This week, the two top dog meme coins Shiba Inu (SHIB) & Dogecoin (DOGE) both slightly backtracked, dipping by 4.5% and 1%
The meme coin compartment of the crypto market has shown minimal activity in recent times, but Bitcoin's (BTC) double bottom at $75K over the past 30 days has brought about a shift. While Bitcoin has achieved a 14.5% monthly gain, most altcoins have also begun to show signs of a rebound rally. However, meme coins have continued to trade sideways throughout April.
Among the top dog meme coins, Shiba Inu (SHIB) has seen a slight setback, decreasing by 4.5% over the past week, while Dogecoin (DOGE) has dipped by 1%. On the other hand, smaller counterparts like the Solana-based Bonk coin (BONK) and Dogwifhat (WIF) have tacked on over 10% rebound rallies.
However, the Viking dog-themed Floki token (FLOKI) emerges as the largest gainer in a 7-day time frame, securing a 32% profit to reach $0.00008862, setting a new monthly high. This surge was sparked by Floki Inu's (FLOKI) team announcing a collaboration with Rice Robotics to launch a new AI robot, which will mine RICE tokens for the FLOKI token community in anticipation of the upcoming airdrop.
This airdrop news has significantly increased Floki token's buying power among retail crypto investors, but the Shiba Inu dog-themed meme coin's trading volume remains relatively small, at less than $100 million a day. In contrast, the big dogs, such as Dogecoin, typically have a trading volume of over $1 billion.
Shiba Inu, on the other hand, has a higher trading volume, averaging around $200 million per day, which is still a small fraction of the daily trading volume of Bitcoin or Ethereum. This low trading volume might be a concern for those hoping for rapid price movements.
Moreover, the long-term holder percentage of Shiba Inu (SHIB) continues to grow despite the ups and downs of the global crypto market. This indicates that investors are holding onto their SHIB tokens for the long term, which could be a positive sign for the token's future.
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