Meme Coins Take Center Stage in the Market
This week, meme coins are in the spotlight as Dogecoin (DOGE) and Shiba Inu (SHIB) experienced over 3% losses in the past 24 hours. In contrast, PEPE grew by 4%, showcasing its potential to challenge SHIB's dominant market position.
According to CoinMarketCap, DOGE gained 3.26% over the past week, trading at $0.45, while SHIB increased by 4.27% to $0.00003116. However, PEPE led the sector with a notable 26.14% rise, now priced at $0.00002617. The total market capitalization of meme coins reached $146 billion, with a massive daily trading volume of $27.7 billion.
Mixed Results for Other Meme Coins
Other meme coins like Dogwifhat (WIF), FLOKI (FLOKI), and Popcat (POPCAT) also saw significant weekly gains of 16.60%, 13.17%, and 24.49%, respectively. However, over the last 24 hours, WIF dropped by 3.27%, FLOKI by 1.18%, and POPCAT by 3.16%.
Baby Doge Shows Impressive Growth
Baby Doge Coin (BabyDoge) emerged as a key performer this week, with its price surging by 31%. This impressive rally elevated BabyDoge to the 12th spot among meme coins, with a market capitalization of $859 million. The project's activity on social media also surged significantly, with its X account reporting that the number of holders doubled within just 15 hours, marking a major milestone for this smaller meme coin.
Currently, BabyDoge trades at $0.085666, just 13.46% below its all-time high of $0.086355. Since December 2023, its price has skyrocketed by 274.06%. The Accumulation/Distribution line remains nearly flat, indicating reduced volatility for the coin in the near future. However, the Moving Average Convergence/Divergence (MACD) indicator revealed bearish divergence, suggesting a potential price correction after recent gains.
PEPE Surpasses SHIB and DOGE
PEPE's impressive 26.14% weekly gain has sparked discussions about its potential to overtake SHIB in market capitalization. Unlike SHIB and DOGE, PEPE has maintained strong upward momentum despite the broader pullback in meme coins.
As the meme coin frenzy reaches new heights, newer tokens like Mog Coin (MOG) and BabyDoge are gaining traction and positioning themselves as challengers to established leaders.
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