Cryptocurrency Market Round-Up
Typically, cryptocurrencies are termed as digital currencies and use blockchain technology to record every transaction. Meme Coins are a category of cryptocurrencies that are typically created as jokes or memes, often with little to no inherent utility or technological innovation. SHIB (Shiba Inu) is a cryptocurrency that has garnered significant attention since its launch in 2020. Originating as an experiment in decentralized community building, it is often referred to as a "meme coin" due to its inspiration from the popular Shiba Inu dog breed, which is also the mascot of the token. SHIB has a market capitalization of ~USD 12.79 billion (as per TradingView as of January 15, 2025).
Last week, the benchmark S&P Cryptocurrency Broad Digital Market (BDM) Index started on a negative note and maintained a bearish momentum for the entire week. The index declined by 360.84 points (~5.82%) to 5840.50 for the week ending January 10, 2025. In the current week starting January 13, 2025, the index is trading with positive momentum. Moreover, other major cryptocurrencies, such as Bitcoin and Ethereum, are witnessing bullish momentum for the current week.
Section 1: Key Performance Indicators:
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