase by 2,000% in March as traders started to discuss a potential all-time high ascension for the asset.
The new addresses peaked on March 5th, when a remarkable 21,000 addresses were added. Moreover, that has transcended into value increases for SHIB. Specifically, over the last seven days, the token has increased 162%. Ultimately, many investors are wondering if this rally could carry it beyond the coveted $0.00008 mark.
According to CoinGecko, that figure represents an all-time high for the meme coin. Currently, the asset is enjoying a plethora of bullish momentum. Indeed, the market’s sentiment and the influx of new addresses could set the stage for an unprecedented rally.
Crypto analyst Ali Martinez is one voice who has echoed this possibility. Specifically, he states that “SHIB could climb to $0.010 or potentially even reach $0.011!” That lofty prediction is based on the TD Sequential Indicator, which has proven successful in SHIB predictions. Altogether, the asset could join Bitcoin in the importance 2024 is having on its growth.
#SHIBA✅🚀 #dyor

Shiba Inu’s (SHIB) market cap is rapidly approaching Dogecoin’s (DOGE), with the former currently sitting around $20.5 billion, just 17% below Dogecoin’s market capitalization of $24.1 billion.

Traders optimistic about Shiba Inu potential 

Over the past week, meme cryptocurrencies have experienced a significant surge. Shiba Inu often hailed as the so-called ‘Dogecoin Killer,’ has climbed several positions in the top 100 rankings, placing itself just below its rival, DOGE.

In the past 7 days, Shiba Inu has seen a 62% price incline and a 280% surge over the past month. In contrast, Dogecoin has experienced a 19% price increase in the last week and a 109% price surge over the month.

On October 29, 2021, Shiba Inu experienced a remarkable surge, peaking at over ten times its previous value, resulting in a market capitalization of $41 billion.

Despite a significant decline in market capitalization to $5.97 billion as of December 8, 2023, Shiba Inu continues to hold a top-ten position among meme cryptocurrencies by this metric, trailing only behind Dogecoin.

In January 2023, the Shiba Inu community leadership unveiled Shibarium, a layer two blockchain intended to operate atop Ethereum. Its objectives include alleviating congestion, integrating staking into its ecosystem, reducing gas fees, and establishing a framework for decentralized applications and Web 3 expansion.

As per CoinGecko’s Data, Shiba Inu (SHIB) is trading at $0.00003472 and is ranked 11th in the global cryptocurrency market.

Meanwhile, Dogecoin’s price sits at $0.168, accompanied by a 24-hour trading volume of $3.2 billion.

Over the past year, Dogecoin has consistently traded within a tight range of $0.08 to $0.10, indicating a period of little fluctuation.

Meanwhile, on Feb. 6, data analytics platform Santiment revealed that Dogecoin’s wallets experienced unprecedented growth, with 413,800 new wallets added in just two weeks, most of which held between 0.001 to 1 DOGE.

Market sentiment indicates the possibility of either a retest of the $0.20 resistance level or a fallback to the $0.12 support level, based on buyer behavior.

Part of the excitement surrounding Dogecoin is credited to Elon Musk. The Tesla CEO and X owner’s commentary on the coin in tweets has led to price spikes and heightened public awareness. 

Beyond just social media support, Musk has shown interest in funding Dogecoin’s development since 2019, to improve its features and establish it as a prominent crypto asset.

However, Musk’s involvement has not been without controversy; in 2022, he faced a $258 billion lawsuit for allegedly manipulating Dogecoin’s price through his social media presence and public statements. 

Dogecoin’s price movement mirrors patterns seen in previous bull markets, suggesting future growth opportunities. 

Despite varying short-term forecasts, analysts like Ali Martinez remain optimistic about Dogecoin’s potential for significant gains, with projections reaching as high as $1.70 and beyond.

You might also like: Will Elon Musk’s cybertruck accept Dogecoin and this new altcoin?

Bitcoin’s new frontier

The current meme coin hype reflects a renewed interest in community-driven narratives and decentralization within the crypto space.

The emergence of meme coins has spread to the Bitcoin blockchain through the BRC-20 token standard, leading to higher network fees due to increased trading activity. 

Introduced in March 2022, the BRC-20 token standard has experienced substantial growth, with a market cap of $120 million and over 8,500 tokens created.

Unlike Ethereum’s ERC-20, BRC-20 tokens function without smart contracts, instead utilizing the Ordinals protocol on the Bitcoin blockchain for token issuance and trading.

The surge in BRC-20 transactions has led to a notable rise in transaction fees, resulting in additional earnings for miners and affecting network congestion on both the Bitcoin (BTC) and Ethereum (ETH) blockchains. 

While the proliferation of meme coins on the Bitcoin blockchain demonstrates innovation in the crypto realm, it also underscores the challenges posed by transaction fees and network strain amid the meme coin frenzy.

Read more: Bitcoin hits new all-time high, surpasses $70k