Meme coin mania has swept the cryptocurrency market, fascinating traders with its mix of humor, hypothesis, and surprising beneficial properties.
On the time of writing, the sector boasted a market capitalization of greater than $66 billion and a 24-hour buying and selling quantity of $5.3 billion.
Taking a look at information from crypto worth monitoring web site CoinGecko, the meme sector’s market cap is markedly increased than that of different fashionable crypto narratives reminiscent of AI, DePIN, and layer-2.
Let’s look into the current developments and forecasts for a number of the most talked-about meme cash:
Dogecoin: a sleeping large?
Ranked ninth within the broader crypto market and first amongst meme cash by way of market cap, Dogecoin has been on a roll recently.
Knowledge reveals that 84% of its holders have been in revenue as Might got here to an finish. This optimistic sentiment underscored the robust upward momentum the meme coin had skilled over the previous month.
Dogecoin additionally just lately overtook Cardano (ADA) to interrupt into the highest 10 cryptocurrencies by market cap. It now ranks because the sixth most beneficial non-stablecoin in the marketplace.
At present, Dogecoin is priced at $0.159. Though it noticed a dip of 1.3% within the final 24 hours, it has surged by 20.8% over the previous month, based on CoinGecko.
If its buying and selling quantity stays regular, the coin may proceed its optimistic trajectory into subsequent week, reflecting rising investor confidence and the potential for additional beneficial properties.
Technical indicators for DOGE additionally level to a bullish development. The cryptocurrency is buying and selling above its 200-day Easy Transferring Common (SMA) and Exponential Transferring Common (EMA), suggesting a powerful and sustained uptrend.
Crypto market watchers have additionally famous that if Dogecoin can preserve its present momentum and keep above key technical ranges, its worth may rise additional. Nevertheless, additionally they advise warning because of the inherent volatility within the cryptocurrency market.
Analyst and dealer Ali Martinez has forecasted a major worth enhance for the meme coin, noting that the market sentiment is eerily just like earlier within the yr, proper earlier than DOGE skyrocketed by 200%.
Shiba Inu: Meme coin outperforms Bitcoin
One other meme coin that has been motoring steadily available in the market is Shiba Inu.
Ranked second amongst meme cash by way of market cap, Shiba Inu has been a standout performer in 2024, even outpacing Bitcoin at one level with a staggering 136% rise in comparison with Bitcoin’s 69%.
SHIB began buying and selling under $0.000025 final week, fluctuating between $0.000025 and $0.000027.
Towards the tip of the week, the worth of Shiba Inu surged to just about $0.00003, propelling it into the highest 10 cryptocurrencies by market cap.
To additional compound its standing, SHIB closed out the month of Might by securing the second spot on Robinhood’s checklist of high weekly gainers.
On the time of writing, SHIB was buying and selling at $0.00002498, a slight 1.4% dip over 24 hours.
Pepe: relentless in pursuit
Additional reinforcing the meme coin narrative, Pepe (PEPE) has just lately registered exceptional efficiency, with a $6.26 billion market cap and an $846 million 24-hour buying and selling quantity.
The coin’s rise up to now month, the place it added over $3 billion to its market cap, positioned it as a severe contender for Shiba Inu’s spot.
Regardless of a 4.3% dip within the final day, Pepe’s beneficial properties over completely different intervals have been spectacular.
In accordance with CoinGecko, within the earlier 14 days, the meme coin’s worth went up by 64.5%, whereas the beneficial properties have been even greater throughout 30 days at 87.5%.
Analysts like distinguished dealer Altcoin Sherpa stay bullish on Pepe. He prompt the meme coin holds long-term potential and will see important beneficial properties within the coming months.
Tremendous Trump: political drama and market efficiency
Elsewhere, a number of Trump-themed meme cash have seen a surge in curiosity following the current conviction of ex-President Donald Trump for falsifying enterprise information.
The political drama has pushed the worth of Tremendous Trump by as a lot as 58% within the final 24 hours. It turned the third-highest worth gainer within the meme sector in that interval.
At present buying and selling at $0.0255, STRUMP has proven spectacular beneficial properties, with a 493.8% enhance over the earlier fortnight and a 616.4% bounce throughout 30 days.
One other meme coin related to Trump is MAGA VP (MVP). The token made modest beneficial properties within the final day, registering a 5.1% uptick.
Others cash like MAGA (TRUMP), MAGA Hat (MAGA), and MAGA Pepe (MAGAPEPE), all noticed their costs dip over 24 hours.
TRUMP misplaced almost 5% of its worth, whereas MAGA Hat dropped a miniscule 0.47%. MAGAPEPE, on its half, suffered far larger losses, with its worth presently down 27.33%.
Amidst the ups and downs, Trump turned the primary American president to just accept Bitcoin Lightning Community funds for marketing campaign donations.
The Trump marketing campaign is teaming up with OpenNode to make it attainable for supporters to donate to his 2024 presidential marketing campaign utilizing Bitcoin (BTC).