Markets
track the surge in Dogecoin, Shiba Inu, Trump tokens and more
The meme coin craze has swept the cryptocurrency market, captivating investors with its blend of humor, speculation and unexpected gains.
At the time of this 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 cryptocurrency price tracking website CoinGecko, the memes The market capitalization of the sector is significantly higher than that of 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 coins:
Dogecoin: a sleeping giant?
Ranked ninth in the broader cryptocurrency market and first among meme coins in terms of market capitalization, Dogecoin has seen great success lately.
The data reveals that 84% of its shareholders were in profit at the end of May. This positive sentiment underlined 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 capitalization. It is now the sixth most valuable non-stablecoin on the market.
Currently, Dogecoin is priced at $0.159. Although it has seen a decline of 1.3% in the last 24 hours, it has increased by 20.8% in the last month, according to CoinGecko.
Dogecoin Price Chart 24 Hours | Source: CoinGecko
If its trading volume remains stable, the coin could continue its positive trajectory into the coming week as well, reflecting growing investor confidence and the potential for further gains.
Technician indicators also for DOGE they indicate a bullish trend. 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 observers 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 of the cryptocurrency market.
Analyst and trader Ali Martinez predicted a significant increase in the meme coin’s price, pointing out that market sentiment is eerily similar to what it was at the beginning of the year, right before DOGE skyrocketed 200%.
Shiba Inu: the meme coin surpasses Bitcoin
Another meme coin that has had consistent success 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 an incredible 136% increase compared to Bitcoin’s 69%.
Last week SHIB started trading below $0.000025, fluctuating between $0.000025 and $0.000027.
Towards the end of the week, the price of Shiba Inu rose to nearly $0.00003, placing it among the top 10 cryptocurrencies by market capitalization.
To further solidify its status, SHIB ended the month of May securing second place 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: relentless in pursuit
Further reinforcing the meme coin narrative, Pepe (PEPPER) has recently seen impressive performance, 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 has added more than $3 billion to its market capitalization, has positioned it as a serious contender for Shiba Inu’s spot.
Despite a 4.3% drop in the last day, Pepe’s gains over the different periods have been impressive.
According to CoinGecko, in the previous 14 days, the price of the meme coin increased by 64.5%, while in the 30 days the gains were even greater, at 87.5%.
Analysts like renowned 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.
$PEPPER both will likely retreat 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 recent surge in interest belief of the former president Donald Trump for falsification of company documents.
The political drama has pushed Super Trump’s price as much as 58% in the past 24 hours. In that time it became the third largest price gainer in the meme industry.
Currently trading at $0.0255, STRUMP has shown impressive gains, up 493.8% from the previous two weeks and jumping 616.4% in 30 days.
Another meme coin associated with Trump is MAGA VP (MVP). The token posted modest gains over the past day, rising 5.1%.
Other coins such as MAGA (TRUMP), MAGA Hat (MAGA), and MAGA Pepe (MAGAPEPE), all saw their prices drop in the span of 24 hours.
TRUMP lost nearly 5% of its value, while MAGA Hat fell a minuscule 0.47%. MAGAPEPE, for its part, has suffered much greater losses, with its price currently down 27.33%.
Through thick and thin, Trump became the first American president to accept payments via the Bitcoin Lightning Network for campaign donations.
The Trump campaign is teaming up with OpenNode to allow supporters to donate to his 2024 presidential campaign using Bitcoin (Bitcoin).