- WEN outperformed SHIB in terms of volume.
- SHIB’s price remained unaffected while Sentiment and Social Volume witnessed growth.
Shiba Inu [SHIB] has always been one of the most popular meme coins in the crypto space. However, in the past 24 hours, WEN, a meme coin on the Solana [SOL] network, surpassed the former in trading volume.
According to SolanaFloor, WEN’s trading volume surged to $115.08 million, while SHIB reported a trading volume of $88.60 million.
This development may indicate a change in investor interest and trading preferences within the meme coin space.
— SolanaFloor | Powered by Step Finance (@SolanaFloor) January 29, 2024
WEN’s price also rose as a result. Regardless, the ever-lasting volatility surrounding meme coins ensured that the token soon experienced a decline of 9.35% over the past 24 hours.
Assessing the impact
Even though WEN was able to outperform SHIB in terms of volume, its momentary surge failed to have any substantial impact on prices.
At press time, the meme coin was trading at $0.000009, and its price had surged by 3.61% in the last 24 hours.
SHIB’s social volume also remained high, implying that the frequency at which the token was being discussed on these networks was consistent.
The popularity of SHIB on social networks can significantly help the token see improvements in terms of price. Notably, the Weighted Sentiment around the token grew over the last few days.
SHIB’s long-term possibilities
Despite momentarily losing out on volume to new entrants, SHIB’s market trajectory continued to follow its popular counterparts, Dogecoin [DOGE] and Bonk [BONK].
Realistic or not, here’s SHIB’s market cap in BTC’s terms
AMBCrypto’s Analysis of Santiment’s data revealed that the movement of the market cap of all these meme coins was largely the same at the time of writing.
This indicated that SHIB has planted deep roots in the crypto sector, and it is unlikely that it will be affected by new meme coins that gain momentary popularity.