Meme Coins Surge: Will the Rally Continue?

DOGE, SHIB, PEPE surge amid Bitcoin bull run

How long will it take for the next market cap to hit $100B?

The Shiba Inu price also gained bullish momentum, with its value surging by 2.6%. Currently, it is trading at $0.00002906.

However, PEPE is the biggest gainer among these cryptocurrencies, with its value surging by double digits.

The price of Meme Coin surged by more than 13% in the past 24 hours, trading at $0.000007902 with a market cap of more than $3.32 billion.

Meanwhile, IntoTheBlock posted a tweet mentioning the gains of these meme coins this year. According to the tweet, while the price of DOGE doubled in 2024, the price of SHIB increased by 2.5 times and the price of PEPE increased by nearly 5 times.

This surge pushed the market cap of Meme Coin to $65 million. If the price continues to rise, the market capitalization of Meme Coin is expected to reach $100 million by the end of 2024.

Will Meme Coins Continue to Rise?

To understand whether the above meme coins will continue to push their prices higher, AMBCrypto checked their on-chain data.

Our analysis of Santiment data shows that buying pressure is increasing for SHIB. This is evident from the decline in exchange supply and the increase in off-exchange supply.

SHIB has a lot of buying pressure

Source: Santiment

Interestingly, despite the promising price increase of PEPE, the inflation pressure of meme coins is still high. Its supply on exchanges has surged, while its supply off exchanges has declined.

Nevertheless, whales have started buying PEPE again, as the supply of meme tokens held by top addresses has increased after a brief drop.

If you don’t know how to screen strong coins, then I suggest you follow me. Whether it is spot or Heyue, a little shot may be your limit. The opportunity is short, so you must seize it! Success does not depend on luck, choice is greater than effort, and the circle determines destiny. In the currency circle, in addition to having a keen eye for time-saving and situational awareness, you must also keep up with a good team and a good leader. If you follow me, you are already halfway to success in the currency circle!

热点： COINS MEME SURGE