Shiba Inu, Pepe, Dogwifhat soar amid meme coin ‘supercycle’
Shiba Inu, Pepe, and Dogwifhat led the highest weekly market gainers as the full meme coin market cap rose 25%, surpassing $55 billion.
Main the weekly gainers, Shiba Inu (SHIB) surged 39% to $0.00001968 because the demand for meme cash helped it break previous a key resistance degree at $0.00001940. Its market cap rose from $8.53 billion to $11.63 billion throughout the week.
Ethereum-based Pepe (PEPE) adopted subsequent on the record because it rose 36.5% over the previous week, buying and selling at $0.00001112 at press time. The meme coin’s market cap rose to $4.67 billion at press time, reaching highs final seen initially of August.
Dogwifhat (WIF), which resides on Solana, additionally joined the highest gainers with a 35.4% achieve, buying and selling at $2.30 when writing, with its market cap flying previous the $2 billion mark.
Even Dogecoin (DOGE), the primary and most liquid meme coin with a market cap of $18 billion, joined the rally. Over the previous seven days, Dogecoin was up greater than 16%.
The social sentiment surrounding these tokens remained overwhelmingly bullish, as reflected on CoinMarketCap.
Market reactions
On X.com, market observers anticipate the beginning of a meme coin season as Bitcoin’s market dominance waned.
Pseudonymous dealer Bluntz observed that a number of meme cash are gaining robust upward momentum, signaling what he describes as the beginning of a “memecoin supercycle” and advising his followers to not “promote too early.”
BitMEX founder Arthur Hayes additionally chimed in on the hype, claiming, “It’s time for a meme coin breakout.”
In subsequent posts, he actively engaged with the group, asking for suggestions and shilling a number of meme cash as he sought to construct his portfolio for the anticipated “UPtober” rally.
Lookonchain knowledge reveals Hayes’ latest withdrawal of 24.39 billion Pepe (PEPE), valued at $252,680, from Binance. See beneath.
Not all market analysts share this optimistic outlook. A contrasting perspective comes from analyst Saint Pump, who warns of potential pitfalls throughout the meme coin craze.
Analyst Saint Pump supplied a blunt warning, saying the “limitless flood” of meme cash might drain liquidity from different sectors as merchants chase “the brand new cute canine of the month.”
New entrants may wrestle to match the good points of early buyers, he cautioned.
In his phrases, buying and selling meme cash is like “taking part in slots,” the place “the home at all times wins.”
