☰
Retail sentiment on Stocktwits was in 'bullish' territory for all three cryptocurrencies, with Shiba Inu seeing the most notable shift.
Dogecoin and Shibu Inu (SHIB) led gains among the top 20 cryptocurrencies by market capitalization, seeing double-digit gains, as Bitcoin held steady just above $88,000.
Bitcoin edged up 1.3% over the past 24 hours, according to CoinGecko. Meanwhile, Dogecoin climbed as much as 10%, and Shiba Inu surged 15%.
The two meme tokens ranked among the top 10 trending tickers on Stocktwits, leading in message volume among cryptocurrencies over the past day.
Dogecoin extended its rally for a second session following news that House of Doge had acquired 10 million DOGE for a strategic reserve.
Shiba Inu’s price spike coincided with a sharp increase in its token burn rate. Data from community tracker Shibburn showed an anonymous wallet (‘0x55B…182E3’) destroyed one billion SHIB in a single transaction on March 23, pushing the network-wide burn rate up by 8,470%.
The transaction was valued at $13,050 based on SHIB’s price at the time.
On Stocktwits, retail sentiment around Bitcoin climbed further into ‘bullish’ territory.
Most retail traders debated where Bitcoin’s price will be headed next.
Others focused on GameStop’s (GME) recent announcement to acquire Bitcoin as a treasury reserve asset.
Bitcoin has gained 5.6% over the past week and is up 24% over the past 12 months.
Meanwhile, retail sentiment around Dogecoin’s token surged to ‘bullish’ from ‘neutral’ territory a day ago.
Most traders on the platform anticipated further price gains.
Dogecoin has climbed 21% over the past seven days and is up 10% over the past year.
Shiba Inu's token saw the biggest shift in sentiment among the three, flipping to ‘bullish’ from ‘bearish,’ along with an increase in retail chatter.
One user celebrated SHIB’s burn rate surge, emphasizing its potential to enhance the token’s utility:
Another user referenced The Notorious B.I.G.’s song "Juicy," suggesting that crypto markets are showing less sensitivity to macroeconomic data.
Despite its recent gains, SHIB remains 48% below its level a year ago.
For updates and corrections, email newsroom[at]stocktwits[dot]com.<
Read also: SOL Token Climbs After BlackRock Expands To Solana, Fidelity Eyes ETF – But Retail Remains Wary
subscribe to Asianet Newsable WhatsApp channel by clicking here.