The meme coin market exploded this week, adding over $1.35 billion in market value within a 24-hour window. At the forefront of this surge are popular meme tokens like $POPCAT, $DOGS, and $DOGE, marking a strong start to the week.
Letâs break down the latest happenings in the meme coin market and explore the potential impact on investors.
Meme Coins Bounce Back, Wiping Out Last Weekâs Losses
The significant uptick in meme coins has erased the losses experienced last week. Dogecoin saw an impressive 8.4% rise today, transforming its 3% drop over the past seven days into a 5.75% overall gain. Meanwhile, Popcat surged over 20% within 24 hours, Dogsâbuilt on the TON blockchainâclimbed 16.5%, and Brett saw an 11.4% increase.
Trading volumes also skyrocketed. Popcat's daily volume doubled to $101.5 million, while Dogecoin's trading volume surged by 86%, reaching $668 million. This substantial activity hints at a broader market shift, possibly marking the start of a significant trend reversal and even the onset of a new bull cycle in the meme coin sector.
Seasonal Trends: Bullish Momentum in the Air
This rally coincides with seasonal trends in the cryptocurrency world, where the fourth quarter historically brings gains. Though September is typically a bearish month for crypto, the current rally suggests the market might be gearing up for an earlier breakout this year. Some analysts anticipate further gains heading into 2025, as the market shows signs of a potential uptrend.
Importantly, the current rise isn't limited to meme coins. Bitcoin has climbed 4.6% in the last 24 hours, and Ethereum is up 3.2%, indicating that more traders may be drawn into this broader crypto rally, potentially driving momentum forward.
Shiba Shootout: The Next Meme Coin Sensation?
Amid the surge of established meme coins, a new player has entered the scene: Shiba Shootout. This presale cryptocurrency, which has already raised $1.1 million, is gaining attention as analysts predict substantial returns.
Shiba Shootout, a play-to-earn (P2E) game set in the Wild West town of Shiba Gulch, offers $SHIBASHOOT token holders a variety of engaging experiences, from virtual duels to community governance. The game allows players to earn $SHIBASHOOT tokens even before they hit public exchanges, giving it an edge over traditional meme coin projects.
Currently, the token is available at a presale price of $0.0202, and early investors can stake their tokens to earn up to 858% APY. With a mobile game, Shiba Sharpshooter, already live on both the Apple App Store and Google Play, this project seems poised for rapid growth.
As the meme coin market heats up, Shiba Shootout could be the next big contender, offering both investors and gamers a chance to capitalize on the booming meme coin trend.
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