Shiba Inu, Pepe, and Dogwifhat Lead Weekly Meme Coin Market Surge

The meme coin market saw significant gains this week, with the total market cap rising by 25% to surpass $55 billion. Leading the surge were Shiba Inu, Pepe, and Dogwifhat.

Shiba Inu Gains 39%

Shiba Inu (SHIB) surged by 39%, reaching $0.00001968. The increased demand for meme coins helped it break past a key resistance level at $0.00001940. Consequently, its market cap increased from $8.53 billion to $11.63 billion within the week.

Pepe Follows with 36.5% Increase

Pepe (PEPE), an Ethereum-based meme coin, also saw a substantial rise of 36.5%, trading at $0.00001112. Pepe’s market cap climbed to $4.67 billion, levels last observed at the beginning of August.

Dogwifhat on Solana

Dogwifhat (WIF), a Solana-based token, joined the top gainers with a 35.4% increase, trading at $2.30. Its market cap surged past the $2 billion mark.

Dogecoin Joins the Rally

Dogecoin (DOGE), the first and most liquid meme coin with an $18 billion market cap, rose by more than 16% over the past week.

The social sentiment around these tokens remains overwhelmingly bullish, as reflected on various cryptocurrency market platforms.

Market Reactions

On social media platforms, market observers are anticipating a meme coin season as Bitcoin’s market dominance declines. Pseudonymous trader Bluntz noted that multiple meme coins are gaining strong upward momentum, signaling the start of a “memecoin supercycle” and advising his followers not to “sell too early.”

“Memecoin supercycle is real, the problem was most people’s timing was just way off. Choose your fighters, get into position and chill, don’t sell too early.”

BitMEX founder Arthur Hayes also commented on the hype, stating, “It’s time for a meme coin breakout.” In subsequent posts, he engaged with the community, asking for recommendations and promoting several meme coins as he prepared his portfolio for the anticipated “UPtober” rally.

On-chain data reveals Hayes’ recent withdrawal of 24.39 billion PEPE, valued at $252,680, from a major exchange.

Contrasting Views

Not all market analysts share this optimistic outlook. Analyst Saint Pump warned of potential pitfalls within the meme coin craze. He cautioned that the “endless flood” of meme coins could drain liquidity from other sectors as traders chase the “new cute dog of the month.” New entrants might struggle to match the gains of early investors.

“This won’t be a popular take but be careful what you wish for. I think the proliferation of meme coins will negatively impact the other sectors’ future returns, as new entrants pull liquidity away to chase the new cute dog of the month shilled by your favorite influencers in hope of quick gains.”

For more updates on the latest trends in the cryptocurrency market, keep exploring our news platform.

#CryptoTrading #DataScience

Post Views: 6