SHIB, WIF, BONK post significant findings

Over the past 24 hours, several commemorative coins, including the Shiba Inu and Floki Inu, have seen a sharp rise in value, with gains of more than 50 percent.

Indeed, this impressive price performance has led many investors to high profits, highlighting the growing demand and profitability of meme tokens.

SHIB takes center stage in the Meme Coin Rally

According to price data from BeInCrypto, SHIB has seen an impressive 69% gain in the last 24 hours. This increase in the value of Shiba Inu shows the continuation of the positive trend, where the token gained 128% in the last week.

“Shiba Inu is the latest meme coin to surge in value after Dogecoin, Bonk, Floki and Pepe take their turn in the sun as the week approaches,” blockchain analytics firm Sentiment said.

These significant gains prompted many holders to liquidate their SHIB investments, leading some to sell their holdings.

In fact, one crypto-well recently pocketed over $2.5 million in profits after depositing 365.36 billion SHIB to Binance. According to on-chain analytics firm Lookonchain, this crypto-well first withdrew its funds from Binance when it reached $3.24 million between November 17 and December 27, 2023.

Read more: 7 Hot Meme Coins and Altcoins Trending in 2024

The cryptocurrency market has seen a meteoric rise in other meme coins. In the past week, several cryptocurrencies such as PEPE, WIF, BONK, DOGE and FLOKI have all seen significant gains.

For example, WIF, a meme coin built on the Solana blockchain, has risen by 32% in the last 24 hours. It has seen a 319% growth in the last week. This exceptional performance has catapulted early and late stage investors into huge profits.

Lookonchain also reports that a single crypto-well holds a profit of around $1.35 million after buying 673,394 WIF for 7,059 SOL for $918,000. This whale received a total of 2.82 million WIF tokens at an average of $0.71 for 16,857 SOL, worth $2 million.

Read more: 6 best platforms to buy a Shiba Inu (SHIB) in 2024

Similarly, BONK, another Solana-based meme coin, has increased by 11% in the last 24 hours. This brought its weekly gain to over 100% and its market capitalization to $1.65 billion. Meanwhile, Dogecoin experienced a significant increase of 16.7%, completing a weekly gain of 66.6%, and PEPE increased by an impressive 250%.