The market’s three biggest memecoin saw a mild rebound in the market, underscoring a likely end to the drawdown phase
The memecoin sector is seeing an extraordinary value surge following a broader market rebound. In particular, top memecoins, including Dogecoin (DOGE), Shiba Inu (SHIB), and Pepecoin (PEPE), are showing bullish momentum. The positive sentiments in these tokens have raised questions about whether the memecoin hype is back.
How Dogecoin, Shiba Inu, and PEPE Are Faring
At press time, Dogecoin, the largest memecoin by market capitalization, is trading at $0.1158, demonstrating a 2.6% increase in the past day. The trading volume increased by 35.5% to over $1 billion, suggesting investors’ willingness to accumulate the token.
Similarly, Shiba Inu saw a 1.05% surge in the last 24 hours and is trading at nearly $0.00001827. With the price pump, the trading volume also spiked 49.9% to $472.7 million. PEPE followed an upward trajectory, increasing by 1.5% to $0.0000106. Consequently, the trading volume surged over 17% to $1.13 billion.
Memecoins have become part of the crypto ecosystem in very little time compared to the other utility tokens. The meme ecosystem has reached a market cap of $55 billion with an average trading volume of $7.8 billion. The major reason for meme coins’ rise to fame is the quick gains they offer.
DOGE, SHIB, and PEPE Seeing Price Upticks
This week, the broader crypto market experienced an upswing of positive developments.
Bitcoin (BTC), the world’s leading digital asset, soared to $64,600 on Monday, October 14, 2024. According to a report from BGECrypto, Bitcoin’s price has now climbed into the “strong buy walls” zone, indicating bullishness. Memecoins were quick to monetize on the larger hype.
Another key factor contributing to Dogecoin’s price surge is increased whale activity. On Monday, a large investor was spotted transferring 700 million DOGE tokens to an unknown wallet.
For Shiba Inu, ongoing ecosystem developments have sparked optimism among investors. Also, Shibarium’s rising Total Value Locked (TVL) and recent increases in token burns are key factors driving renewed interest in SHIB.
PEPE has also witnessed increased whale activity, indicating a more bullish signal ahead of the memecoin.
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