Top 3 meme coins Dogecoin, Shiba Inu, Bonk: DOGE accumulation, SHIB update, BONK listing fuel gains
- Dogecoin holders with 1 million to 10 million tokens accumulated 30 million DOGE in May.
- Shiba Inu announced a ShibaSwap update on Layer 2 Shibarium.
- Bonk was listed on Bithumb in the KRW market on Thursday.
Most meme coins ranked in the top 10 by market capitalization, including Dogecoin (DOGE), Shiba Inu (SHIB), Bonk (BONK), have extended their gains from the past 7 days in the past 24 hours.
Several factors have likely influenced the gains in DOGE, SHIB and BONK prices, in addition to GameStop stock rally this week.
Dogecoin holders accumulate DOGE in May
Dogecoin, the largest meme coin by market capitalization, has seen accumulation by entities holding between 1 million and 10 million tokens. Data from crypto intelligence tracker Santiment shows that holders added 30 million DOGE to their holdings between May 1 and 16.
Accumulation is typically a bullish sign for an asset.
 [17.35.27, 16 May, 2024]-638514627844725311.png)
Dogecoin holders accumulate
Analyst Crypto Kaleo predicted a rally in Dogecoin post the GameStop stock rally this week.
$DOGE
— K A L E O (@CryptoKaleo) May 15, 2024
I'm going to make this simple for you.
Here's a chart of Dogecoin vs. $GME.
You may not remember this, but it was GameStop that led the way back in early 2021. It wasn't until it topped that DOGE started sending.
Dogecoin is overdue for a good pump. It's… pic.twitter.com/sXwHzWKgIb
Shiba Inu announces ShibaSwap on its Layer 2 blockchain
Shiba Inu announces the arrival of its decentralized exchange, ShibaSwap, on its Layer 2 chain. The update boosts the liquidity and user experience for SHIB holders as the DEX now enables swaps and liquidity pool creation for tokens with a seamless transfer between the Ethereum and Shiba Inu chains.
#ShibArmy the wait is finally over — ShibaSwap is coming home to Shibarium!
— Shib (@Shibtoken) May 15, 2024
ShibaSwap is more than just an exchange; it's where our community’s spirit meets innovation, where your community tokens not only exist but thrive pic.twitter.com/fVGEZjynIJ
SHIB is trading at $0.0000247 on Binance, down nearly 2% on Thursday.
Bonk gets listed on Korean crypto exchange
Bonk was listed on Bithumb on May 16, the listing announcement pushed BONK to a 10-day high of $0.00002648. The meme coin rallied past resistance at $0.00002552 on Thursday.
봉크(#BONK) 원화 마켓 추가 안내
— Bithumb (@BithumbOfficial) May 16, 2024
New Listing : $BONK will be added to the KRW market today.
For more details https://t.co/3zVwXGhepS
Airdrop EVENT https://t.co/wpG3ZNzqrR#bithumb #Listing #KRWmarket #BONK @bonk_inu pic.twitter.com/lFKgPEYe2y
Bonk’s trade volume crossed $384 million, another 10-day high for the meme coin as traders digested the token’s listing on a leading exchange, as seen on crypto intelligence tracker Santiment.
 [18.38.14, 16 May, 2024]-638514628587552896.png)
Bonk trade volume vs price
At the time of writing, Bonk is trading at $0.00002448 on Binance.
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.
