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In the world of cryptocurrency, meme coins have been the talk of the town for the last 30 days. Even as Bitcoin prices experienced sharp pullbacks, the meme coin craze continued unabated, and it seems they are resuming their upward price trajectory as BTC begins to recover. So, what’s happening at the top of the market?
DOGE Commentary
According to data provided by CoinMarketCap, DOGE has seen an increase of over 16% in the last 24 hours and, as of the time of writing, has risen to $0.2194. Such price movements were last seen during the bull market phase of 2021.
The data shows that DOGE’s trading volume has risen to $6.16 billion in the last 24 hours, a significant increase from the $3 billion seen at the beginning of the week.
DOGE’s rise occurred after Bitcoin (BTC) managed to sustain a price above $70,000. On the other hand, Dogecoin seems to be influenced by expectations of payment-related developments with companies like X or Tesla owned by Elon Musk.
Recent reports suggest that leading figures in the Dogecoin community have been spreading rumors about the token’s use on social platforms within the X platform, likely triggering an additional surge in interest in the cryptocurrency.
Latest on Meme Coins
Meanwhile, amidst the DOGE price rally, it has emerged that other meme tokens in the market have also seen significant growth. During this period, Bonk (BONK) and Floki (FLOKI) completed the top three meme coins with volume increases of 15% and 13.7% respectively in the last 24 hours.
Additionally, after the rapid rise of about 4000% since the beginning of December 2023, more market followers seem to be engaging in rumor-based token transactions on Solana with the Dogwifhat (WIF) meme coin.
Meme coins emerging on the Solana (SOL) network recently have surpassed similar projects in the Ethereum ecosystem in terms of volume, attracting the attention of market participants.
The reason for this is attributed to the thousands of new tokens emerging on the Solana blockchain every day, while some see their prices inflated by speculative investors.
