MEXCToncoin and Shiba Inu Lead Top 20 Crypto Monthly Gains
The cryptocurrency market frenzy shows an upturn in asset prices and decentralized (DeFi) numbers with Shiba Inu and Toncoin leading monthly gains. This week, the overall market cap pierced through $2.7 trillion although daily corrections pushed numbers down.
Among the top 20 cryptocurrencies by market capitalization, Shiba Inu (SHIB) and Toncoin (TON) remain lead monthly gains above 100% following huge year-to-date (YTD) highs. Institutional inflows continue to trickle into the market after the approval of Bitcoin spot Bitcoin ETF creating a new investment window for traditional players.
Shiba Inu has urged 220% in the last 30 days with weekly gains of 17.2% while Toncoin soared 135% and weekly gains of 133.25%. Both assets saw liquidations over the past trading day with 2.03% and 3.88% respectively. Despite this, analysts opine new positive runs for the asset based on inflows in the market.
Shiba Inu and Memecoin Rally
SHIB bulls relish in the forward run on the back of a memecoin frenzy last week. The memecoin market surged 15% with users looking to make profits and taking their assets to new highs. Memecoins see huge growth when investor sentiment increases and declines with market liquidations.
Dogecoin has shown similar strength this week soaring 40.8% in the last seven days. The asset is up 5.4% in the past trading day as it leads memecoin charts by market capitalization.
Vitalik Buterin Lauds SHIB
Shiba Inu remains a trending memecoin after Ethereum’s co-founder Vitalik Buterin hailed the progress of the token as it outperformed expectations.
“It’s the same situation as with crypto relief: I quickly sent a pile of SHIB, thinking it would surely drop 100x in a few days so I had to act fast, and expecting they would be able to cash out at most like $10-25m. But of course, SHIB massively outperformed my expectations…”
Meanwhile, a member of the Shiba Inu community warned users to be careful of links that offer a reward on social media spaces with the increasing rate of scams. Crypto phishing scams have increased since 2022 leading to millions in losses.
In a recent development, 21Shares has launched a staking ETP on Toncoin and will reinvest staked yields to the product.
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