Meme Coins Back on the Bullish Train: Altcoins Take a Step Back

Meme coins in the digital asset space have skyrocketed in the past 24 hours with the biggest gainers being Shiba Inu (SHIB), Popcat (POPCAT), dogwifhat (WIF), and First Neiro on Ethereum (NEIRO). On the other hand, altcoins have also printed gains but meme coins stand tall.

According to the data from CoinMarketCap, meme coins have achieved a market capitalization of a massive $55 billion, surging 7.9% in the past 24 hours. Meanwhile, the total volume traded in the sector stands at $10.2 billion. On the other hand, the total valuation of the crypto space also surged to $2.19 trillion.

Dogecoin (DOGE) and Shiba Inu (SHIB), the meme coins with the highest valuations standing at $16.18 billion and $10.5 billion, respectively, have surged 2.55% and 5.45% in the past 24 hours. In the past week, DOGE surged 1.40% while SHIB rose 1.5% and the digital currencies are trading at $0.1106 and $0.00001786, respectively.

As pointed out in a post on X (formerly Twitter) by SHIB KNIGHT, Shiba Inu is forming a “W” shape pump which means that the price action first dropped from a high of $0.00002169 to a low of $0.00001548 and then surging to $0.00001885 and once again falling to $0.00001605. With the price increase in the past 24 hours, if SHIB makes a move above $0.00002, the W pattern will be complete.

Good Morning Friends ☕️☀️

While altcoins are rising slowly, memecoins are pumping hard👇$SHIB is forming a W shape pump.$NEIRO pumped to $800M MC, 1 Billion is loading. pic.twitter.com/fHGgnS4oDa

— $SHIB KNIGHT (@army_shiba) October 12, 2024

Other Major Meme Coins

Other dominant meme coins including Pepe (PEPE), POPCAT, WIF, and NEIRO have also skyrocketed, surging 5.5%, 7.9%, and 35.2% in the past 24 hours. It is important to note that NEIRO’s market cap stands at $891 million while the digital currency’s trading volume is well above $1 billion. At the time of writing, the meme coin is trading at $0.002109 after a 105.2% surge in the past week.

POPCAT is trading at $1.42 while WIF and PEPE stand at $2.71 and $0.059837, respectively. It is important to note that SPX6900 (SPX) skyrocketed 60% and is trading at $0.8267.

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