Recent market movements in cryptocurrencies have showcased notable volatility, especially after the release of U.S. employment statistics. Major players like Moo Deng, BONK, and Shiba Inu are making headlines for diverse reasons leading to significant trading activity.
Moo Deng Soars Following Upbit Listing
Moo Deng has emerged as a frontrunner today with a remarkable increase of 35%, surging from $0.1691 to $0.2282. This rally comes after the South Korean exchange Upbit confirmed the listing of MOODENG against USDT, BTC, and KRW.
The announcement has instilled optimism among traders, raising Moo Deng’s market cap from $165 million to over $200 million. Although the market cap has slightly adjusted to $188 million at the time of writing, the Upbit listing positions the altcoin for enhanced liquidity and visibility.
Currently, MOODENG is trading at $0.1901, with a 24-hour trading volume soaring by 428%.
Furthermore, the timing of the listing has contributed to MOODENG’s momentum, following its addition by Binance Alpha in May. The community is eagerly awaiting the upcoming celebration for Moo Deng, scheduled between July 10 and 13.
MOODENG is a meme token on the Solana network, inspired by a popular pygmy hippo at the Khao Kheow Open Zoo in Thailand.
BONK Rebounds with Renewed Demand
BONK has experienced a substantial rebound, rising from an opening price of $0.00001464 to $0.00001738, marking an 18.72% increase. This surge is attributed to organic demand, alongside impressive trading statistics.
Data from Coinalyze reveals that BONK recorded a notable buying volume of $1.61 billion on July 3, outpacing selling volume which reached $1.44 billion. This development suggests a resurgence of buyer interest and renewed demand for the altcoin.
Positive market sentiment is further supported by derivative market data, with Coinglass reporting a 46% rise in BONK’s Open Interest (OI) to $17.38 million, while futures volume has escalated to over $97 million following a 270% increase.
BONK is currently trading at $0.00001681 after retracting from intraday highs, and sustained recovery may lead to further upward trends in upcoming sessions.
Shiba Inu’s Burning Rate Takes Off
While MOODENG and BONK draw headlines for their market movements, Shiba Inu has gained attention for a different reason. SHIB has seen an extraordinary 1,200% increase in burn activity, with over 13 million tokens incinerated in the past 24 hours.
This surge in burning follows a period of slow token incineration over the previous five transactions. The recent burn, occurring just an hour ago, eliminated approximately 13,152,197 SHIB tokens, revitalizing excitement surrounding the token’s deflationary journey.
Currently trading at $0.00001192, Shiba Inu has gained over 5% in the past week. Additionally, IntoTheBlock data indicates a healthy SHIB ecosystem, with investors staking more than 4.69 trillion tokens, reflecting confidence in the long-term performance of Shiba Inu.
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