Dogecoin, Shiba Inu lose value, new meme coins DOGS, SUNDOG, CAT rally up to 30%
- Dogecoin, Shiba Inu erase over 3% of their value on the day while holding onto seven-day gains.
- DOGS community launched the on-chain claiming of airdrops, TON network could face stress test with up to 10 million users trading at once.
- SUNDOG and CAT added nearly 30% to their value in the last 24 hours as spotlight shifts to new meme coins.
Dogecoin (DOGE) and Shiba Inu (SHIB), the two largest meme coins in the crypto ecosystem, have erased over 3% of their value on Monday. Meme coins SunDog (SUNDOG) and Simon’s Cat (CAT), on the other hand, rallied over 30% in the last 24 hours per CoinGecko data.
New meme coins steal the spotlight from blue-chip memes like DOGE and SHIB with double-digit gains for holders.
Dogecoin and Shiba Inu bite the dust, while SUNDOG, CAT rally
SUNDOG and CAT rallied in the double-digits in the last 24 hours per CoinGecko data. Other lesser known meme coins Daddy Tate (DADDY), Fwog (FWOG), and Resistance Dog (REDO) extended gains by 20%, 28% and 46% in the same time frame.
SUNDOG was launched by Justin Sun, the creator of TRON, and the Tron-based token was issued on the launchpad Sunpump. The meme coin amassed over $288 million in market capitalization since launch, as of August 26, 2024.
Meme coin prices on CoinGecko
Dogecoin and Shiba Inu erased over 3% of their value on Monday and trade at $0.1070 and $0.00001468, respectively.
DOGS listed on major exchanges, TON network faces stress test
DOGS is a meme coin native to the social messaging app Telegram and garnered a large user base through its tap-to-earn model. The TON community noted early on August 26 that the network could face a stress-test trying to keep up with a maximum of 10 million users trading DOGS simultaneously.
Colin Wu, an Asian journalist, reported that slight delays in transaction processing are expected.
TON said that since the DOGS community has launched the on-chain claiming process, the current processing speed of requests has reached 150,000 times per minute. The TON network will be subjected to stress testing with up to 10 million users trading simultaneously. Binance…
— Wu Blockchain (@WuBlockchain) August 26, 2024
Author
Ekta Mourya
FXStreet
Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.
