- SHIB led the latest memecoin rally amid overall altcoin market optimism.
- Memecoins was the best performing sector on a YTD basis.
The altcoin sector has seen strong gains since the Fed pivot in mid-September, which has bolstered confidence in the market’s much-anticipated early innings. alternate season. But at press time, a familiar trend seemed to be emerging. Meme Coin dominance.
Founder of Glassnode famous Likewise, early in the alt season, memecoins claim to be in the lead. In doing so, they emphasized: dogwifehat (WIF), Shiba Inu (SHIB)and Pepper (PEPPER) It is showing strong driving force.
“We just entered altcoin season 5 days ago, and we’re already seeing strong momentum for #memecoins.”
SHIB leads the memecoin rally
Source: CoinMarketCap
As of September 27, eight of the top ten memecoins, including SHIB, WIF, and MOG, have recorded double-digit gains of between 25% and 50% over the past 30 days of trading. SHIB showed an unusual characteristic in this week’s rally, with the same increase of 40%.
As of press time, SHIB’s rally has cooled slightly near the 200-day moving average (MA). Additionally, RSI shows overbought conditions.
Source: SHIB/USDT, TradingView
However, there is stronger speculative market interest in memecoins compared to other categories, which could boost the sector.
According to Coinglass, Memcoin ranked first (12%) in open interest (OI) in the last 24 hours. This figure is approximately twice the market interest of the second-ranked gaming sector (6.8%).
Memecoin also ranked third in trading volume during the same period. This highlighted strong liquidity injections and speculators in the sector over the weekend.
Source: Coinglass
This huge speculative enthusiasm for MEMCOIN could strengthen its market dominance again in the third quarter. In the first half of 2024, the sector was among its best performers and even Bitcoin (BTC) From profit.
At the time of this writing, the sector has the highest gains on a year-to-date (YTD) basis, with a whopping 1160% return.
Source: Artemis