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Dog Themed Meme Coins V Solana Tokens: Huge Bulls Eye Earnings
Dog-themed meme coins have been trading sideways this week as losses have ultimately erased earlier gains. The broader cryptocurrency market has also moved in a similar direction, with prices fluctuating after an initial bounce earlier in the week. The market cap is still hovering around $2.26 trillion as bulls look for the market’s next direction.
Meme Coins have seen inflows this week, increasing the market cap to $49.6 billion. However, the last 24 hours have wiped out the slight gains seen, but some classes of meme tokens have moved in a different direction. Large-cap dog-themed meme coins and Solana tokens have gained ground based on how the assets have been trading.
Dog themed meme coins nullify gains
The previous week saw a sharp decline in the asset class as Dogecoin (DOGE) and Shiba Inu (SHIB) traded negatively. The market cap increased by 0.1% to $35.2 billion, while daily trading volumes are over $2 billion. In the last 24 hours, assets such as Dogo Token, DogWifNoHat, and DogeVerse led the gains. Dogo Token surged by a whopping 790%, increasing the weekly figures to 2970%.
DogWifNoHat and DogeVerse both gained 46% and 43% in the same window. While these were the biggest gainers, the biggest assets saw their exits from the market.
DOGE trades at $0.1237 recording outflows of 1.1% today while weekly numbers fell 0.8%. On the other hand, SHIB increased its outflows with outflows of 2.4% today, up 4% on the week.
Dogwifhat (WIF) reversed weekly losses into positive territory after bulls accelerated in mid-week trading, posting gains of 7%.
Solana Meme Coin Rally
Unlike other categories, Solana meme coins have surged this week on the back of SOL trading activity. Solana tokens are up 4.6% today as bulls eye further gains. The recent gains come on the heels of spot ETF bids in the US. Top gainers include Kamala Horris and MAGA PEPE which collected 77% and 22.2% of inflows. However, larger assets such as dogwifhat, BONK and BOME fell 7%, 4.6% and 8.2% respectively.
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David is a financial news contributor with 4 years of experience in Blockchain technology and cryptocurrencies. He is interested in learning about emerging technologies and has an eye for the latest news. Staying up to date on trends, David has reported in several niches including regulation, partnerships, cryptocurrencies, stocks, NFTs, etc. Away from the financial markets, David cycles and rides horses.