Meme coin mania: tracking the surge of Dogecoin, Shiba Inu, Trump tokens and more
Meme coin mania has swept the cryptocurrency market, captivating investors with its blend of humor, speculation, and unexpected gains.
At the time of writing, the sector boasted a market capitalization of more than $66 billion and a 24-hour trading volume of $5.3 billion.
Looking at data from crypto price tracking website CoinGecko, the meme sector’s market cap is markedly higher than that of other popular crypto narratives such as AI, DePIN, and layer-2.
Let’s look 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 in terms of 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 underscored the strong upward momentum the meme coin had experienced over the past month.
Dogecoin also recently overtook Cardano (ADA) to break into the top 10 cryptocurrencies by market cap. It now ranks as the sixth most valuable non-stablecoin on the market.
Currently, Dogecoin is priced at $0.159. Although it saw a dip of 1.3% in the last 24 hours, it has surged by 20.8% over the past month, according to CoinGecko.
If its trading volume stays steady, the coin could continue its positive trajectory into next week, reflecting growing investor confidence and the potential for further gains.
Technical indicators for DOGE also point to 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 watchers have also noted that if Dogecoin can maintain its current momentum and stay above key technical levels, its price could rise further. However, they also advise caution due to the inherent volatility in the cryptocurrency market.
Analyst and trader Ali Martinez has forecasted a significant price increase for the meme coin, noting that the market sentiment is eerily similar to earlier in the year, right before DOGE skyrocketed by 200%.
Shiba Inu: Meme coin outperforms Bitcoin
Another meme coin that has been motoring steadily in the market is Shiba Inu.
Ranked second among meme coins in terms of market cap, Shiba Inu has been a standout performer in 2024, even outpacing 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.
Toward the end of the week, the price of Shiba Inu surged to nearly $0.00003, propelling it into the top 10 cryptocurrencies by market cap.
To further compound its status, SHIB closed out the month of 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, a slight 1.4% dip over 24 hours.
Pepe: relentless in pursuit
Further reinforcing the meme coin narrative, Pepe (PEPE) has recently registered remarkable performance, with a $6.26 billion market cap and an $846 million 24-hour trading volume.
The coin’s rise in the past month, where it added over $3 billion to its market cap, positioned it as a serious contender for Shiba Inu’s spot.Â
Despite a 4.3% dip in the last day, Pepe’s gains over different periods have been impressive.
According to CoinGecko, 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%.
Analysts like prominent trader Altcoin Sherpa remain bullish on Pepe. He suggested the meme coin holds long-term potential and could see significant gains in the coming months.
Super Trump: political drama and market performance
Elsewhere, several Trump-themed meme coins have seen a surge in interest following the recent conviction of ex-President Donald Trump for falsifying business records. Â
The political drama has pushed the price of Super Trump by as much as 58% in the last 24 hours. It became the third-highest price gainer in the meme sector in 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.
Another meme coin associated with Trump is MAGA VP (MVP). The token made modest gains in the last day, registering a 5.1% uptick.Â
Others coins like MAGA (TRUMP), MAGA Hat (MAGA), and MAGA Pepe (MAGAPEPE), all saw their prices dip over 24 hours.
TRUMP lost nearly 5% of its value, while MAGA Hat dropped a miniscule 0.47%. MAGAPEPE, on its part, suffered far greater losses, with its price currently down 27.33%.Â
Amidst 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 make it possible for supporters to donate to his 2024 presidential campaign using Bitcoin (BTC).
