Dogecoin (DOGE) and Shiba Inu (SHIB) Rally as the Meme Coin Market Heats Up

Dogecoin and Shiba Inu (SHIB), two major cryptocurrencies, have seen massive gains as the meme coin market rallies. This surge also includes tokens like Pepe (PEPE), dogwifhat (WIF), Bonk (BONK), FLOKI, and Popcat (POPCAT).

Meme coins, a cryptocurrency sub-category inspired by internet memes and typically used for fun or entertainment, experienced a collective surge as the broader crypto market rallied. Dogecoin (DOGE) and Shiba Inu (SHIB), the two most prominent meme coins, both posted significant gains.

Data from CoinMarketCap showed that DOGE soared by 28% in the past 24 hours, reaching a price of $0.2895. Despite this surge, DOGE remained significantly below its all-time high of $0.7376, which was last seen in April 2023.

Dogecoin’s seven-day performance was also impressive, with a gain of 89.32%. The meme coin, created in 2013 as a parody of Bitcoin, had a total market capitalization of $42.36 billion, ranking sixth overall.

Shiba Inu also saw a notable rise, adding 18.4% to its value in the past 24 hours and reaching a price of $0.0000265. While SHIB showed signs of recovery, it was still trading far below its all-time high of $0.00008845, which was last seen in the bull cycle of 2021.

At the time of writing, SHIB was trading down 69.95% from its peak earlier this year. The meme coin, which began as a Dogecoin offshoot in August 2020, ranked 16th overall in the crypto market with a capitalization of $14.48 billion.

Other meme coins also joined the rally, with PEPE rising by 13.1% to reach $0.00001286, WIF surging by 24% to reach $3.11, BONK increasing by 14.3% to reach $0.00002626, FLOKI jumping by 22.3% to reach $0.0001824, and POPCAT rising by 10.2% to reach $1.58.

Meanwhile, cats in a dogs world (MEW) and Goatseus Maximus (GOAT) also saw bullish price movements, surging by 16.8% and 17.1%, respectively, in the past 24 hours. MEW was priced at $0.01106, while GOAT was trading at $0.9396.