The cryptocurrency market in 2024 has seen a significant rise in the popularity and performance of meme coins like Shiba Inu (SHIB) and Pepe (PEPE), with some Trump-themed coins also experiencing surges due to political events.
As a researcher studying the current trends in the cryptocurrency market, I’ve noticed an intriguing phenomenon: the rise of meme coins. These digital currencies have gained immense popularity through their combination of humor, speculative potential, and seemingly unpredictable price swings.
Currently, the industry boasts a market value exceeding $66 billion and a daily trading volume of approximately $5.3 billion.
According to the data from crypto tracking site CoinGecko, the market capitalization of the meme cryptocurrency sector stands out significantly more than that of other prominent crypto themes like AI, DeFi, and layer-2 solutions.
Let’s look into the recent trends and forecasts for some of the most talked-about meme coins:
Dogecoin: a sleeping giant?
Among all cryptocurrencies, Dogecoin holds the ninth position with the largest market capitalization. In the specific category of meme coins, it takes the top spot. Lately, Dogecoin has experienced significant growth.
According to the data, approximately 84% of its owners saw profits by the end of May, indicating a robust upward trend for the meme coin during the previous month.
Recently, Dogecoin has managed to surpass Cardano (ADA) and entered the top 10 largest cryptocurrencies by market capitalization. Currently, it holds the position of the sixth most valuable non-stablecoin in the market.
As a crypto investor, I’m observing that Dogecoin is currently trading at a price of $0.159. Despite a minor setback with a 1.3% decrease in the last day, it has impressively gained 20.8% over the past month, based on the data from CoinGecko.
Should the trading volume remain consistent, the coin may persist in its upward trend throughout the upcoming week, indicative of increasing investor faith and the likelihood of additional profits.
The technical indicators for Dogecoin indicate a bullish market. The digital currency is currently trading above both its 200-day Simple Moving Average and Exponential Moving Average, which is an indication of a robust and prolonged upward trend.
Experts observing the crypto sphere suggest that Dogecoin’s ongoing surge may continue if it manages to hold above crucial technical thresholds. Yet, they urge a note of warning given the unpredictable nature of the cryptocurrency market.
As an analyst, I’ve observed a striking resemblance between the current market sentiment towards the meme coin and the mood preceding Dogecoin’s remarkable 200% price surge earlier this year. Based on my analysis, I’m forecasting a substantial price increase for the meme coin.
As a Dogecoin investor, I’ve noticed that the market sentiment towards my favorite meme coin is as pessimistic as it was back in early February. However, we all remember how dramatically the price of Dogecoin surged by an astounding 200% shortly after! So, keep your eyes peeled and fingers crossed for another potential surge!
— Ali (@ali_charts) May 31, 2024
Shiba Inu: Meme coin outperforms Bitcoin
Another meme coin that has been motoring steadily in the market is Shiba Inu.
As a market analyst, I’ve observed that Shiba Inu ranks as the second largest meme coin based on market capitalization. Surprisingly, in the year 2024, Shiba Inu has shown exceptional growth, even surpassing Bitcoin’s price increase of 69% with an impressive leap of 136%.
Memecoins have experienced significant growth over the past week, drawing investment away from Bitcoin. This trend could be interpreted in various ways depending on one’s perspective. Some might view it as a sign of increased investor interest and innovation within the crypto space, while others may see it as a potential threat to Bitcoin’s dominance or even a bubble. Ultimately, the impact on cryptocurrencies as a whole remains to be seen.
— Joao Wedson (@joao_wedson) May 26, 2024
SHIB started trading below $0.000025 last week, fluctuating between $0.000025 and $0.000027.
As a cryptocurrency analyst, I’ve observed an intriguing development towards the end of the past week. The value of Shiba Inu reached almost $0.00003, enabling it to break into the list of the top 10 digital currencies in terms of market capitalization.
SHIB finished May strongly by ranking as the second biggest gainer during the weekly chart on Robinhood’s list.
#ThisWeekInCrypto and our full list of crypto available at:
See you in June.
— Robinhood (@RobinhoodApp) May 31, 2024
At the time of writing, SHIB was trading at $0.00002498, a slight 1.4% dip over 24 hours.
Pepe: relentless in pursuit
Building on the trend of meme coins, PEPE has experienced impressive gains. Currently boasting a market capitalization of $6.26 billion and recording a robust trading volume of $846 million within the past 24 hours.
As a crypto investor, I’ve observed an impressive surge in this coin’s value over the past month. With more than $3 billion added to its market capitalization during this period, it has undeniably emerged as a formidable rival to Shiba Inu.
Despite a 4.3% dip in the last day, Pepe’s gains over different periods have been impressive.
Based on data from CoinGecko, I’ve observed a notable increase in the price of this meme coin over the past two weeks, with a growth of approximately 64.5%. The price surge was more substantial when viewed over a longer period of 30 days, reaching an impressive gain of around 87.5%.
Prominent trader Altcoin Sherpa, as expressed by analysts, maintains a positive outlook for Pepe. They believe that this meme coin possesses great potential for the future and may experience considerable growth within the upcoming months.
Super Trump: political drama and market performance
In other parts of the cryptocurrency world, there has been a renewed buzz around Trump-branded meme coins due to the recent legal verdict against former President Donald Trump for allegedly falsifying business documents.
In the past day, the political upheaval has caused Super Trump’s price to surge by an impressive 58%. This makes it the third most price-effective meme during this timeframe.
At present, STRUMP is priced at $0.0255. Over the past two weeks, this asset has experienced remarkable growth, surging by 493.8%. Within the last month, its value has risen significantly by an impressive 616.4%.
The cryptocurrency MAGA VP (MVP), linked with Trump, experienced a moderate surge, rising by 5.1% in the recent 24 hours.
As a researcher examining the cryptocurrency market, I’ve noticed that the values of coins with similar names to “MAGA” such as MAGA (TRUMP), MAGA Hat (MAGAHAT), and MAGA Pepe (MAGAPEPE), have all experienced a decrease in price over the past 24 hours.
Trump experienced a significant decrease in value, approximately 4.8%, whereas the MAGA Hat only saw a small decline of 0.47%. In contrast, MAGAPEPE suffered substantial losses, with its current price being 27.33% lower.
As a financial analyst, I can tell you that during his presidency, Donald Trump made history by becoming the first American leader to receive Bitcoin donations through the Lightning Network for his campaign funds.
The Trump campaign is partnering with OpenNode to enable Bitcoin (BTC) contributions to his 2024 presidential campaign for supporters.
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2024-06-02 21:37