Memecoins have recorded inflows this week as top assets like Dogecoin (DOGE) and Shiba Inu (SHIB) wipe out previous losses. The cryptocurrency market has seen a rebound post the Federal Open Market Committee (FOMC) meeting. The market capitalization stands at $2.3 trillion, a 5% rise in the last 24 hours. These gains were also recorded
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Memecoins have recorded inflows this week as top assets like Dogecoin (DOGE) and Shiba Inu (SHIB) wipe out previous losses. The cryptocurrency market has seen a rebound post the Federal Open Market Committee (FOMC) meeting. The market capitalization stands at $2.3 trillion, a 5% rise in the last 24 hours.
These gains were also recorded in memecoins with a 14% rise in market capitalization. Trading volume is also up at $6.1 billion. Amidst these highs, traders set sights on the top two memecoins with a forecast on the larger token in the asset rebound phase.
DOGE v SHIB
DOGE remains the largest memecoin with a $22.48 billion market capitalization and a daily trading volume above $1.6 billion. Dogecoin exchanges hands at $0.1562, a massive 18% surge in the last 24 hours. This rebound has ignited bulls circling the asset and projecting a run to $1.
On the other hand, SHIB spiked 11% today pushing its market cap to $14.9 billion with trading volumes above $709 million. Although SHIB’s daily growth trails DOGE, the asset records high figures that glean traders.
On a larger weekly run, Dogecoin pulled gains totaling 7.3% while Shiba Inu saw 5.4% as it recovers from previous weeks. SHIB’s monthly flows remain in the red zone at 5% while DOGE’s monthly numbers are 14% under water.
On the whole, DOGE has seen a faster short-term recovery compared to its previous plunge while SHIB attested positive momentum with long-term gains. This is also heightened by the asset gains in the last bull run and the memecoin frenzy.
Memecoin Fever?
Memecoins has outpaced the wider market as expected in this rebound. While top crypto assets are up 5%, memecoins are soaring above 14%. However, a change in sentiment can see gains wiped off due to asset volatility.
Solana memecoins have also posted gains although short of the Q1 performance that earned the memecoin frenzy tag. DOGE and SHIB are the largest memecoins by market capitalization and have seen massive flows in recent weeks.
Also Read: 4 Profiting Meme Coins To Buy Instead Of Old Solana Ones
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