The Meme Coin Revival: SHIB and FLOKI March Higher

Meme coins continued to draw investor interest in the week ending March 10. Shiba inu coin (SHIB) and floki inu (FLOKI) enjoyed impressive gains Monday through Saturday. FLOKI was up 69% to $0.000248, with SHIB up 60% to $0.00003610.

The fear of missing out drove buyer demand after FLOKI and SHIB saw gains of 299% and 133%, respectively, in the week ending March 3.

Dogecoin (DOGE) trailed the pair, rising by a more modest 10.32% to $0.17 from Monday to Saturday. In the week ending March 3, DOGE gained 79%.

Upward trends in active addresses contributed to DOGE and SHIB gains. Exchange listings drove buyer demand for FLOKI.

SEC v Ripple: SEC Appeal Threat Leaves XRP Trailing the Market

XRP bucked the broader market trend Monday through Saturday, declining by 0.43% to $0.6250.

Uncertainty about the outcome of the ongoing SEC v Ripple case continued to limit the upside. The SEC and Ripple are preparing remedy-related briefs to argue for and against a punitive penalty for XRP sales to institutional investors. Judge Analisa Torres could decide on a penalty this summer.

After the penalty stage, investors expect the SEC to appeal against the Programmatic Sales of XRP ruling. SEC plans to appeal may delay an XRP-spot ETF application until after any appeal. An appeal against the Programmatic Sales ruling could extend the SEC v Ripple case into 2025. In July 2023, Judge Torres ruled programmatic sales of XRP do not satisfy the third prong of the Howey Test.