Meme coin mania has swept the cryptocurrency markets, captivating investors with a mix of humor, speculation and unexpected profits.
At the time of this writing, the sector boasted a market capitalization of over $66 billion and a 24-hour trading volume of $5.3 billion.
Data from cryptocurrency price tracking website CoinGecko shows that the market capitalization of the meme segment is significantly higher than other popular cryptocurrency narratives, including AI, DePIN, and Layer-2.
Let’s take a look at the latest trends and predictions for the most talked about meme coins.
- Dogecoin (DOGE)
- Shiba Inu (SHIB)
- Pepper (PEPPER)
- Super Trump (STRUMP) with political leanings
Dogecoin: A sleeping giant?
Dogecoin, which ranks 9th in the broader cryptocurrency market and is the top meme coin by market capitalization, has been on the rise recently.
Data shows that at the end of May, 84% of holders had made a profit. This positive sentiment highlighted the strong upward momentum experienced by meme coins over the past month.
Dogecoin recently surpassed Cardano (ADA) to enter the top 10 cryptocurrencies by market capitalization. It is currently ranked as the 6th most valuable unstable coin on the market.
The current price of Dogecoin is $0.159. According to CoinGecko, it is down 1.3% in the last 24 hours but has surged 20.8% over the past month.
If trading volume remains steady, the coin could continue its positive trajectory into next week, reflecting rising investor confidence and the potential for further gains.
DOGE’s technical indicators also indicate a bullish trend. The cryptocurrency is trading above its 200-day simple moving average (SMA) and exponential moving average (EMA), suggesting a strong and sustained upward trend.
Cryptocurrency market observers have also pointed out that if Dogecoin can maintain its current momentum and stay above key technical levels, the price could rise further. However, they also advise caution due to the volatility inherent in the cryptocurrency market.
Analyst and trader Ali Martinez predicted a significant rise in the price of the meme coin, noting that market sentiment was eerily similar to earlier this year just before DOGE’s 200% surge.
Shiba Inu: Meme Coin Surpasses Bitcoin
Another meme coin that is consistently moving in the market is Shiba Inu.
Ranking second among meme coins by market capitalization, Shiba Inu has outperformed Bitcoin at one point, with a whopping 136% gain in 2024 compared to Bitcoin’s 69%.
SHIB began trading below $0.000025 last week and has fluctuated between $0.000025 and $0.000027.
As the weekend approached, Shiba Inu’s price soared to nearly $0.00003, putting it in the top ten cryptocurrencies by market capitalization.
To make matters worse, SHIB ended May ranked second on Robinhood’s list of top weekly gainers.
At the time of writing, SHIB is trading at $0.00002498, down slightly by 1.4% in 24 hours.
Pepe: endless pursuit
Further reinforcing the meme coin narrative, Pepe (PEPE) recently recorded impressive performance with a market capitalization of $6.26 billion and 24-hour trading volume of $846 million.
The coin’s market capitalization has risen by more than $3 billion in the past month, making it a serious contender for the Shiba Inu’s place.
Despite being down 4.3% the previous day, Pepe’s gains over various periods have been impressive.
According to CoinGecko, the price of meme coins has risen 64.5% over the past 14 days, and over 30 days, it has risen 87.5%.
Analysts such as prominent trader Altcoin Sherpa remain bullish on Pepe. He suggested that meme coins have long-term potential and could yield significant gains in the coming months.
Super Trump: Political Drama and Market Performance
Elsewhere, interest in several Trump-themed meme coins has surged following former President Donald Trump’s recent conviction for falsifying business records.
The political drama has caused the price of Super Trump to rise by 58% in the last 24 hours. It became the third highest price increaser in the meme category during that period.
Currently trading at $0.0255, STRUMP has had an impressive rally, up 493.8% in the past two weeks and 616.4% in 30 days.
Another Trump-related meme coin is MAGA VP (MVP). The token showed a slight gain on the last day, up 5.1%.
Other coins such as MAGA (TRUMP), MAGA Hat (MAGA), and MAGA Pepe (MAGAPEPE) all experienced price declines over the course of 24 hours.
TRUMP lost almost 5% in value, while MAGA Hat lost a small 0.47%. MAGAPEPE has suffered even bigger losses, with its current price down 27.33%.
In a series of twists and turns, Trump became the first US president to accept Bitcoin Lightning Network payments as campaign donations.
The Trump campaign is partnering with OpenNode to allow supporters to donate to his 2024 presidential campaign using Bitcoin (BTC).