Renowned cryptocurrency enthusiast Asiwaju Lerry has brought attention to the growing significance of meme-based tokens like Shiba Inu (SHIB) in today’s crypto landscape.
Lerry stressed the importance of not underestimating Shiba Inu and three other memecoins – Dogecoin (DOGE), Floki (FLOKI), and Bonk (BONK). These four canine-themed tokens have all surpassed the billion-dollar market cap milestone.
Lerry’s comments serve as a call to investors to take note of these memecoins, given their widespread popularity and influence in the broader crypto market.
Valuation of Leading Canine-Themed Tokens
The term “canine-themed tokens” refers to these memecoins due to their use of dog-related imagery in their branding. All four tokens mentioned have crossed the billion-dollar market cap threshold.
Dogecoin, sitting at the top of the memecoin hierarchy, currently holds a valuation of $21.37 billion. Shiba Inu follows closely behind with a market cap of $14.06 billion. Floki and Bonk round out the list as the fifth and sixth largest memecoins, valued at $2.8 billion and $1.92 billion, respectively.
These memecoins continue to attract attention from investors, with large investors making significant moves with these tokens.
Whales Show Interest in Shiba Inu
For example, The Crypto Basic recently reported that large investors transferred a massive 4 trillion SHIB to exchanges in just two weeks. In a noteworthy event earlier this month, nine wallets collectively spent $35.2 million to acquire 1.35 trillion SHIB tokens within a 12-hour span. Notably, two of these wallets belong to crypto whales.
Additionally, the popular crypto analytics platform Lookonchain revealed on June 5 that an Ethereum whale purchased 715.9 billion SHIB tokens worth $18.44 million.
These transactions underscore the increasing interest in memecoins, particularly Shiba Inu.
Shiba Inu’s Superiority Over Numerous Solana Memecoins
In addition to Lerry, other influential figures in the crypto space have also highlighted Shiba Inu’s strength. Just yesterday, well-known Ethereum researcher Justin Drake emphasized Shiba Inu’s quality and dominance. Drake suggested that Shiba Inu’s quality surpasses that of thousands of memecoins, particularly those on the Solana blockchain.
Drake pointed out that the combined valuation of all Solana-based memecoins cannot be compared to that of Shiba Inu. While Solana-based memecoins have a combined valuation of approximately $10 billion, SHIB is valued at $15 billion. Drake made this observation before the recent market downturn that affected crypto prices, including SHIB.
Disclaimer: This article is for informational purposes only and should not be considered financial advice. The opinions expressed in this article are solely those of the author and do not necessarily reflect The Crypto Basic’s stance. Readers are advised to conduct thorough research before making any investment decisions. The Crypto Basic holds no responsibility for any financial losses incurred.