- CMC reports meme coin market cap dropped 5.67% while trading volumes surged by 41.5%.
- DOGE leads meme coins with a $14.97B market cap despite a 6.19% price drop in 24 hours.
- SHIB and PEPE show gains over 7 days, defying overall market cap decline, reports CMC.
Despite a recent decline in the overall market capitalization of meme coins, CoinMarketCap has highlighted several top performers that are attracting significant interest from investors. With a total market capitalization of $38.67 billion, the meme coin sector has seen a 5.67% decrease.
However, trading volumes have surged by 41.5%, reaching $3.43 billion, signaling active market participation. Key players like Dogecoin (DOGE), Shiba Inu (SHIB), and Pepe (PEPE) are leading the pack, showing notable movements in both price and trading volume.
Over the past 24 hours, most meme coins have experienced a downturn, with DOGE, PEPE, and Bonk (BONK) showing negative price changes. DOGE, the leading meme coin, has seen a 6.19% decline, trading at $0.1029 at press time. Conversely, SHIB has bucked the trend, recording a 5.18% increase to 0.0000138 in the same period, highlighting its potential resilience.
Interestingly, PEPE has also shown a 7-day gain of 23.04% to $0.000008198 , despite a 6.82% dip in the last 24 hours. This pattern of short-term declines coupled with weekly gains suggests a fluctuating market environment, potentially driven by speculation and profit-taking. Further, WIF is trading at $1.74 while each BONK changes hands at $0.0000196.
Whale Activity Sparks Movement in PEPE and ETH MarketsHigh trading volumes are a key indicator of market activity and liquidity. DOGE leads with a trading volume of $649.54 million, reflecting strong investor engagement. SHIB and PEPE follows closely with $226 million and $725.69 million in trading volume respectively, indicating significant market participation despite its recent price drop. Notably, WIF and BONK have also garnered attention, with volumes reaching $381.08 million and $147.64 million, respectively. These figures suggest that while some investors may be cautious, others are actively trading, taking advantage of the market’s volatility.
DOGE continues to dominate the meme coin market with a market cap of $14.97 billion, nearly double that of SHIB, which stands at $8.04 billion. This significant gap underscores DOGE’s enduring popularity and strong market position. Meanwhile, SHIB’s robust market cap highlights its potential to challenge DOGE’s dominance. PEPE has a market cap of $3.4 billion.
Smaller coins like WIF and BONK, despite their lower market caps of $1.7 billion and $1.3 billion respectively, have shown remarkable price movements, suggesting that they could gain momentum if the meme coin trend persists. As market dynamics evolve, these coins will likely remain in focus, driven by investor sentiment and trading activity.
