Meme coin mania has captivated the cryptocurrency market, attracting investors with its mix of humor, speculation, and unexpected gains. As of now, the sector boasts a market capitalization of over $66 billion and a 24-hour trading volume of $5.3 billion. The meme coin sector’s market cap is significantly higher than other popular crypto narratives such as AI, DePIN, and layer-2.

Let’s delve into the recent trends and forecasts for some of the most talked-about meme coins:

Dogecoin: A Sleeping Giant?

Ranked ninth in the broader crypto market and first among meme coins by market cap, Dogecoin has been on a roll lately. Data reveals that 84% of its holders were in profit as May came to an end. This positive sentiment underscores the strong upward momentum the meme coin has experienced over the past month. Dogecoin recently overtook Cardano to break into the top 10 cryptocurrencies by market cap, now ranking as the sixth most valuable non-stablecoin on the market.

Currently, Dogecoin is priced at $0.159. Despite a 1.3% dip in the last 24 hours, it has surged by 20.8% over the past month. Technical indicators for DOGE also point to a bullish trend, as the cryptocurrency is trading above its 200-day Simple Moving Average (SMA) and Exponential Moving Average (EMA). Market watchers note that if Dogecoin maintains its current momentum and stays above key technical levels, its price could rise further. However, caution is advised due to the inherent volatility in the cryptocurrency market.

Market sentiment for Dogecoin is as bearish as it was in early February, just before DOGE skyrocketed by 200%!

Shiba Inu: Meme Coin Outperforms Bitcoin

Another meme coin that has been performing well is Shiba Inu. Ranked second among meme coins by market cap, Shiba Inu has been a standout performer in 2024, even outpacing Bitcoin at one point with a 136% rise compared to Bitcoin’s 69%. SHIB started trading below $0.000025 last week, fluctuating between $0.000025 and $0.000027. Toward the end of the week, the price surged to nearly $0.00003, propelling it into the top 10 cryptocurrencies by market cap.

At the time of writing, SHIB was trading at $0.00002498, a slight 1.4% dip over 24 hours. Shiba Inu closed out the month of May by securing the second spot on Robinhood’s list of top weekly gainers.

Pepe: Relentless in Pursuit

Pepe has recently shown impressive performance, with a $6.26 billion market cap and an $846 million 24-hour trading volume. The coin’s rise in the past month, adding over $3 billion to its market cap, positions it as a serious contender for Shiba Inu’s spot. Despite a 4.3% dip in the last day, Pepe’s gains over different periods have been remarkable. In the previous 14 days, the meme coin’s price went up by 64.5%, while the gains were even bigger across 30 days at 87.5%.

Both of these probably pull back in the short term, but I’m still of the belief that they will both be much higher in the coming months.

Super Trump: Political Drama and Market Performance

Several Trump-themed meme coins have seen a surge in interest following the recent conviction of ex-President Donald Trump for falsifying business records. The political drama has pushed the price of Super Trump by as much as 58% in the last 24 hours, making it the third-highest price gainer in the meme sector during that period. Currently trading at $0.0255, STRUMP has shown impressive gains, with a 493.8% increase over the previous fortnight and a 616.4% jump across 30 days.

Other Trump-associated meme coins like MAGA VP (MVP), MAGA (TRUMP), MAGA Hat (MAGA), and MAGA Pepe (MAGAPEPE) have experienced mixed performance. MVP registered a 5.1% uptick, while TRUMP lost nearly 5% of its value. MAGA Hat dropped by 0.47%, and MAGAPEPE saw a significant decline of 27.33%.

Amidst these fluctuations, Trump became the first American president to accept Bitcoin Lightning Network payments for campaign donations. The Trump campaign is teaming up with OpenNode to enable supporters to donate to his 2024 presidential campaign using Bitcoin.

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