Markets
tracking the rise of Dogecoin, Shiba Inu, Trump tokens and more
The meme coin craze has swept the cryptocurrency market, captivating investors with its mix of humor, speculation and unexpected gains.
At the time of writing, the sector boasts a market capitalization of over $66 billion and a 24-hour trading volume of $5.3 billion.
Analyzing data from crypto price tracking site CoinGecko, the memes The sector’s market capitalization is markedly higher than that of other popular crypto narratives such as AI, DePIN, and Layer 2.
Let’s look at recent trends and predictions 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 in terms of market capitalization, Dogecoin has been on a roll lately.
The data reveals that 84% of its holders made a profit at the end of May. This positive sentiment highlighted the strong upward momentum the meme coin has experienced over the past month.
Dogecoin also recently surpassed Cardano (ADA) to enter the top 10 cryptocurrencies by market cap. It is now the sixth most valuable non-stable coin on the market.
Currently, Dogecoin costs $0.159. Although it registered a 1.3% drop in the last 24 hours, it increased by 20.8% in the last month, according to CoinGecko.
24-hour Dogecoin price chart | Source: CoinGecko
If its trading volume remains stable, the coin could continue its positive trajectory next week, reflecting growing investor confidence and the potential for further gains.
Technician indicators for DOGE also point to an uptrend. The cryptocurrency is trading above the 200-day simple moving average (SMA) and exponential moving average (EMA), suggesting a strong and sustained uptrend.
Crypto market watchers have also noted that if Dogecoin manages to maintain its current momentum and remain above key technical levels, its price could rise further. However, they also advise caution due to the inherent volatility of the cryptocurrency market.
Analyst and trader Ali Martinez predicted a significant rise in the meme coin’s price, noting that market sentiment is eerily similar to that at the beginning of the year, just before DOGE soared 200%.
Shiba Inu: Meme coin surpasses Bitcoin
Another meme coin that has been continuously circulating in the market is the Shiba Inu.
Ranked second among meme coins in terms of market capitalization, Shiba Inu has had a standout performance in 2024, even surpassing Bitcoin at one point with an impressive 136% increase compared to Bitcoin’s 69%.
SHIB began trading below $0.000025 last week, fluctuating between $0.000025 and $0.000027.
Towards the end of the week, Shiba Inu’s price rose to nearly $0.00003, placing it among the top 10 cryptocurrencies by market cap.
To further increase its status, SHIB closed the month of May securing second place on Robinhood’s list of biggest weekly earners.
At the time of writing, SHIB is trading at $0.00002498, a slight drop of 1.4% in 24 hours.
Pepe: relentless in pursuit
Further reinforcing the meme coin narrative, Pepe (PEPE) recently recorded remarkable performance, with a market cap of $6.26 billion and a 24-hour trading volume of $846 million.
The currency’s appreciation last month, where it added more than US$3 billion to its market value, has positioned it as a serious contender to take Shiba Inu’s place.
Despite the 4.3% drop in the last day, Pepe’s gains across different periods were impressive.
According to CoinGecko, over the previous 14 days, the meme coin’s price rose 64.5%, while gains were even greater over 30 days at 87.5%.
Analysts such as prominent Altcoin trader Sherpa remain bullish on Pepe. He suggested that the meme coin has long-term potential and could see significant gains in the coming months.
$PEPE both will likely pull back in the near term, but I still believe both will be much higher in the coming months. I have both pic.twitter.com/cAFwlZBgw8
– Altcoin Sherpa (@AltcoinSherpa) May 31, 2024
Super Trump: political drama and market performance
Elsewhere, several Trump-themed meme coins have seen a surge in interest following the recent conviction of the former president donald trump for falsifying business records.
The political drama has driven up the price of Super Trump by as much as 58% in the last 24 hours. It became the third biggest price gainer in the meme sector in that period.
Currently trading at $0.0255, STRUMP has seen impressive gains, with a 493.8% increase over the previous fortnight and a 616.4% jump in 30 days.
Another meme coin associated with Trump is MAGA VP (MVP). The token made modest gains over the last day, recording a 5.1% increase.
Other coins such as MAGA (TRUMP), MAGA Hat (MAGA) and MAGA Pepe (MAGAPEPE) saw their prices fall within 24 hours.
TRUMP lost almost 5% of its value, while MAGA Hat fell a tiny 0.47%. MAGAPEPE, in turn, has suffered much greater losses, with its price currently down 27.33%.
Amid the ups and downs, 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 (Bitcoin).