Memecoins Break Away from Bitcoin’s Lead, Embark on Their Own Growth Trajectory

Crypto analytics platform Santiment has observed that three memecoins, namely Dogecoin (DOGE), Shiba Inu (SHIB), and ApeCoin (APE), are gaining momentum despite the decline in Bitcoin’s price. The market caps of these meme coins have been increasing.

APE is linked to the Bored Ape Yacht Club NFT collection. Santiment notes that these three meme coins are exhibiting different price trends compared to Bitcoin, which has recently experienced a dip in value. The social volume indicator for DOGE, SHIB, and APE is on the rise, tracking relevant crypto-related terms on platforms like Telegram and Reddit.

The report mentions that Dogecoin saw a surge in trading volume when its price increased on Monday, reaching a 16-week high. Additionally, Litecoin (LTC) is generating increased interest ahead of its scheduled halving on August 2nd, as evidenced by higher trading volume. The smart contract platform Ethereum (ETH) is also experiencing a rise in trading volume.

Disclaimer: 

This blog is for educational purposes only. The information we offer is not investment advice. Please always do your own research before investing. Any opinions expressed in this article are not a recommendation that any particular cryptocurrency (or cryptocurrency token/asset/index), cryptocurrency portfolio, transaction, or investment strategy is appropriate for any particular individual.

source