Tracking the Rise of Dogecoin Shiba Inu Trump Tokens and Other Meme Coins
The world of meme coins has taken the cryptocurrency market by storm, captivating investors with its unique mix of humor, speculation, and unexpected profits. With a market capitalization exceeding $66 billion and a 24-hour trading volume of $5.3 billion, the meme sector is currently dominating the crypto landscape.
According to data from CoinGecko, meme coins are outperforming other popular crypto narratives such as AI, DePIN, and layer-2 in terms of market capitalization. Let’s take a closer look at some of the most talked-about meme coins and their recent trends and forecasts:
Dogecoin (DOGE)
Shiba Inu (SHIB)
Pepe (PEPE)
The politically-charged Super Trump (STRUMP)
Dogecoin, often referred to as a sleeping giant, is currently ranked ninth in the broader crypto market and first among meme coins in terms of market cap. With 84% of its holders in profit as of the end of May, Dogecoin has been experiencing significant upward momentum. Recently surpassing Cardano (ADA) to break into the top 10 cryptocurrencies by market cap, Dogecoin is now the sixth most valuable non-stablecoin on the market. Priced at $0.159, Dogecoin has seen a 20.8% surge over the past month, despite a slight 1.3% dip in the last 24 hours.
Shiba Inu, ranked second among meme coins in terms of market cap, has been a standout performer in 2024, even outpacing Bitcoin at one point with a 136% rise compared to Bitcoin’s 69%. Starting below $0.000025 last week, SHIB has been fluctuating between $0.000025 and $0.000027, with a recent surge to nearly $0.00003. This propelled it into the top 10 cryptocurrencies by market cap, closing out the month of May as the second spot on Robinhood’s list of top weekly gainers.
Pepe has also shown remarkable performance recently, 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 has registered impressive gains over different periods. Analysts remain bullish on Pepe, suggesting it holds long-term potential and could see significant gains in the coming months.
The political drama surrounding ex-President Donald Trump’s recent conviction for falsifying business records has sparked interest in Trump-themed meme coins like Super Trump (STRUMP). Currently 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. Other Trump-associated meme coins like MAGA VP (MVP) have also seen gains, while others like TRUMP, MAGA Hat, and MAGA Pepe have experienced price dips.
In a surprising move, Trump has become the first American president to accept Bitcoin Lightning Network payments for campaign donations, signaling a potentially significant shift in the intersection of politics and cryptocurrency.
