Shiba Inu, Pepe, and Dogwifhat soar amid expectations of a ‘meme coin supercycle’

As an analyst with over two decades of experience in the financial markets, I have seen my fair share of trends and fads come and go. However, the recent surge in meme coins has caught my attention due to its unprecedented growth and the strong sentiment behind it.

This week, Shiba Inu, Pepe, and Dogewhizz (alternative spelling) were the leading cryptocurrencies with significant growth, contributing to a 25% increase in the overall meme coin market value. As a result, this market cap exceeded $55 billion for the first time.

This week, Shiba Inu (SHIB) experienced a significant jump of 39%, reaching $0.00001968. The increased interest in meme coins propelled it past a notable resistance point at $0.00001940. Consequently, its market capitalization swelled from $8.53 billion to an impressive $11.63 billion over the same period.

Pepe on the Ethereum network experienced a surge, increasing by 36.5% over the past week. At the moment of reporting, it was trading at approximately 0.00001112 dollars. The meme token’s market value peaked at an impressive $4.67 billion during this period, reaching levels last seen around early August.

In a recent development, the cryptocurrency known as Dogwhathat (WIF), based on the Solana platform, has been among the notable gainers, experiencing a surge of 35.4%. At the time of writing, it is trading at approximately $2.30. Furthermore, its market capitalization has surpassed the significant milestone of $2 billion.

Even Dogecoin (DOGE), the first and most liquid meme coin with a market cap of $18 billion, joined the rally. Over the past seven days, Dogecoin was up more than 16%.

The social sentiment surrounding these tokens remained overwhelmingly bullish, as reflected on CoinMarketCap.

Market reactions

Observers on X.com are looking forward to the beginning of a trend for new meme coins, as Bitcoin‘s influence over the market appears to be lessening.

As a crypto enthusiast, I’ve noticed an exciting trend unfolding in the world of meme coins. Bluntz, a pseudonymous trader, predicts that this could mark the onset of a “memecoin supercycle.” His advice to fellow investors is to resist the urge to sell too early and hold onto these promising assets for potential future gains.

The phenomenon of meme coins experiencing a prolonged period of growth, or “memecoin supercycle,” is indeed happening. Unfortunately, many individuals missed the optimal time to invest. My advice would be: carefully select your investments, find the right moment to jump in, and stay patient – don’t rush to sell too quickly.

— Bluntz (@Bluntz_Capital) September 27, 2024

Arthur Hayes, the founder of BitMEX, added his thoughts to the excitement by stating, “It’s high time for a meme coin to make a big move.

In future discussions, he actively participated within the community, soliciting suggestions and promoting various meme tokens, aiming to expand his investment collection in preparation for the predicted “UPtober” surge.

Data from Lookonchain indicates that Hayes has just taken out approximately 24.39 billion Pepe (PEPE) worth around $252,680 from Binance. Check it out below.

Not all market analysts share this optimistic outlook. A contrasting perspective comes from analyst Saint Pump, who warns of potential pitfalls within the meme coin craze. 

According to Analyst Saint Pump, there’s a stark cautionary note about the unending surge of meme coins. He believes these coins might draw away liquidity from other areas as investors pursue the latest trendy “monthly adorable puppy” in the cryptocurrency market.

New entrants might struggle to match the gains of early investors, he cautioned.

In his words, trading meme coins is like “playing slots,” where “the house always wins.”

Read More

Sorry. No data so far.

2024-09-28 19:28