SHIB Surges 20%, DOGE up 5% as Traders Continue to Ape Into Meme Coins

Nansen data shows heavy DEX trading on SHIB tokens.

AccessTimeIconJan 18, 2023 at 5:17 a.m. UTC
Updated Jan 18, 2023 at 3:31 p.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global event for everything crypto, blockchain and Web3.Register Now

The market’s love affair with all things shiba inu is continuing, with big gains in SHIB and dogecoin (DOGE) during the last 24 hours.

SHIB is up over 20% in the last 24 hours, according to CoinGecko data, with Nansen reporting heaving trading on both decentralized and centralized exchanges. Nansen reports that nearly $1.1 billion in SHIB has traded hands between Jan. 17 and Jan. 18.

SHIB trading volume (Nansen)
SHIB trading volume (Nansen)

Traders are likely anticipating the launch of the upcoming layer 2 network Shibarium, which puts a canine-themed twist on building on top of Ethereum. A testnet is expected to launch in the coming weeks.

Following SHIB, traders also pushed DOGE up nearly 6% in the last 24 hours, per CoinGecko data. The original Shiba inu-themed token is up nearly 23% in the last two weeks.

BONK, which mixes the market’s love for Shiba inus, and disdain for FTX’s Sam Bankman-Fried, is down 2% in the last 24 hours.

Bitcoin (BTC) is up 22% in the last week. In December, blockchain analytics firm Santiment published a note which suggested that dogecoin serves as a contrarian indicator to the market, prompting investors to trim bullish positions.

"Every time that [the] price of DOGE starts rising rapidly, there's a market-wide crash following just moments later," the firm wrote.

While bitcoin continues to outperform DOGE, one has to wonder if new meme tokens like SHIB and BONK will validate this thesis and bring the market to the dogs.


Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to to register and buy your pass now.

Read more about