Memecoins
Dog-themed coins overtake Solana rivals
Dog-themed coins are rising against their rivals as the digital assets attempt to recover. Over the past 48 hours, crypto assets saw a slight rebound among Bitcoin (BTC), altcoins and meme coins. Bitcoin price is slightly above $65,000 after moving sideways in intraday trading. While coins were the biggest gainers, some categories grew more than others due to several factors.
Dog-themed meme coins are above their rivals with their market cap of $35.6 billion, up 1%, while other meme tokens are collectively in the red zone. The popularity of dog-themed tokens is playing a role in the development with a positive recovery from the leaders, Dogecoin (DOGE) and Shiba Inu (SHIB).
Dog-themed coins ignite the bulls
In addition to creating upside factors for other assets, several dog-themed cryptocurrencies saw daily price increases. AMATERASU OMIKAMI is up 25.6% at $0.113 in the last 24 hours. PolyDoge and Dingocoin followed suit with gains of 7.1% and 6.2% respectively.
Dogecoin soared to 1.2% gains as it traded hands at $0.1244 amid speculation of a future bull run. FLOKI and BONK have joined
DOGE in the green zone with respectively 2.5% and 0.3% of collections over the last 24 hours.
Usually, dog-themed tokens elicit more optimistic feelings due to the depth of the community and the addition of utilities to certain assets. The recent accumulation of meme assets also increased the demand for prime assets as macroeconomic indicators moved positively. Slowing inflation and falling interest rates are positive indicators as investors tend to shift their funds into risky assets.
Solana and Cat-Tokens fall
Other meme coin categories are down despite low inflows to winners. Solana meme coins soared in the first quarter of 2024 following a frenzy driven by renewed optimism from creators. At the time of going to press, Solana Coins recorded an increase of 1.3% with a market capitalization of 6.1 billion euros. Likewise, cat-themed tokens, which saw inflows last month, fell alongside other crypto assets. These assets are down 1.4% in the last 24 hours.
Read also: These Solana Meme Pieces Are Popping This Week
David is a financial news contributor with 4 years of experience in Blockchain technology and cryptocurrencies. He is interested in emerging technologies and has an eye for the latest news. Staying on top of trends, David has worked across several niches including regulation, partnerships, crypto assets, stocks, NFTs, and more. Far from the financial markets, David goes cycling and horse riding.