25 February, 2024

Memecoins Catch Market Momentum: A Look at DOGE, SHIB, and APE

7 months ago

21 Nov, 2023

  • Dogecoin surges 5%, defies Bitcoin slump amid Twitter’s rebranding saga.
  • Shiba Inu remains resilient despite a minor dip, holding a solid market position.
  • ApeCoin shows strength with consistent gains, testing key resistance levels.

According to Santiment, a market intelligence platform, a surprising resurgence in the crypto market has been noted as popular memecoins Dogecoin, Shiba Inu, and ApeCoin have experienced modest rises in their market capitalization. Amid an array of market activities, these coins have managed to outshine their peers in a notable trend.

The buzz began with Dogecoin, fondly known as the ‘memecoin king’, which saw a 5% jump in its market value. This unexpected spike comes in the backdrop of the broader market grappling with Bitcoin’s price falling to less than $29,100. Dogecoin’s resistance to this slump has been credited to the Twitter rebranding saga, a brainchild of its supporter Elon Musk.

The Tesla CEO, who now owns Twitter, is steering the social media giant towards a rebranding exercise, with a change in its name to ‘X’, thereby aligning it with his artificial intelligence-focused consortium xAI. Musk updated his Twitter bio to include Dogecoin’s ticker logo to add mystery to the mix. This unexpected move sparked speculation about Dogecoin’s potential role in the revamped entity, igniting the recent surge.

In the shadow of Dogecoin’s resurgence, fellow meme-inspired cryptocurrencies Shiba Inu and ApeCoin have quietly demonstrated market strength. According to CoinMarketCap data, Shiba Inu has proven its resilience, maintaining a robust position even after a slight dip of 1.62% in the last 24 hours.

While the numbers are ever-fluctuating, the latest statistics indicate a formidable $4.5 billion market cap for Shiba Inu, alongside an impressive daily trading volume exceeding $115 million. The resilience of this canine-themed coin is further cemented by its standing on CoinMarketCap, where it holds the 18th rank.

SHIB/USD vs APE/USD market cap, Source: CoinMarketCap

ApeCoin is currently testing a resistance of $2.15, a crucial point that could pave the way for a bullish trend if breached. However, a failure to sustain this level may lead to a possible decline to the 200-day moving average near $1.50. Apecoin’s market capitalization is currently at $757,299,996, while the cryptocurrency pair’s trading volume trends at $87,506,994.