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PEPE trading volumes surge 3X from start of May just days after ATH Trading volume of meme coin Pepe (PEPE) is up three times higher than the start of the month after suddenly falling 12% from new all-time highs on May 27. On May 5, Pepe was trading at $0.000008834, with its trading volume at $783.17 million. It's price since gained 94% to breach all-time highs on May 27, though it's slipped since and is now trading at $0.0000147. However, over the past 24 hours, Pepe’s trading volume reached $2.47 billion, a 216% surge from the start of the month. While some crypto traders believe that Pepe is steering the direction of the entire meme coin market, others remain skeptical of its sudden fall after recently hitting new highs on May 27. As Pepe’s price fell, the two largest meme coins by market capitalization, Dogecoin and Shiba Inu (SHIB), also experienced price declines in the same three-day time frame. “Pepe is technically in the strongest position in terms of price, BUT…If the next rally fails to print a new high, look out,” Pizzino declared in a May 30 X post. While Pepe’s decline has only led to more trader interest over the past 24 hours, a 26.38% increase, Dogecoin, and Shiba Inu saw trading volumes drop by 7.4% and 45% respectively.
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Investors Are Turning To KangaMoon (KANG) As Launch Nears While Pepe steals the spotlight with its new ATH, there has been a massive rise in investors buying KangaMoon (KANG). This new DeFi project has raised over $7.3 million from investors over the past few weeks as its launch approaches. KangaMoon has become one of the most beloved meme coins in recent times because of its utility-based approach. Unlike other projects in the meme coin market, which have been created and driven with just hype, KangaMoon has utility value. The project has built a metaverse platform called “Kangaverse” with exciting crypto games. In the Kangaverse, players will be able to fight, go on missions competitions, and complete tasks to earn free KANG tokens. Furthermore, owners of KANG are entitled to participate in weekly, monthly, and quarterly competitions that provide extra tokens and other helpful in-game things. Even those who aren’t into crypto games can wager on battles and challenge results to win KANG tokens. Everyone now has an equal chance to acquire KANG tokens as a result. Another feature that solidifies KANG as the best crypto investment in the meme coin space is its Social-Fi system. This community-centric model was designed by KangaMoon to reward its members based on how active they are. KangaMoon’s growing popularity has been crowned with its KANG token listing on CoinGecko and CoinMarketCap. Also, BitMart, a leading crypto exchange has announced support for KANG will come very soon. With the growing momentum and potential to transform the meme coin space, market experts are optimistic that KANG can surge by more than 50x in the 2024 bull season.
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75 Billion #shiba⚡ Shiba Inu in 24 Hours, What's Happening? There is a significant shift in the market outlook today as the combined crypto market liquidation has topped $155.7 million as the Bitcoin (BTC) and Ethereum (ETH) prices slipped. Of the altcoins impacted, Shiba Inu (SHIB) notably comes into the spotlight with a 24-hour liquidation of $1.95 million. This marks more than 75 billion SHIB liquidated within a 24-hour timespan. Shiba Inu bulls taking heat According to data from CoinGlass, the major brunt of this SHIB liquidation is being felt by the token’s bulls. With the class of traders going long on Shiba Inu, the total liquidation they recorded comes in at $1.7 million. This compared to a total of $255,590 for short liquidations overall. Going long on Shiba Inu comes as a natural move considering how the token started this week. Its price soared as high as 15% on May 28, growth that saw it temporarily displace Avalanche (AVAX), Toncoin (TON) and Cardano (ADA) to take its place as the ninth largest digital currency. However, the current price slip and liquidation have changed its narrative and dragged it back to 11th place. At the time of writing, Shiba Inu suffered a major rejection at $0.00003 and is worth $0.00002626, down by 4.66% in the past 24 hours. Its market capitalization is now pegged at $15,465,877,648, and trading volume slipping by over 38% to $1,485,587,758. Surviving the heat From related crypto liquidation data, the more the growth of any digital currency, the bigger its liquidation. Despite liquidating more than 75 billion tokens overnight, SHIB still saw a relatively milder plunge in this metric compared to its other top meme coin rivals, Dogecoin (DOGE) and PEPE. Overall, the other positive sentiments in the broader crypto ecosystem will help it survive the liquidation heat. Also, the recovery of BTC and ETH might also help fuel its revival in the short term.
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Floki soars by 50% after new project developments After trading sideways for the entirety of 2022, Floki (FLOKI) is back among the trending memecoins in 2024. This memecoin has increased by over 20% in the last 14 days and 50% in the past 30 days. One reason for the price surge is Floki’s new Telegram trading bot announcement. On 28th May 2024, Floki stated that it would introduce a Telegram-based bot on the BNB Chain network. The bot will support multiple blockchain networks, giving it an edge over some of the biggest Telegram bots, such as Trojan and BonkBot. The bot launched as a closed beta on the mainnet of three of the biggest EVM chains. On the same day as the Telegram bot announcement, the FLOKI price increased by 14%. Bullish momentum continued as the Coinbase International Exchange announced that it would roll out perpetual future contracts for Floki. In a tweet on May 23rd, Coinbase stated that it will support perpetual contracts for three major meme coins: Bonk, Shiba Inu, and Floki. The Floki perpetual contract will go live on 30th May 2024 at 9:30 am UTC. This decision is expected to increase Floki’s liquidity and attract more investors to the project. Floki also announced a new Bug Bounty program on 27th May. Through this initiative, the Floki community can review the code and prevent hacks on the ecosystem. Floki promises a bounty of up to $50,000 for finding any potential bugs in the ecosystem. Currently, FLOKI is priced at $0.00027 per token and has a live market cap of $2.7 billion.
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