Shiba inu has been relatively stable to start the week, as prices remained close to recent highs, despite Monday’s market sell-off. Cryptocurrencies were mostly lower in today’s session, as markets continued to react to historically low U.S. unemployment figures. Avalanche was down in today’s session, nearing a one-week low.

Shiba Inu (SHIB)

Monday saw shiba inu (SHIB) continue to trade relatively close to recent highs, despite crypto markets mostly declining.

SHIB/USD hit a high of $0.0000148 earlier today, which comes following a bottom at the $0.0000141 mark on Sunday.

The meme coin had risen to a four-month peak of $0.0000159 on Saturday, however has since declined as traders moved to secure profits.

Looking at the chart, the declines commenced as the relative strength index (RSI) failed to break out of a ceiling at the 80.00 level.

As of writing, the index is now tracking at 77.02, which comes as bulls rejected a breakout of a floor at 75.00.

SHIB bulls will likely attempt to recapture last week’s high in the coming days, however will need to move past the 80.00 mark first.

Avalanche (AVAX)

Avalanche (AVAX), on the other hand, was mostly in the red to start the week, as prices moved close to a seven-day low.

Following a high of $20.43 on Sunday, AVAX/USD dropped to an intraday low of $19.74 earlier in the day.

The move sees AVAX fall for a third consecutive session, and comes following a failed breakout of its $22.00 resistance last Friday.

This mini-bear run comes following a surge to a six-month high on Thursday, however as momentum has shifted, bearish sentiment has risen.

A big part of this is due to the 14-day RSI, which is tracking at 59.86, its weakest point since January 10.

Should momentum now continue in a downward direction, price strength could land at a floor of 55.00, with AVAX likely under $19.00.

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Do you expect avalanche bulls to prevent a move below $19.00 this week? Let us know your thoughts in the comments.

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Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

The meme coin economy has grown significantly over the past 27 days, increasing 34.52% against the U.S. dollar. The largest meme coin by market capitalization, dogecoin, has risen 29.5% in the past month, while the second-largest meme coin, shiba inu, has jumped 71.9% in 30 days. Since Jan. 9, 2023, the overall value of the meme token economy has increased by $5.8 billion.

Dogecoin and Shiba Inu Dominate Meme Coin Market With 94% Market Share

The top meme coins by market capitalization have gained in value against the U.S. dollar this past month. According to statistics recorded on Jan. 9, 2023, via archive.org, the meme coin economy was valued at $16.8 billion 27 days ago. As of 9 a.m. ET on Feb. 5, 2023, the meme coin economy is currently valued at $22.6 billion, a 5.4% increase over the previous day.

Over the past 27 days, meme tokens have added $5.8 billion in value and gained more than 34% against the greenback. This week’s largest gainers among meme tokens include pomeranian eth (POM), up 117.2%, baby doge coin (BABYDOGE), up 113.9%, and polydoge (POLYDOGE), up 86.7%. The two leading meme coins in terms of market valuation, dogecoin (DOGE) and shiba inu (SHIB), have increased 5.3% to 22.1%, with SHIB seeing the larger gains.

Dogecoin (DOGE) and shiba inu (SHIB) make up $21.32 billion, or 94.34%, of the total $22.6 billion in the meme coin economy. Dogecoin has risen 29.4% this month, while shiba inu has increased 71.9% against the greenback. The majority of the meme coin economy’s value was acquired in 2023. On Dec. 18, 2022, 49 days ago, the market valuation of all meme tokens was $16.4 billion. Since then, the meme coin economy has grown 36.96% against the U.S. dollar.

On Feb. 5, 2023, the largest gainers among meme coins over the past 24 hours include arbinu (ARBINU), which rose 51.9%, duckereum (DUCKER), up 43.5%, and onigiri neko (ONIGI), which increased 35.3%. The largest meme coin, dogecoin, decreased 1.7% against the U.S. dollar, while shiba inu gained 1.5%.

The third-largest meme coin, baby doge coin, increased 18.9% during the last 24 hours. Despite a 34% rise against the U.S. dollar and $5.8 billion in value added in 27 days, most of the market activity remains focused on the top two coins, DOGE and SHIB, indicating that demand for meme coin assets continues to exist.

What do you think about the current state of the meme coin economy? Will the trend of growth continue, or do you see a decline in the near future? Let us know what you think about this subject in the comments section below.

Image Credits: Shutterstock, Pixabay, Wiki Commons, Editorial photo credit: Dennis Diatel / Shutterstock.com

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.