Meme coins surged 7.9% in 24 hours, reaching a market cap of $55 billion and trading volume of $10.2 billion.
Dogecoin and Shiba Inu led the rally, with market caps of $16.18 billion and $10.5 billion, respectively.
NEIRO rose 105.2% in the past week, with a market cap of $891 million and trading volume surpassing $1 billion.
Meme coins have gained significant momentum in the digital asset space over the past 24 hours. Coins such as Shiba Inu (SHIB), Popcat (POPCAT), Dogwifhat (WIF), and First Neiro on Ethereum (NEIRO) have recorded notable gains, highlighting their growing prominence in the market.
Notably, data from CoinMarketCap reveals that the meme coin sector now holds a market capitalization of $55 billion, reflecting a 7.9% increase over the last day. Additionally, trading volume in this segment reached $10.2 billion during the same period. While altcoins have also reported gains, meme coins are leading the way.
Meme Coins Boost Overall Crypto Market Cap
Intriguingly, the strong performance of meme coins has also influenced the broader cryptocurrency market. The overall market capitalization of digital assets increased to $2.19 trillion. Shiba Inu and Dogecoin, two of the most well-known meme coins, have been at the forefront of this surge. Dogecoin's market value is currently $16.18 billion, while Shiba Inu's valuation stands at $10.5 billion.
Moreover, over the past 24 hours, Dogecoin rose by 2.55%, while Shiba Inu saw a 5.45% increase. In the past week, Dogecoin rose by 1.40%, and Shiba Inu grew by 1.5%. These price increases have solidified their position in the market.
Shiba Inu Patterns Point Toward Possible Price Movements
Recent market analysis points to a notable price movement in Shiba Inu. SHIB KNIGHT, a popular analyst, on X (formerly known as Twitter) identified a "W" pattern forming in the SHIB price chart. This pattern emerged after the price fell from $0.00002169 to $0.00001548, then rose to $0.00001885, and later dropped again to $0.00001605.
https://twitter.com/army_shiba/status/1844961369306575155
In addition, if Shiba Inu surpasses the $0.00002 level, the "W" pattern could be completed. This would potentially signal further upward momentum for the coin, attracting additional interest from traders.
Popcat and NEIRO Lead the Meme Coin Rally
Beyond Dogecoin and Shiba Inu, other meme coins have recorded impressive performances. Popcat (POPCAT), Dogwifhat (WIF), and NEIRO have seen significant price gains. Popcat’s value has surged 7.9% in the past 24 hours, while Dogwifhat rose 35.2%. NEIRO, with a market cap of $891 million, experienced a notable increase in trading volume, surpassing $1 billion.
As of the time of writing, it is trading at $0.002141 after a 105.2% rise over the past week. As of the latest data, Popcat is trading at $1.42, while Dogwifhat and Pepe (PEPE) are priced at $2.71 and $0.059837, respectively.
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