Memecoins
Dogecoin (DOGE) against Shiba Inu (SHIB): best rebound Memecoin
Memecoins saw inflows this week as top assets like Dogecoin (DOGE) and Shiba Inu (SHIB) erase previous losses. The cryptocurrency market saw a rebound after the Federal Open Market Committee (FOMC) meeting. The market cap stands at $2.3 trillion, up 5% in the last 24 hours.
These gains were also recorded in memecoins with a 14% increase in market capitalization. Trading volume is also up at $6.1 billion. Amid these highs, traders are aiming for the top two memecoins with a prediction on the larger token in the asset rebound phase.
DOGE vs. SHIB
DOGE remains the largest memecoin with a market capitalization of $22.48 billion and a daily trading volume of over $1.6 billion. Dogecoin is trading at $0.1562, a massive 18% increase in the last 24 hours. This rebound triggered rallies around the asset and projecting a run to $1.
On the other hand, SHIB soared 11% today, pushing its market capitalization to $14.9 billion with trading volumes above $709 million. Although SHIB’s daily growth lags behind DOGE, the asset is seeing strong numbers that traders are gleaning.
On a larger weekly time frame, Dogecoin made gains totaling 7.3% while Shiba Inu recorded 5.4% as it recovered from previous weeks. SHIB monthly flows remain in the red zone at 5% while DOGE monthly figures are 14% underwater.
Overall, DOGE saw a faster short-term recovery compared to its previous fall, while SHIB witnessed positive momentum with long-term gains. This is also reinforced by asset gains during the last bull run and the memecoin frenzy.
Memecoin fever?
Memecoins have outperformed the broader market, as expected during this rebound. While major crypto assets are up 5%, memecoins are over 14%. However, a change in sentiment may result in gains being reversed due to asset volatility.
Solana Coins also posted gains, although lower than the first quarter performance that earned the memecoin frenzy title. DOGE and SHIB are the largest memecoins by market capitalization and have seen massive inflows in recent weeks.
Read also: 4 Profitable Meme Coins to Buy Instead of Old Solana Coins