MEME Coin Surges 10% Outperforms Dogecoin, Shiba Inu Amid Airdrop Frenzy
Portfolio Pulse from Mehab Qureshi
MEME Coin (CRYPTO: MEME) surged 10% outperforming Dogecoin (CRYPTO: DOGE) and Shiba Inu (CRYPTO: SHIB) amid reports of a potential airdrop frenzy. On-chain analytics firm Lookonchain reported 2.35 billion MEME tokens requested, worth about $52.4 million. High-profile cryptocurrency whales are among the requesters. MEME's price spiked after being listed on Binance, despite the project's white paper stating it's not intended for use as a payment method. The Memeland Group, associated with 9GAG, is behind the MEME project.
November 13, 2023 | 7:21 am
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POSITIVE IMPACT
MEME Coin's value increased by 10% following reports of a potential airdrop and significant interest from cryptocurrency whales.
The surge in MEME Coin's price is directly related to the airdrop frenzy and whale activity, which typically indicates strong investor interest and can lead to further short-term price increases.
CONFIDENCE 80
IMPORTANCE 90
RELEVANCE 100
NEUTRAL IMPACT
Dogecoin saw a modest increase of 1% in value, which is significantly less than the surge experienced by MEME Coin.
While Dogecoin's increase is positive, it is overshadowed by MEME Coin's performance and is unlikely to be significantly impacted by MEME's airdrop news in the short term.
CONFIDENCE 70
IMPORTANCE 30
RELEVANCE 50
NEUTRAL IMPACT
Shiba Inu experienced a minor increase of 0.22%, which pales in comparison to MEME Coin's 10% rise.
Shiba Inu's slight gain is minimal and not directly influenced by MEME Coin's airdrop news, suggesting a neutral short-term impact.
CONFIDENCE 70
IMPORTANCE 30
RELEVANCE 50