Memecoins have achieved a significant milestone, reaching a market cap of $140 billion despite ongoing criticism over their lack of utility. These hype-driven assets have captured massive attention, prompting a deeper look into their recent performance.
📊 Top Memecoins’ Performance
Dogecoin (DOGE), the largest memecoin, delivered a staggering 126% price hike last month, securing its position as the 7th-largest cryptocurrency by market cap. Meanwhile, Shiba Inu (SHIB) surged by over 65%, ranking as the 13th-largest crypto.
However, Santiment’s data revealed a decline in social dominance and weighted sentiment for both DOGE and SHIB, indicating waning popularity and rising bearish sentiment.
🔥 Rising Contenders
Beyond DOGE and SHIB, Solana’s (SOL) blockchain has seen a surge of new meme-based coins like Dogewifhat (WIF) and Bonk (BONK), with BONK’s price climbing 5% in the past 24 hours. Coinbase’s BASE network has also joined the frenzy, launching memecoins like BRETT, which soared by 128% in 30 days.
📈 What’s Next for DOGE and SHIB?
DOGE’s chart shows a bullish ascending triangle pattern, suggesting a breakout could trigger another rally, supported by an uptick in the Chaikin Money Flow (CMF). SHIB, however, is facing declining buying pressure, as indicated by its falling RSI, though its MA cross still favors the bulls.
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