The craze for meme coins has taken over the cryptocurrency market, captivating investors with its mix of humor, speculation, and surprising profits. Currently, the meme sector boasts a market capitalization exceeding $66 billion, with a 24-hour trading volume of $5.3 billion.
When compared to other popular crypto narratives such as AI, DePIN, and layer-2, the meme sector’s market cap stands out significantly higher, as per data from CoinGecko. Let’s delve into the recent trends and predictions for some of the most buzzed-about meme coins:
Dogecoin (DOGE)
Shiba Inu (SHIB)
Pepe (PEPE)
The politically-driven Super Trump (STRUMP)
Dogecoin, often dubbed as a sleeping giant, holds the ninth position in the broader crypto market and leads meme coins based on market cap. Recent data indicates that 84% of Dogecoin holders were in profit as May drew to a close, reflecting the strong upward trend the meme coin has been experiencing. Surpassing Cardano (ADA), Dogecoin now ranks sixth among non-stablecoin cryptocurrencies, priced at $0.159. Although it saw a slight dip of 1.3% in the last 24 hours, it has surged by 20.8% over the past month according to CoinGecko. If its trading volume remains stable, Dogecoin could potentially continue its positive trajectory into the following week, fueled by rising investor confidence.
Shiba Inu, currently in the second position among meme coins in terms of market cap, has outperformed Bitcoin in 2024 with a notable 136% increase compared to Bitcoin’s 69%. Starting below $0.000025 last week, SHIB’s price fluctuated between $0.000025 and $0.000027, eventually surging to nearly $0.00003 by the end of the week. This propelled it into the top 10 cryptocurrencies by market cap.
Pepe, another meme coin, has shown remarkable growth with a $6.26 billion market cap and an $846 million 24-hour trading volume. Despite a 4.3% dip in the last day, Pepe’s gains over different time frames have been impressive, with a 64.5% increase in the previous 14 days and an 87.5% rise over 30 days. Analysts like Altcoin Sherpa remain optimistic about Pepe’s long-term potential for significant gains in the upcoming months.
Super Trump, a Trump-themed meme coin, has seen a surge in interest following ex-President Donald Trump’s recent conviction for falsifying business records. Trading at $0.0255, STRUMP has shown impressive gains, with a 493.8% increase over the previous fortnight and a 616.4% jump across 30 days. Another Trump-associated meme coin, MAGA VP, made modest gains in the last day with a 5.1% uptick.
Despite fluctuations, Trump has become the first American president to accept Bitcoin Lightning Network payments for campaign donations, partnering with OpenNode to enable supporters to donate using Bitcoin (BTC). Amidst the ups and downs, the meme coin market continues to see exciting developments and potential for growth.