As a seasoned researcher with a decade of experience in the cryptocurrency market, I have witnessed countless bull runs and bear markets. However, the current surge in meme coins like DOGE, SHIB, PEPE, FLOKI, BRETT, and many others is truly unprecedented.
TL;DR
- Meme coins like DOGE, SHIB, PEPE, FLOKI, BRETT, and many more have charted double-digit price increases in the last 24 hours.
- Conversely, MOG, SPX, and GIGA are among the few that have not followed the green wave.
Memes are on Fire
Meme coins have been thriving significantly since the victory of Donald Trump in the U.S. presidential elections. Just today (November 12), their combined market value skyrocketed to an unprecedented peak of over $120 billion, marking a staggering 27% surge within a 24-hour period.
The significant surge in value is primarily driven by Dogecoin (DOGE), often referred to as the main catalyst. Lately, it appears that this popular meme coin’s upward trend is unyielding. At the time of writing this text, the coin stands at approximately $0.40, representing a staggering 260% increase in its value over the past month.
The rally could be traced back to Elon Musk, who intends to lead a fresh department within the Trump administration, known as the Department of Operational Government Efficiency (DOGE).
Shiba Inu (SHIB), Dogecoin’s main competitor, is also experiencing growth. Just a few hours ago, it reached a seven-month high of $0.00003014 and is currently trading at approximately $0.00002898. This surge in value corresponds with the reemergence of Shibarium, its layer-2 scaling solution, and an escalating burn rate for SHIB tokens, which has been skyrocketing recently.
A large number of meme tokens are experiencing significant growth over the past day. For instance, BONK has increased by 23%, BRETT by 25%, PEPE by 20%, NEIRO by 19%, among many others.
The very few being in red territory include GIGA (-15%), SPX (-8%), MOG (-3%), and DOGS (-3%).
DOGE Eyes a New ATH
The resurgence of Dogecoin has sparked significant excitement throughout the crypto sphere, as many players in the industry anticipate a potential surge towards another record high within the coming days.
User Mikybull Crypto recently pointed out the appearance of a “golden cross” on DOGE’s chart. This analyst recalls that a similar pattern in the previous cycle led to a massive 7,000% price increase. If history is set to repeat itself, we could potentially witness Dogecoin soaring up to around $30.
It’s important to note that a rally of this magnitude would necessitate the market capitalization of the asset exceeding $4.2 trillion. However, the total capitalization of the cryptocurrency sector is currently lower than this figure, making the prediction seem rather unrealistic.
However, memes have shown they have the potential to chart immense gains and defy previous expectations. At the same time, their prices can head south just as easily, leading to devastating losses for inexperienced or overleveraged traders. That said, people need to conduct proper due diligence before entering the ecosystem and invest only as much as they are ready to lose.
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2024-11-12 12:06