Meme mania has swept the cryptocurrency market, luring investors with its mix of humour, speculation and unexpected gains.
At the time of writing, the sector boasted a market capitalization of over $66 billion and a 24-hour trading volume of $5.3 billion.
Looking at data from cryptocurrency price tracking site CoinGecko, the market cap of the meme sector is significantly higher than that of other popular crypto stories such as AI, DePIN, and Layer 2.
Let's take a look at the recent trends and forecasts of some of the most widely traded meme coins:
- Dogecoin (DOGE)
- Shiba Inu (SHIB)
- pepper (pepper)
- Politically Charged Super Trump (STRUMP)
Dogecoin: a sleeping giant?
Ranked ninth in the broader cryptocurrency market and first among memecoins by market capitalization, Dogecoin has enjoyed great success recently.
The data reveals that 84% of holders were profitable by the end of May. This positive sentiment highlighted the strong upward momentum the meme coin has seen over the past month.
Dogecoin also recently overtook Cardano (ADA) to break into the top 10 cryptocurrencies by market cap. It now ranks sixth in terms of the value of cryptocurrencies on the market.
Currently, the price of Dogecoin is $0.159. Although it saw a 1.3% decline over the past 24 hours, it has risen 20.8% over the past month, according to CoinGecko.
If its trading volume remains steady, the coin may continue its positive trajectory into next week, reflecting growing investor confidence and the potential for further gains.
idiomatic Indicators DOGE also indicates an uptrend. The cryptocurrency is trading above the 200-day simple moving average (SMA) and exponential moving average (EMA), indicating a strong and sustainable uptrend.
Cryptocurrency market watchers have also noted that if Dogecoin can maintain its current momentum and stay above key technical levels, its price could rise further. However, they also advise caution due to the inherent volatility of the cryptocurrency market.
Analyst and trader Ali Martinez predicted a significant increase in meme coin prices, noting that market sentiment is eerily similar to what it was earlier in the year, right before DOGE's 200% surge.
Shiba Inu: Meme Coin Beats Bitcoin
Another meme coin that has been moving steadily in the market is the Shiba Inu.
Ranked second among memes by market cap, Shiba Inu has been an outstanding performer in 2024, even outperforming Bitcoin at one point with a staggering 136% rise compared to Bitcoin's 69%.
SHIB began trading at just under $0.000025 last week, fluctuating between $0.000025 and $0.000027.
At the end of the week, the price of the Shiba Inu rose to nearly $0.00003, pushing it into the top 10 cryptocurrencies by market cap.
To further complicate its situation, SHIB ended the month of May securing second place on Robinhood's list of top weekly gainers.
At the time of writing, SHIB is trading at $0.00002498, down slightly by 1.4% over 24 hours.
Pepe: Relentless in pursuit
Further strengthening the meme coin narrative, Pepe (PEPE) recently recorded an impressive performance, with a market capitalization of $6.26 billion and a 24-hour trading volume of $846 million.
The coin's rally last month, adding more than $3 billion to its market cap, has made it a serious contender for the Shiba Inu's position.
Despite the 4.3% drop in the last day, Pepe's gains over various periods have been impressive.
According to CoinGecko, in the past 14 days, the price of the memecoin has risen by 64.5%, while over 30 days the gains were even larger at 87.5%.
Analysts like prominent trader Altcoin Sherpa remain bullish on Pepe. He noted that the meme currency holds long-term potential and could see significant gains in the coming months.
Super Trump: Political Drama and Market Performance
Elsewhere, several Trump-themed memes have seen a spike in interest after the latest one Belief Former President Donald Trump was charged with falsifying business records.
The political drama has seen the price of Super Trump rise by as much as 58% in the past 24 hours. It became the third highest priced meme segment in that period.
Currently trading at $0.0255, STRUMP has shown impressive gains, with a 493.8% increase over the past two weeks and a 616.4% jump over 30 days.
Another meme coin associated with Trump is the MAGA VP (MVP). The token made modest gains in the last day, registering a 5.1% rise.
Other coins such as MAGA (TRUMP), MAGA Hat (MAGA), and MAGA Pepe (MAGAPEPE) saw their prices decline over a 24-hour period.
Trump lost nearly 5% of its value, while MAGA Hat stock fell a meager 0.47%. For its part, MAGAPEPE has suffered much larger losses, with its price currently down by 27.33%.
Amid the ups and downs, Trump became the first US president to accept Bitcoin Lightning Network payments in exchange for campaign donations.
The Trump campaign is partnering with OpenNode to enable supporters to donate to his 2024 presidential campaign using Bitcoin (BTC).
