Memecoins
track the rise of Dogecoin, Shiba Inu, Trump tokens and more
Coin mania has swept the cryptocurrency market, captivating investors with its mix of humor, speculation and unexpected gains.
At the time of writing, the sector boasted a market capitalization of over $66 billion and a 24-hour trading volume of $5.3 billion.
Looking at data from crypto price tracking website CoinGecko, the even The sector’s market capitalization is significantly higher than other popular crypto narratives such as AI, DePIN, and Layer-2.
Let’s take a look at recent trends and predictions for some of the most talked about meme pieces:
Dogecoin: a sleeping giant?
Ranked ninth in the broader crypto market and first among meme coins in terms of market capitalization, Dogecoin has been on a roll lately.
The data reveals that 84% of its holders were in profit at the end of May. This positive sentiment highlighted the strong bullish momentum the meme coin has seen over the past month.
Dogecoin also recently overtook Cardano (ADA) to enter the top 10 cryptocurrencies by market capitalization. It now ranks as the sixth most valuable non-stable coin on the market.
Currently, Dogecoin is priced at $0.159. Although it saw a 1.3% decline over the past 24 hours, it surged 20.8% over the past month, according to CoinGecko.
Dogecoin 24-hour price chart | Source: CoinGecko
If trading volume remains stable, the coin could continue its positive trajectory next week, reflecting growing investor confidence and the potential for further gains.
Technical indicators for DOGE also indicates a bullish trend. The cryptocurrency is trading above its 200-day simple moving average (SMA) and exponential moving average (EMA), suggesting a strong and sustained uptrend.
Crypto market observers also noted that if Dogecoin can maintain its current momentum and stay above key technical levels, its price could rise further. However, they also recommend caution due to the volatility inherent in the cryptocurrency market.
Analyst and trader Ali Martinez predicted a significant increase in the price of the meme coin, noting that market sentiment is eerily similar to that at the start of the year, just before DOGE skyrocketed 200%.
Shiba Inu: Meme coin outperforms Bitcoin
Another coin that circulates regularly in the market is Shiba Inu.
Ranked second among meme coins in terms of market capitalization, Shiba Inu has been a standout performer in 2024, even surpassing Bitcoin at one point with a staggering 136% rise compared to Bitcoin’s 69%.
SHIB started trading below $0.000025 last week, fluctuating between $0.000025 and $0.000027.
Towards the end of the week, the price of Shiba Inu surged to almost $0.00003, propelling it into the top 10 cryptocurrencies by market capitalization.
To further compound its status, SHIB closed out May by securing the second spot on Robinhood’s list of top weekly gainers.
At the time of writing, SHIB was trading at $0.00002498, down slightly by 1.4% over 24 hours.
Pepe: a fierce pursuit
Further reinforcing the coin’s narrative, Pepe (PEPE) has been performing remarkably recently, with a market capitalization of $6.26 billion and a 24-hour trading volume of $846 million.
The coin’s rise over the past month, where it added more than $3 billion to its market capitalization, has positioned it as a strong contender for Shiba Inu’s place.
Despite a 4.3% drop over the past day, Pepe’s gains over different periods have been impressive.
According to CoinGecko, over the previous 14 days, the meme coin’s price increased by 64.5%, while the gains were even greater over 30 days at 87.5%.
Analysts like prominent Altcoin trader Sherpa remain bullish on Pepe. He suggested that the meme coin holds long-term potential and could see significant gains in the coming months.
$PEPE both of these pullbacks are likely short-term, but I remain confident that they will both be much higher in the months to come. I have both pic.twitter.com/cAFwlZBgw8
– Altcoin Sherpa (@AltcoinSherpa) May 31, 2024
Super Trump: political drama and market performance
Elsewhere, several Trump-themed coins have seen renewed interest following the recent conviction of the ex-president Donald Trump for falsification of commercial documents.
The political drama has sent the price of Super Trump up as much as 58% in the past 24 hours. It became the third highest price gainer in the meme industry during this period.
Currently trading at $0.0255, STRUMP has posted impressive gains, with a 493.8% increase over the previous fortnight and a 616.4% jump over 30 days.
Another meme coin associated with Trump is MAGA VP (MVP). The token made modest gains over the past day, rising 5.1%.
Other coins like MAGA (TRUMP), MAGA Hat (MAGA) and MAGA Pepe (MAGAPEPE), all saw their prices drop in 24 hours.
TRUMP lost almost 5% of its value, while MAGA Hat lost a tiny 0.47%. MAGAPEPE, for its part, has suffered much greater losses, with its price currently down 27.33%.
Amidst the ups and downs, Trump became the first US president to accept Bitcoin Lightning Network payments for campaign donations.
The Trump campaign is partnering with OpenNode to allow supporters to donate to his 2024 presidential campaign using Bitcoin (BTC).