The two memes, Doge and Shiba, have attracted investors' attention and caused a sensation in the cryptocurrency community. Although dog coins have higher recognition and status in the mainstream, the often referred to as "dog killers", Chaigou, has been making significant progress
The two memes, Doge and Shiba, have attracted investors' attention and caused a sensation in the cryptocurrency community. Although dog coins have higher recognition and status in the mainstream, the often referred to as "dog killers", Chaigou, has been making significant progress. Recently, with the price of firewood dog soaring by 8%, people are speculating whether it can surpass dog coins, which has sparked fierce competition in the MEME market.
MEME Market Status
This week, we gathered in the meme market. This led to a 3% increase in the industry's total valuation, reaching $17.7 billion. Upon careful observation of the chart, it can be observed that SHIB is currently ranked second, lagging behind Dogdog Coin in the list of meme coin with the highest growth rate. Although Gougou Coin increased by 9.21%, Chaigou's increase this week was 7%. Other noteworthy participants in the meme field include PEPE and FLOKI.
Progress of Chaigou
Despite the leading weekly increase in dog coins, Chaigou has entered a breakthrough stage after regaining the $0.000008 area. It is worth noting that on chain data indicators indicate that SHIB tokens may surpass dog coins in the next few days, sparking speculation that the hierarchical structure of memes may be reshuffled. As of press release, the trading price of SHIB was $0.000008344, with a daily decline of 3.67%.
One important factor contributing to the potential surge in the price of Chaigou is the significant increase in transaction activity among its holders this week. On November 7th, the total amount of SHIB token transfers exceeded 15.9 trillion. This further marks the highest level of SHIB's online trading activity since August.
As background information, the peak transaction activity recorded last month was 11.5 trillion SHIB token transfers on October 20th. Therefore, on November 7th, SHIB transfers significantly increased to 15.9 trillion yuan, which means a 38% surge from the peak of last month. Fans usually interpret the sharp increase in transaction activity as a bullish signal, indicating a growing interest in SHIB and an increase in market liquidity.
As SHIB continues to maintain an upward trend, surpassing dog coins in certain indicators, the meme coin market is undergoing a dynamic transformation. The increasingly fierce battle for dominance between these two meme giants, coupled with the recent surge in Chaigou prices and increased transaction activity, suggests that the meme coin hierarchy may be reshaped. Investors and cryptocurrency enthusiasts are eagerly observing whether Chaigou can truly overthrow the dominance of Dogcoin. They bet on whether SHIB will become the new leader in the field of memes. The next few weeks will be the key to determining the fate of these popular meme tokens.
(Personal opinions do not constitute suggestions)
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