Shiba Inu (SHIB) has soared by 11% in the past week, with the token posting five bullish daily closes in a row.
SHIB hasn’t had a hot streak like this since early March – and meme coin enthusiasts are now debating what’s behind the rise and whether it can be sustained.
In other news, fellow meme coin project Wall Street Memes (WSM) continues to wow the investment community during its presale, raising over $8.7 million in early funding.
Shiba Inu Showcases Stellar Performance to Create Bullish Trend
At the time of writing, SHIB is hovering around the $0.00000718 level following a surprise bullish surge that has left long-term holders delighted.
Before this surge, SHIB had been on an extended downtrend and was trading at lows that hadn’t been seen since September 2021.
However, a clean rejection from the major support zone around $0.0000060 has caused an uptick in bullish momentum – with investors now hopeful that this momentum can be prolonged.
Per CoinMarketCap, over $100 million worth of SHIB was traded in the past 24 hours, making it the 24th most active cryptocurrency on the market.
In addition, the number of retail investor holdings of SHIB has begun to gradually increase once more – indicating renewed interest from those who had previously been on the sidelines.
SHIB Surge Driven By Positive Market Forces
There doesn’t appear to be any direct news playing into Shiba Inu’s recent rise, with the coin instead benefitting from renewed optimism in the broader crypto market.
One potential reason for this renewed optimism is the Fed’s decision to pause interest rate hikes for the first time since March 2022 – hinting that rates may not need to go any higher.
This is positive news for crypto traders, as it provides scope for interest rates to come down before the end of the year. When interest rates decrease, it makes “risky” assets (like SHIB) more appealing to investors.
Another potential reason for Shiba Inu’s uptick is the significant increase in the SHIB burn rate.
On Sunday, the Shibburn Twitter account tweeted that the burn rate had increased by 730% in the previous 24 hours, indicating that a substantial number of SHIB tokens are being removed from circulation.
In turn, this is reducing the total supply of SHIB and increasing the value of the remaining tokens – a fact that’s certainly caught the interest of long-term holders.
Which Other Meme Coins Are Traders Backing?
As SHIB makes a bullish resurgence, investors are also turning their attention to the burgeoning field of new meme coins.
Among these, one name gaining significant traction is Wall Street Memes (WSM) – a project looking to capture the essence of meme culture.
Wall Street Memes Emerges As Potential Meme Coin Challenger & Raises $8.7m
Wall Street Memes (WSM) is a new meme coin project from the creators of the Wall St Bulls NFT collection, which sold out in just over 30 minutes back in 2021, raising an incredible $2.5 million.
This new project looks to “tokenize” the Wall Street Memes community by releasing WSM – an ERC-20 token that allows holders to benefit financially from the community’s growth.
Per the project’s whitepaper, the developers seek to use the brand power of Wall Street Memes to reshape the world of finance through laughter, unity, and the strength of memes.
This mission underpins everything the community does – and has helped it grow to over 1.1 million “degens” since the success of the Wall St Bulls NFT collection.
Currently, Wall Street Memes is in its 30-stage presale phase, meaning early investors can purchase WSM tokens at a discounted price relative to the eventual listing price.
This appealing setup has helped generate a remarkable $8.7 million in investment since the presale launched just weeks ago.
Given that well-known YouTuber Michael Wrubel released a video just one day ago detailing how WSM “could make you rich,” it’s clear that the project is beginning to gain traction in mainstream crypto circles.
Visit Wall Street Memes Presale
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