Altcoins Surge as Shiba Inu and Other Memecoins Capitalize on Fed’s Shift
Release: 2024/09/28 21:00 Reading: 227
Memecoins Dominate Altcoin Rally
Key Points:
- Memecoins are driving the ongoing altcoin rally, with Shiba Inu (SHIB) exhibiting notable momentum.
- Despite a brief cool-off, speculative interest in memecoins remains robust, potentially benefiting the sector.
Altcoin Dominance
Following the Federal Reserve's policy shift in mid-September, the altcoin sector has experienced a surge in value, reinforcing expectations of an impending alt season. A prominent trend has emerged: the rise of memecoins.
Analysts from Glassnode have identified this trend, noting that memecoins such as Shiba Inu (SHIB) and Pepe (PEPE) are leading the early alt season with significant momentum.
Shiba Inu's Leadership
As of September 27th, eight of the top ten memecoins, including SHIB, have recorded double-digit gains ranging from 25% to 50% over the past month. SHIB has been particularly impressive during this rally, posting a 40% increase.
However, SHIB's rally has recently cooled slightly near its 200-day Moving Average (MA), and the Relative Strength Index (RSI) indicates overbought conditions. Nonetheless, speculative interest in memecoins remains strong compared to other sectors, which could provide further support.
Speculative Interest in Memecoins
According to Coinglass, memecoins ranked first in Open Interest (OI) over the past 24 hours, with approximately double the interest compared to the second-place sector, Gaming. Memecoins also ranked third in trading volume during the same period, suggesting ongoing speculation and liquidity support.
This intense speculative interest in memecoins could potentially reinforce their market dominance in the third quarter of 2023. In the first half of 2023, the sector was a top performer, even surpassing Bitcoin (BTC) in terms of gains.
Overall, memecoins currently hold the highest year-to-date (YTD) gains, with impressive returns of 1160%.
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