Shibarium transactions soar 78%, reflecting renewed user activity.
Virtual currencies displayed bearishness today as Bitcoin eyes further dips below $90,000, with altcoins hinting at further declines.
This article highlights tokens stealing the show in the meme token landscape, specifically Dogecoin, LIBRA, and Shiba Inu.
The original meme cryptocurrency remains on the crypto community’s radar as debates around Grayscale’s anticipated Dogecoin exchange-traded fund surge.
Bloomberg’s ETF analyst Eric Balchunas expects the product to launch on November 24, citing the SEC guidance. He said:
I believe Grayscale will be out with the first Doge ETF in a week, 11/24. We’ll see, won’t be 100% till exchange notice, but based on SEC guidance, it looks good.
An approval would mark a breakthrough for Dogecoin and the entire meme market.
While these assets often drive the broader cryptocurrency industry, they have faced increasing criticism as they are hype-driven without intrinsic value.
A Dogecoin ETF will magnify the digital token’s visibility and credibility.
Moreover, regulated use cases will catalyze stable growth for DOGE.
The community expects Grayscale’s Dogecoin exchange-traded fund to launch soon.
Altcoin ETFs have gained traction since Solana, Litecoin, and Hedera started the wave on October 28, with approvals now almost a guarantee.
DOGE is trading at $0.1585 after losing 1.20% and 10% in the past 24 hours and week, respectively.
While bears rattled the overall cryptocurrency market, LIBRA decoupled with an explosive 103% surge.
The meme’s sharp jump emerged after revelations that the LIBRA team purchased Solana.
According to blockchain investigator Lookonchain, they spent 61.59 million USDC to purchase 456,393 SOL.
The accumulation signaled confidence in Solana’s performance after the alt dropped nearly 15% the previous week.
Therefore, LIBRA’s rally isn’t organic, and the 60% decline in 24-hour trading volume could testify to that.
The themed token will likely erase its gains in the coming sessions, unless trading activity resurges amid improved broader sentiments.
Shiba Inu’s L2 scaling solution Shibarium saw an uptick in transactions recently, signaling renewed user activity.
According to Shibariumscan data, the platform’s daily transactions increased from 2.43K on November 16 to 4.33K within 24 hours – a roughly 78% increase.
This comes after Shibarium experienced reduced activity in early last month, with 24-hour transactions plunging to 1,500 on November 5 – a whopping 88% dip from October 24 peaks.
While the layer 2 records notable recoveries, Shiba Inu’s price continued to underperform.
SHIB lost 10% of its value in the last seven days, now trading at $0.000008856.
The alt remained relatively stable in the past 24 hours, shedding 0.95%.
Its trading volume increased by 17% in that timeframe, indicating trader interest.
Meanwhile, broader sentiments continue to influence the performance of meme cryptos.
Selling pressure dominated the crypto landscape as “Extreme Fear” gripped the market.
