The crypto market is buzzing with excitement as large-cap altcoins like Shiba Inu (SHIB), Toncoin (TON), and Pepe (PEPE) take centre stage.
According to Santiment, these projects have driven a significant rise in discussions, fueling optimism in the crypto community.
Shiba Inu, Toncoin, & Pepe Lead The Charge
Shiba Inu, a popular memecoin, has been on a remarkable run. Over the past nine days, SHIB has surged by an impressive 43%, bringing its current trading price to $0.00001948. In the last 24 hours, SHIB has climbed by 2%, pushing its global market cap to $11.48 billion.
The recent surge in Shiba Inu’s price is largely attributed to a 33,000% increase in its burn rate, which helped drive a 23% price rise. The Shiba Inu community remains optimistic, with large holders actively purchasing SHIB on centralized exchanges and transferring them to cold storage. This movement signals a strong buying activity, further supporting SHIB’s bullish outlook.
Toncoin, another top altcoin, is also experiencing a notable rise. Trading at $5.90, Toncoin has increased by 2% in the last 24 hours and 7% over the past week.
The coin’s market cap now stands at $14.98 billion, and its 24-hour trading volume has spiked by nearly 17%. Much of Toncoin’s recent success is linked to the highly anticipated Hamster Kombat airdrop.
While the Telegram community prepares for a series of airdrops, this event is anticipated to increase demand for TON. Furthermore, out of the top 10 cryptocurrencies, Toncoin turned out to be one of the best-performing assets, indicating growing investor trust in the project’s future.
Meanwhile, Pepe (PEPE) is gaining traction in the memecoin space. Currently trading at $0.00001089, PEPE is up by 7% in the last 24 hours, with a market cap of $4.58 billion. While PEPE has yet to experience the explosive growth seen by some of its counterparts, there is growing speculation within the community about its potential for a bull run.
Furthermore, the upward momentum of the coin has been further fuelled by the announcement of Changpeng Zhao’s (CZ) early release from prison, which has increased excitement.
The Altcoin Market Sentiment
Investors are constantly monitoring the developments surrounding these cryptocurrencies’ ecosystems as they continue to dominate discourse and influence market sentiment.
Rising burn rates, clever alliances, and neighbourhood-focused activities like airdrops set these programs up for long-term success.