Over the past 24 hours, several meme coins, including Shiba Inu and Floki Inu, have experienced a significant surge in value, boasting gains exceeding 50%.

Indeed, this remarkable price performance has propelled many investors to substantial profits, underscoring meme tokens’ growing interest and potential profitability.

SHIB Takes Centre Stage in Meme Coin Rally

According to pricing data from BeInCrypto, SHIB has surged by an impressive 69% in the past 24 hours. This upswing in Shiba Inu’s value marks a continuation of a positive trend, with the token having gained 128% over the last week.

“Shiba Inu is the latest meme coin surging in value after Dogecoin, Bonk, Floki, and Pepe have all taken their turns in the sun as the work week draws to a close,” blockchain analytical firm Santiment said.

These substantial gains have prompted many holders to capitalize on their SHIB investments, leading to some selling off their holdings.

Indeed, a crypto whale recently pocketed over $2.5 million in profits after depositing 365.36 billion SHIB to Binance. This crypto whale initially withdrew the funds from Binance when it amounted to $3.24 million between November 17 and December 27, 2023, as reported by on-chain analytics firm Lookonchain.

Read more: 7 Hot Meme Coins and Altcoins that are Trending in 2024

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Author: Oluwapelumi Adejumo

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