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Cardano Enters Voltaire Era as Chang Hard Fork Goes Live

Mark Brennan
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Cardano Enters Voltaire Era as Chang Hard Fork Goes Live

The Cardano ecosystem achieved a major milestone in its ploy for a fully decentralized network after the Chang upgrade went live.

The Cardano network entered the Voltaire era after successfully activating the Chang hard fork on Sunday. The widely anticipated upgrade introduced a decentralized, community-driven governance system to the Cardano ecosystem.

Cardano’s ADA holders have been integrated into the network’s governance system and can participate in decision-making on the chain with the Chang upgrade. Their contribution to Cardano’s future is regardless of the amount of ADA they hold.

The Chang hard fork also enhanced the network’s functionality and security. On-chain data confirms it went live at 21.45 UTC on September 1, officially ushering in the Voltaire era.

Voltaire Records Major Adoption

Data shows that just nine hours after ushering in the Volatire era, the Cardano ecosystem had 45 decentralized representatives (DReps). About 43 of the DReps registered, while there were two Auto DReps.

For context, the DReps are a major part of the new governance, as they vote on all decisions on the Cardano network. They are responsible for resolutions like constitutional amendments and the implementation of hard forks. Both ADA holders and stake pool operators can apply to be a DReps.

When the new government is fully implemented, the DReps, the constitutional committee (CC), and the SPOs will head the Cardano network.

However, the CC would temporarily head the network until the second phase of the upgrade is implemented. The second phase of the hard fork will start in the next 89 days and will entirely hand over power to the DReps and SPOs.

Notably, Cardano phased out its genesis keys, meaning its founders can no longer control the network. The seven keys from the Shelley phase were burned, a significant step towards the network’s new decentralized governance.

ADA Remains Flat

Despite the positive sentiments around the governance change, Cardano’s native token ADA remained flat. The asset continued its downtrend on Monday, falling over 4% in the past 24 hours.

ADA is down over 13% in the seven days and ended August with a 15% depletion. Its price correction coincides with the broader market capitulation, which went on for most of last month.

Cardano Price Chart

Pundit Says XRP to $10 is Depressing; $200 is Better

Abdulkarim Abdulwahab
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Pundit Says XRP to $10 is Depressing; $200 is Better

XRP community pundit Xena recently took to X to express her disappointment over a conservative price prediction by popular YouTuber Moon Lambo. 

Per the disclosure, Moon Lambo’s outlook suggests that XRP could reach only $5 to $10 in the near term, with a potential of $200 in a decade. However, according to Xena, the outlook for $10 XRP is overly pessimistic. She believes this projection fails to capture the true potential of XRP.

XRP $5 to $10 Price Outlook is “Bearish”

Xena stated that as an XRP investor if she had been unaware of XRP’s prospects, Moon Lambo’s forecasts would have triggered a feeling of depression. Xena emphasized that she never makes specific price predictions herself. Yet, she made it clear that expectations for XRP’s potential are far higher than Moon Lambo’s estimates.

For context, XRP is currently valued at $0.55, and reaching $10 would represent an over 1,718% return on investment, or a 17-fold gain. Despite this, Xena dismissed such a target as “bearish.” She questioned the rationale behind holding XRP if one only expects “modest” gains. In her words:

“There is no point in holding XRP if that’s the price you hope for. There is, and there was a much better investment in this case.”

This statement underlines her belief that XRP has a much higher upside potential than Moon Lambo and others with a conservative outlook. 

What $200 and Higher Price Points Mean for XRP

Essentially, Xena’s remarks highlight a divide within the XRP community over the asset’s future price trajectory. While some analysts and influencers, like Moon Lambo, present more conservative estimates, others, like Xena, are far more ambitious, believing that XRP has the potential to exceed the $200 mark in the coming years.

However, critics of these ambitious projections argue that they are unrealistic, as achieving a $200 price point would imply a market cap of several trillion dollars. This raises questions about the potential valuations of other leading assets like Bitcoin and Ethereum, which currently dominate the market.

For context, if XRP were to reach $200, it would have a market cap of approximately $20 trillion. As of now, XRP comprises less than 3% of the global crypto market cap of $2.06 trillion. If XRP alone were valued at $20 trillion, it prompts questions about the valuation of Bitcoin, which typically commands over 50% of the market share.

Despite this, many XRP enthusiasts remain undeterred by this apparent contradiction between market cap and price expectations.

Interestingly, Xena also urged her followers to unfollow her if they align with MoonLambo’s “bearish” outlook, suggesting that those with such “low” expectations may not fully understand XRP’s technology and potential.

“Most simply don’t understand this technology,” she concluded.

Insider Account of How Media Personality Ran Neuner Lost $134M in 4 Days

Abdulkarim Abdulwahab
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Insider Account of How Media Personality Ran Neuner Lost $134M in 4 Days

Renowned crypto influencer Ran Neuner has opened up about a devastating financial loss that saw him lose $134 million in just four days. 

Neuner made the revelation during a recent episode of Raoul Pal’s show, The Journey Man. This candid revelation provides an insider look at the volatile world of crypto investments, especially for those who, like Neuner, were caught off guard by the dramatic collapse of Terra’s Luna.

From Contemplating Buying Private Jets to Financial Doom

Neuner, a well-known figure in the crypto community, described the events of 2022 as the most challenging of his life. He recounted how he had built substantial wealth in the cryptocurrency market, reaching a point where he felt “filthy rich.” 

Neuner acknowledged he had more money than he knew what to do with. As a result, he contemplated luxury purchases such as private jets and holiday homes. However, his fortune took a dramatic turn when Luna, a project he believed in deeply, imploded.

At the peak of his success, Neuner had allocated over 50% of his portfolio to Luna and Luna-related projects. He admitted that he had “drunk the Kool-Aid,” fully believing in Luna’s potential to revolutionize the financial system. 

This confidence led him to broadcast his support for Luna to his community for months, encouraging others to invest heavily alongside him.

However, when Luna collapsed, Neuner’s portfolio took a massive hit. “I lost $134 million,” Neuner confessed. He described the experience as the toughest of his life. 

Notably, Neuner’s Luna holdings were staked, meaning he could not sell them even as the value plummeted. Moreover, he was unable to hedge against the fall by going short because of the extreme market volatility and prohibitive funding costs.

“Dead Inside”

The ripple effect of Luna’s collapse was felt across the entire crypto market, with Bitcoin dropping and altcoins following suit. Neuner’s remaining assets were also decimated, wiping out nearly everything he had built over five years. “It was dark,” he reflected, recounting the emotional toll the loss took on him and his family. 

He described feeling “dead inside,” unable to fully engage with his wife and children as he grappled with the enormity of his financial ruin.

Greed and Overconfidence Caused It

When Raoul Pal asked Neuner why he took such risks despite already having significant wealth, Neuner attributed his actions to greed and an unwavering belief in Luna’s future. 

He wanted not just to be wealthy but to become a billionaire, convinced that Luna was the path to achieving that goal. 

He recounted a conversation with Scott Melker just weeks before Luna’s collapse, where Melker advised him to de-risk by moving his funds into Bitcoin. Neuner dismissed the advice, believing Luna to be a far superior investment.

While this incident took a toll on his mental health, Neuner stated that he has since fully recovered from the losses and the associated stress.

XRP Bull Run to Begin in 30 Days, Analyst Declares

Abdulkarim Abdulwahab
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XRP Bull Run to Begin in 30 Days, Analyst Declares

Notable crypto community pundit BarriC has boldly asserted that a major bull run for XRP will commence in 30 days. 

BarriC expressed this sentiment in a recent post on X, which has garnered attention from the crypto community. In his post, he set a bold timeline for XRP’s anticipated uptrend.

Notably, XRP has been one of the worst-performing crypto assets in this bull market, which began in the last quarter of 2023. Currently, XRP is trading at $0.5504, roughly the same range it was trading at last September.

This stagnation contrasts with some of its closest counterparts, such as BNB and Ethereum, which have experienced more significant gains.

However, according to BarriC, XRP’s long-awaited bull run will kick off in just 30 days, with significant price action expected as early as October.

BarriC’s commentary highlighted a short window of opportunity for investors to accumulate XRP at its current price. He emphasized that those who seize this chance to buy now could see substantial benefits.

BarriC forecasts that XRP could rise above $3 by November and December, making sub-$1 prices a thing of the past. He added that going into 2025, even more exciting price movements for XRP are anticipated.

According to him, “Anyone saying otherwise doesn’t understand the crypto market.” 

XRP Performance in Q4 2023

The analyst’s confidence in a bullish Q4 for XRP may be influenced by the prevailing optimism that whales will ensure Q4 2024 is anything but boring. Prominent market watchers like Ki Young Ju, founder of CryptoQuant, have expressed this sentiment.

Indeed, Q4 2023 marked the beginning of the current bull market, when Bitcoin was last seen at $30K. Many are hopeful that a similar pattern will emerge.

The market remained in an uptrend into the first quarter of 2024, with Bitcoin reaching an all-time high before its halving event.

However, XRP barely benefited from this buoyant market. Ripple’s quarterly report, for example, showed that XRP ended Q1 2024 with a negative 5% price growth despite closing Q4 2023 with a positive 5% growth. This decline highlights the asset’s underperformance, even as the broader market boomed.

However, BarriC expects a different scenario this time. He speculated on the potential impact of an XRP exchange-traded fund (ETF) launch.

An XRP ETF would make the digital asset more accessible to a broader range of investors, including institutions, potentially driving significant demand and contributing to price gains.

Ultimately, he stressed that the next six months could be defining moments for XRP, with the potential for the asset to reach new highs.

Community Reacts

BarriC’s commentary has not gone without skepticism. Many in the community have expressed doubt, stating they have bookmarked the tweet and plan to revisit it when his timeline elapses, especially if XRP remains unimpressive.

Community reactions
Community reactions

Major Bitcoin Holder Acquires 1,000 BTC Amid Dip, Total Holdings Near $500M

Albert Brown
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As Bitcoin continues to experience fluctuations near its weekly and daily lows, significant activity from major holders is emerging. 

Recent reports indicate that large Bitcoin holders are steadily increasing their positions. This starkly contrasts the behavior of smaller traders who are exiting the market due to uncertainty.

Recent Whale Activity in the Bitcoin Market

A recent report from Lookonchain highlights a series of substantial Bitcoin acquisitions by a notable whale. Just four days after purchasing another stash, worth over $50 million, this whale added another 1,000 BTC to their holdings.

The Bitcoins, acquired through transactions from a Binance hot wallet, brought the whale’s total holdings to 8,559 BTC, equivalent to about $493.18 million. 

Prior, the same whale had purchased 1,000 BTC, valued at $59.65 million, from a market dip, raising their holdings to 7,559 BTC by August 29. Notably, between June 27 and July 8, the whale had sold 7,790 BTC, contributing to the market’s downward pressure during that period. 

The sequence began with a sale of 481 BTC in June, as the price was already trending downward. This was followed by a larger sale of 1,200 BTC, adding to the market’s woes.

Subsequently, a sale of 1,800 BTC took place in July, deepening the bearish trend. Another sale of 1,700 BTC continued to push prices lower. The final sale of 809 BTC happened during a relatively stable phase.

Sales chart by Lookonchain

However, these sales are now followed by notable acquisitions, potentially preparing for an uptrend.

ETH Whales Follow Suit

In parallel with Bitcoin, Ethereum whales are also making strategic moves amidst the market downturn. According to Lookonchain, two significant Ethereum holders recently withdrew stablecoins from Aave and purchased 7,767 ETH, valued at $19.22 million. 

Specifically, one whale, identified as 0x761d, acquired 3,588 ETH at $2,455 per coin, while another, 0x0121, bought 4,180 ETH at $2,492. These transactions notably occurred within a day on September 1.

Potential Sources of Bitcoin Liquidation Loom

While whales continue to accumulate Bitcoin, the market faces potential selling pressure from various sources. Governments and entities like Mt. Gox remain significant holders of Bitcoin, and their actions could impact the market.

Notably, the U.S. government holds 203,239 BTC, valued at $12 billion, while the Chinese government controls 190,000 BTC, seized from the Plustoken scam. 

Additionally, the ongoing redistribution of Bitcoin from Mt. Gox could introduce more supply into the market, adding to the existing volatility.

Bitcoin Faces Critical Support Test as Technicals Suggest Deeper Decline, $51,348 in View

Albert Brown
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With a bearish weekend and a crash impending, will Bitcoin sustain above $57,000 this week?

With almost $140 million in long-liquidations in the crypto market, Bitcoin is under $58,000. This puts a bearish start to the week and month. As the declining trend leads to bearish patterns teasing a trend continuation, will the buyers hold the $57,000 level this week?

Bitcoin Timeframes Puts Crucial Levels at Risk

Creating a broader market crash, Bitcoin fell 2.81% on Sunday to test the $57,200 support level. Currently, the Bitcoin price is trading at $57,515 with an intraday growth of 0.36% and a higher price rejection. Thus, it reveals a gradual increase in supply. 

Bitcoin Price Chart
Bitcoin Price Chart

Increasing the chances of a downtrend, the Bitcoin price will likely drop under the $57,000 support level and test the decent bottom pound at the $54,000 mark.

The BTC price action reveals a bearish exchange in the daily and weekly charts while taking support from the 50-week EMA. Further, the 50-day and 200-day EMA warns of a death cross event. 

In the 4-hour chart, the Bitcoin price forms a falling wedge pattern and cracks under the $57,600 support level. With a 0.37% drop in the last four hours, the BTC price warns of a bearish outcome, breaking under the support trendline. 

Bitcoin Price Chart
Bitcoin Price Chart

Undermining the bullish divergence visible in the 4-hour RSI line, the breakdown rally could find support at the $54,552 support level or the $51,348. The 4-hour chart also reveals the 50-day and 200-day EMA in a bearish alignment post-death cross trend downwards. 

In case of a bullish reversal, the uptrend will find dynamic resistances at $59,661 and $60,722, respectively. The Bitcoin price action levels at $61,451 and $64,596 are secondary targets.

Will Investors Continue to Hold Bitcoin?

According to a recent update by Ali Martinez, trading activity has plummeted, with capital flows for major assets like Bitcoin falling below those of stablecoins. This significant decline suggests a cautious market, where investors are opting for the relative safety of stablecoins.

This shift in investor behavior often indicates market uncertainty, prompting investors to seek refuge in stablecoins as a defensive strategy. It may also be a sign that investors are positioning themselves for potential future buying opportunities, waiting for a more favorable market environment to re-enter the market.

However, despite the recent decline in market enthusiasm, a notable trend has emerged among long-term Bitcoin holders. According to data from Santiment, the number of Bitcoin addresses holding at least 100 BTC has increased by 283 wallets in just one month, reaching a 17-month high of 16,120 wallets.

This suggests that some investors remain committed to holding onto their Bitcoin, potentially indicating a strong conviction in the asset’s long-term value.

Cardano Founder Reacts to Claims Cardano No Longer Needs Him After Chang

Sam Wisdom Raphael
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Cardano Founder Reacts to Claims Cardano No Longer Needs Him After Chang

In the wake of the Chang hard fork, a member of the Cardano community suggested that Charles Hoskinson may no longer be needed in the Cardano project. 

This remark came from a discussion initiated by Chris O’Connor, a Cardano DRep and founder of the Cardano Ghost Fund. 

Notably, he suggested that one of the first community governance actions following Chang should be to retain Charles Hoskinson and IOHK (Input Output Hong Kong) to expedite the development of features such as Ouroboros Peras and Leios. 

The Chang hard fork, which was recently implemented, marks the beginning of the Voltaire era for Cardano. This era is characterized by a shift from centralized control under IOHK and the Cardano Foundation to a decentralized governance structure. 

Notably, the latest development now allows the Cardano community to directly propose and vote on decisions affecting the ecosystem, a crucial milestone in Cardano’s evolution.

While O’Connor’s suggestion to propose for Hoskinson’s retainment found support among many community members, some opposed it. Robert Roose, the founder of Cardano interoperability service Mynth, voiced his disagreement with the suggestion. 

Hoskinson Not “Technically Involved” in IOHK

Roose argued that Cardano could benefit from moving away from having a central figurehead. He suggested that the ecosystem might be stronger and more distinctive without Hoskinson at the helm. 

He also proposed that if IOHK were to continue contributing to Cardano, it should do so in a way that aligns more closely with a decentralized autonomous organization (DAO) model. 

According to him, he would only contract IOHK if Hoskinson is no longer CEO of the firm. He suggested that Hoskinson would not be needed, as he is allegedly not “technically involved.”

These comments raised a question from another community member about why Hoskinson’s presence should influence the decision to retain IOHK. Roose responded by stating that he believes Cardano needs to evolve beyond a central leadership figure to fully differentiate itself from other blockchain projects like Ethereum. 

He claims this evolution would make Cardano more resilient and adaptable in the long run. Roose suggested that a flatter organizational structure, where those who write the code have more control, could be beneficial for Cardano’s growth. 

He noted that IOHK is already composed of smaller teams and proposed further decentralizing these teams to enhance community accountability.

The Cardano Founder Reacts

Hoskinson responded to Roose’s comments, expressing surprise at the assertion that he is not technically involved in Cardano. The Cardano founder asked to know what people actually believe he does at IOHK.

In a subsequent post, he highlighted the challenges and emotional journey of working on Cardano over the past decade, noting that his role has been misunderstood by some. Hoskinson noted the evolution of Cardano from its early days to its current state as a decentralized ecosystem and defended his involvement in its development.

The Cardano founder also shared his thoughts on the future of Cardano, describing it as one of the most significant technical achievements in human history.

He highlighted the decentralized nature of the Cardano network, which spans over 100 countries and operates without central coordination. Hoskinson expressed his belief that Cardano’s transformation into a self-sustaining governance system is unprecedented and puts the chain ahead of even Bitcoin.

Notably, earlier this month, speculation arose, suggesting that Hoskinson was on the verge of leaving Cardano for Midnight, a Cardano sidechain project. He debunked these rumors in early March. 

Hoskinson’s commitment to Cardano suggests that he intends to remain involved in its development and governance as the ecosystem continues to evolve.

Single Wallet Burns 280M Shiba Inu as Monthly Burns Near 681M

Mark Brennan
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Single Wallet Burns 280M Shiba Inu as Monthly Burns Near 681M

The Shiba Inu community burned 681 million SHIB in August, an impressive 79.41% increment from July’s total figure.

On-chain data sourced by community-driven burn portal Shibburn shows that over 280 million SHIB was burned in a single day as the circulating supply of the token dwindled.

The burn, which happened over six transactions on August 31, saw SHIB worth over $4,000 incinerated from the token’s supply forever. An on-chain investigation by The Crypto Basic revealed that a chunk of the Saturday burn was tied to the Living the Dream (LTD) project, a new token within the Shiba Inu community.

LTD token launched on August 30 and has gained traction among Shiba Inu enthusiasts. On Saturday, the project proposed a Shiba Burn Series, where it pledged to burn SHIB to support the community.

On the same day, LTD burned 250 million SHIB, which contributed to the massive burn seen in the August 31 Shiba Burn statistics. Data showed that the LTD project burned another 250 million SHIB on September 1, taking its tally to 500 million in two days.

The burn was done on the address “itdsafe.eth,” where about 278.1 billion LTD (83% of the LTD token) is held. Notably, the project has burned 539 million LTD since its launch on August 30.

Nearly 681M Burned in August

Overall, data confirms that over 680 million SHIB were destroyed in August alone, accounting for 0.00012% of the token’s supply. The total burns for August were worth $9,347.

Notably, August’s burn rate was 79.41% higher than July’s. Over 379 million SHIB was burned in July, worth $5,027 at the current market price. This showed an increase in burn rate, part of the goal of the community.

Over 41% of SHIB Burned

Following these transactions, Shibburn data shows that over 41% of Shiba Inu’s initial supply had been destroyed. The token started with a total supply of 999 trillion SHIB during its launch in 2020 but has reduced to 410 trillion at the time of writing.

Notably, during a hard fork on August 5, the ecosystem team confirmed the introduction of a burn portal to bolster Shiba Inu burns.

For context, Shibarium divides transaction fees into priority and base fees. The priority fee is distributed among validators, while a chunk of the base transaction fee is devoted to burns.

Analysts have stated that for SHIB’s price to rally to $0.003, a massive reduction in its supply needs to be implemented. SHIB traded at $0.00001326 at the time of writing, down over 2% in the past 24 hours. The asset’s price has followed a broader market correction trend, which saw major cryptocurrencies dumped significantly.

Shiba Inu Team Shares 9 Significant Updates: Details

Lele Jima
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Shiba Inu Team Shares 9 Significant Updates: Details

The Shiba Inu ecosystem team provides its weekly report, highlighting nine interesting developments that occurred over the past week. 

Lucie, the vibrant marketing specialist of the Shiba Inu ecosystem, shared these updates in a lengthy X post yesterday.

Launch of ShibDev

Topping the list is the launch of the highly anticipated Shiba Inu Development portal (ShibDev), a platform that equips developers with the necessary tools to build on Shibarium. The tools include API Management, on-chain data, faucet, and node access.

The Crypto Basic reported this development last week, emphasizing that the portal could drive the adoption of Shibarium as more decentralized applications (dApps) may roll out on the blockchain.

Introduction of DAO 

Lucie revealed that the team is launching a decentralized autonomous organization (DAO) to empower Shiba Inu ecosystem token holders with voting rights. 

With the DAO, community members can have a voice in shaping the future of the Shiba Inu project. In the meantime, the marketing lead emphasized that the project is currently in its test phase. 

Positive Market Sentiment 

Furthermore, Lucie said the community received the news of the DAO with positive reactions, seeing the initiative as a shift toward decentralization. Overall, this move will eliminate a centralized approach to running the ecosystem’s affairs and favor community-driven decision-making. 

SHIB Listing on Kraken Pro 

The marketing lead also pointed out the listing of SHIB as a collateral asset for futures trading by Kraken on its advanced trading platform, Kraken Pro. 

As reported earlier, Kraken listed SHIB alongside Pepe (PEPE) and dogwifhat (WIF), exposing these tokens to over 200 perpetual futures contracts. 

Positive Community Engagement  

Lucie shared that the community positively discussed governance and cultural impact last week. Amid this discussion, the DAO councils exclusively focused on charitable activities and heritage. 

Rebranding of Shiba Inu Gaming Arm 

Last week, the Shiba Inu gaming arm was rebranded to PlayWithShib, which led to the modification of Shiba Eternity’s X channel to correspond with the new goal. 

Consequently, the channel’s update will focus on all Shiba Inu gaming projects, including Shiba Eternity. According to Lucie, the rebranding will help to centralize Shiba Inu gaming news and updates.

Agent Shiboshi Launches on Android 

Furthermore, Lucie revealed that the Shiba Inu gaming team launched a new game named Agent Shiboshi on Android, with the iOS version expected to launch soon. She noted that the new game features in-game purchases and missions. 

Shiba Eternity Update 

The marketing lead noted that gamers who staked their LEASH tokens on ShibaSwap can now access the beta version of Shiba Eternity game. Shiba Inu officially launched the game’s closed beta testing on August 21, prioritizing LEASH stakers. Additionally, holders of Shiba Inu’s NFTs, including Shiboshi, can also participate in the testing starting September 5. 

Introduction of Gaming Incentives to Boost Community Engagement 

Finally, Lucie said the team aims to boost the community’s engagement with Shiba Eternity by introducing new tournaments and exclusive rewards. 

Here’s How Much the Top 10 Meme Coins Including Shiba Inu Fell Over the Past Year

Albert Brown
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Here’s How Much the Top 10 Meme Coins Including Shiba Inu Fell Over the Past Year

Over the past year, the top 10 meme coins have experienced significant losses, according to data shared by Lookonchain, a smart money tracker on X. 

The analysis reveals that these meme coins have dropped an average of 63.73% from their peak values. This drop notably coincides with a rise in PolitiFi meme coins, largely attributed to the upcoming U.S. presidential elections. Additionally, SunPump and Pump.fun tokens have recently taken the attention of traders.

52-Week Highs and Lows

Notably, Dogecoin (DOGE) saw a high of $0.2266 and a low of $0.05747, reflecting a 74.64% drop from its 52-week peak. 

Shiba Inu (SHIB) experienced an even sharper decline, with a peak at $0.00004534 and a low of $0.000006688, marking an 85.25% decrease. PEPE faced one of the steepest drops, plummeting from $0.00001718 to $0.0000006071, a 96.47% reduction. 

Current Market Performance

Despite these substantial declines, some meme coins have shown signs of recovery. For instance, FLOKI, after falling 95.56% from its peak, has reduced its loss to 65.97% from its peak price.

Similarly, POPCAT, which once dropped 99.62%, now shows a 43.77% decline from its peak, suggesting a possible resurgence in investor interest. Notably, the average decline across these top meme coins stands at 63.73%, indicating that while some have recovered slightly, the overall market remains challenging.

Outlook and Analyst Insights

Amid this turbulent market, there are indications of renewed interest in meme coins. As of August 13, the total market capitalization for meme coins had grown to approximately $38.55 billion, representing a 2.25% increase. Trading volume also surged by 21.72%, reaching $3.92 billion, signaling increased investor engagement.

Analyst Murad Mahmudov has pointed out that only seven meme coins are currently among the top 100 cryptocurrencies. He predicts that this number could rise to over 25, given the market’s dynamics and growing interest in meme coins like Dogecoin and Shiba Inu, which continue to perform relatively well despite recent declines.

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