Meme coins, after experiencing continuous downside momentum, now exhibit bullishness as top meme coins including DOGE, PEPE, BONK, and others have undergone a massive price surge on March 20, 2024. However, this surge occurred amidst a period when top cryptocurrencies like Bitcoin, Ethereum, and Solana are experiencing a downside momentum.
PEPE and DOGE soars amid crypto downturn
PEPE, the third biggest cryptocurrency, topped the meme coin gain as it surged more than 15% in the last 24 hours, whereas FLOKI, BONK, and BOME tokens experienced an upside momentum of over 10%. Despite the recent performance of top meme coins, the market cap of meme coins is still down by 15%, currently standing near $46.7 billion.
Source: Coinmarketcap
Looking at the performance of the high market cap meme coin DOGE, it is currently trading near the $0.13 level, experiencing a price surge of over 3% in the last 24 hours. However, in the last 7 days, DOGE experienced a massive downside momentum of over 22%, while in the last 30 days, its price gained over 54%.
In addition to the leading meme coin DOGE, PEPE tops the crypto-meme industry in terms of performance. Over the last 24 hours, the third-largest meme coin, PEPE, with a market cap of $3 billion, experienced a price upside momentum of over 15%. However, over the past 7 days, due to negative market sentiment, it underwent a downside momentum of over 20%.
Meanwhile, in the last 30 days, PEPE’s price has soared by more than 480%. Besides PEPEs’ impressive, the recently launched Solana-based meme coin Book of Meme (BOME) also gain a price surge of over 10% in the last 24 hours.
Bitcoin and Meme coins’ performance
It is also observed that meme coins’ prices mirror the world’s biggest cryptocurrency Bitcoin’s movements. If you examine the daily chart of Bitcoin and other meme coins, it becomes apparent that as Bitcoin’s price started falling, top meme coins including DOGE, SHIB, and PEPE mirrored the move and fell similarly.
The price of Bitcoin has been falling since March 14, 2024. Since then, Bitcoin experienced a downside momentum of over 16%, while during the same period, meme coins including DOGE, SHIB, and PEPE experienced price drops of over 26%, 21%, and 30%, respectively.
