thecryptobasic.com
Top crypto enthusiast Asiwaju Lerry highlights the prominence of certain meme-based tokens, like Shiba Inu (SHIB), in the current crypto ecosystem.
Lerry emphasized that it is impossible to overlook Shiba Inu and three other memecoins, such as Dogecoin (DOGE), Floki (FLOKI), and Bonk (BONK). The expert mentioned that Shiba Inu has surpassed a billion-dollar market capitalization alongside these three canine-themed tokens.
When considering the top memecoins in the current ecosystem, $FLOKI, $DOGE, $BONK, and $SHIB are impossible to overlook. These are the canine-themed coins that have successfully reached billion-dollar market caps. Make sure you're taking note!#FLOKI
— LERRY (@_AsiwajuLerry) June 7, 2024
Notably, Lerry’s statement serves as a call for investors to pay attention to these memecoins due to their notable popularity and influence within the broader crypto market.
Valuation of Top Canine-Themed Tokens
It bears mentioning that the four memecoins mentioned in the tweet are referred to as canine-themed tokens due to their use of dog-related imagery in their branding. The memecoins in the list have surpassed a billion-dollar market cap.
Dogecoin, which tops the memecoin ranking, currently boasts a valuation of $21.37 billion. Shiba Inu is the second-biggest memecoin, with a market cap of $14.06 billion. Floki and Bonk are ranked as the fifth and sixth largest memecoins, valued at $2.8 billion and $1.92 billion, respectively.
These memecoins have continued to attract investors’ attention, with whales (large investors) shuffling huge amounts of these tokens.
Whales Interest in Shiba Inu
For instance, The Crypto Basic reported that large investors moved a whopping 4 trillion SHIB to exchanges in two weeks. Earlier this month, nine wallets collectively splashed $35.2 million to acquire 1.35 trillion SHIB tokens in 12 hours. Notably, two out of the nine wallets belong to crypto whales.
Furthermore, popular crypto analytic platform Lookonchain also reported on June 5 that an Ethereum whale purchased 715.9 billion SHIB worth $18.44 million.
These transactions highlight the growing interest in memecoins, especially Shiba Inu.
Shiba Inu Quality Overcomes Thousands of Solana Memecoins
Besides Lerry, other prominent crypto stakeholders have also called attention to Shiba Inu’s prowess. As reported yesterday, popular Ethereum researcher Justin Drake shed light on Shiba Inu’s quality and dominance. According to Drake, Shiba Inu’s quality overcomes thousands of memecoins, especially those built on the Solana blockchain.
The expert stated that market participants cannot compare the combined valuation of all Solana-based memecoins to that of Shiba Inu.
He noted that while the Solana-based memecoins have a combined valuation of around $10 billion, SHIB is valued at $15 billion. Drake made the statement before the market experienced a major downturn that wreaked havoc on crypto prices, including SHIB.