The memecoin market performed extraordinarily in October, with two of the largest memecoins, Shiba Inu and Dogecoin leading the charge according to Coinranking.
Since the previous month, Coinranking data shows that the renewed interest in meme coins continues to hold strong, especially with coins like Shiba Inu and dogecoin (DOGE).
Some of the memecoin market's success can be attributed to Bitcoin's rally in October, and the boost in investor confidence that came with it.
Let's go over a few metrics on Dogecoin and Shiba Inu.
Open interest is one of the most potent metrics when it comes to determining investor Sentiment.
According to Coinglass, Dogecoin's open interest currently sits at $440 million and is up by more than 15% since 1 November.
The same story holds for Shiba Inu, with its open interest sitting much lower at $16.9 million, but still at its highest since September.
To put things into perspective, both Shiba Inu and DOGE have seen their futures open interest increase by more than 14% over the last week.
Bitcoin, on the other hand, has not seen a significant rise in Open interest over the same timeframe. Bitcoin's open interest appears steady somewhere around $16 billion, owing to its reduced volatility over the last few weeks.
Judging from Dogecoin's historical data, Novembers are usually unclear in terms of price movement.
For example in 2022, Dogecoin declined by about 34% (likely due to the FTX crash). In November of 2021, Dogecoin also declined by about 21%.
However, in November 2020, Dogecoin rallied by 31.39%. The same happened in 2018, with a 6.5% rally.
From this, we can draw up a pattern of sorts from the cryptocurrency's price history since 2014:
Dogecoin rallies massively in one year's November and then declines massively in the next two years.
Judging by how Dogecoin declined by 34% and 21% in November 2022 and 2021, we can expect to see a price rally on Dogecoin this month (if history repeats itself).
According to Shibburn, the community has just burned another 173 million tokens in the past 24 hours.
This recent burn represents a 14,380% burn increase from the previous day and may have been triggered by a recent tweet from LUCIE, the lead of Shiba Inu's marketing team.
LUCIE, in her tweet, highlighted an ambitious marketing strategy for Shiba Inu in 2024 and 2025.
The marketing lead in the tweet, says that Shibarium will now be distributing the decision-making process across the community, with all token holders set to "have a say" in the protocol.
In all, Lucie says that Shibarium will become a platform that introduces fair and transparent governance.
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