Memecoin Melonjak Gila-Gilaan, Bitcoin Jadi Pemicu Kenaikan!
Release: 2024/10/01 12:24 Reading: 289
Recent Bitcoin (BTC) surge has propelled memecoins to rally and post impressive performances.
According to IntoTheBlock, several memecoins have logged significant gains over the past 30 days, with some even exhibiting double-digit increases.
Dogwifhat Surges 46% in September
Among the notable performers is Dogwifhat (WIF), which surged 46% in September. WIF's price touched $2.20, and its market capitalization briefly rebounded above $2 billion for the first time in seven weeks.
Despite this, WIF's holder count only grew by 1.29% during the same period, suggesting that the rally was primarily driven by speculators rather than new investors.
Dogwifhat breached a key resistance level on September 24 when it surpassed $1.96, and its price currently exhibits bullish momentum with the next target at $2.85.
Analysts indicate that the FOMO surrounding WIF could potentially push its price above $3 in the near term, as predicted by some crypto market experts.
Memecoin Pepe (PEPE) Spikes in Trading Volume
In addition to Dogwifhat, PEPE has also commanded attention. PEPE gained over 31% in the past week, reaching its highest value since August 3rd.
PEPE's trading volume has also skyrocketed, reaching over $1.3 billion on September 27th, a 35% increase in the last 24 hours and a 316% increase over the past seven days.
This surge has positioned PEPE as the most-traded meme token, even surpassing Dogecoin by over $700 million in volume.
PEPE's market capitalization has rebounded to $4 million, solidifying its position as the third-largest memecoin by market cap. After weeks of stagnant price action, PEPE appears to have regained momentum and is trending upwards.
Shiba Inu (SHIB) Leads Memecoin Rally
Shiba Inu (SHIB) has also joined the rally and emerged as a leader. In the past week, SHIB has posted gains of up to 40%.
With its strong rally, SHIB has established itself as a top performer in the market and is among the top gainers in the memecoin sector.
The surge coincides with optimism in the altcoin market following signals of a policy shift from the Fed, boosting sentiment in the crypto space for a broader altseason.
According to AMBCrypto, although SHIB's price action has slowed slightly after hitting its 200-day Moving Average (MA), its Relative Strength Index (RSI) remains in overbought territory.
This indicates strong speculative interest in SHIB, which could provide further fuel for the ongoing memecoin rally.
Market Capitalization and Future Upside Potential
Data shows that the total market capitalization for memecoins has grown to $53.7 billion, representing a 34.5% spike in the past week.
Meanwhile, over $8.5 billion in memecoin trading volume has been recorded in the last 24 hours, reflecting increased liquidity and speculative enthusiasm in the sector.
According to IntoTheBlock, much of the gains in the memecoin sector have been driven by higher risk-taking investors following Bitcoin's uptick.
Currently, the total market value of memecoins has reached all-time highs, with year-to-date (YTD) returns of 1,160%, outperforming other crypto assets such as Bitcoin and altcoins.
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