Meme Coins Surge: Dogecoin, Shiba Inu, and PEPE Lead Charge for $100 Million Market Cap

Multiple meme coins, including Dogecoin, Shiba Inu, and PEPE, experienced significant price increases, with PEPE emerging as the top gainer with a surge of over 13%. Analysts analyzed on-chain data, revealing increasing buying pressure for SHIB but high selling pressure for PEPE, while DOGE exhibited positive signals with an improving MVRV ratio and a declining NVT Ratio, suggesting potential for a continued bull rally and undervaluation. The rise of meme coins has sparked speculation that their total market capitalization could reach $100 billion in 2024.

Meme Coins Surge: Dogecoin, Shiba Inu, and PEPE Lead the Charge

The cryptocurrency market has been experiencing significant volatility, but one sector that has remained relatively upbeat is meme coins. These tokens, initially popularized as internet jokes, are now gaining traction as serious investment vehicles.

Bullish Momentum for Dogecoin, Shiba Inu, and PEPE

Dogecoin (DOGE), the undisputed leader among meme coins, has seen its price surge by over 5.5% in the past 24 hours, trading at $0.207 as of press time. Shiba Inu (SHIB) has also exhibited bullish momentum, with a 2.6% increase in value, currently sitting at $0.00002906.

However, the top performer among meme coins is PEPE, with a double-digit price increase of over 13% in the last 24 hours. PEPE is now trading at $0.000007902, with a market capitalization exceeding $3.32 billion.

According to data from CoinMarketCap, the combined market capitalization of meme coins has reached $65 million, fueled by the recent price pumps. Analysts believe that this momentum could continue, potentially pushing their total market cap to $100 million by the end of 2024.

On-Chain Metrics Suggest Further Upside

An analysis of on-chain data suggests that the bullish trend for meme coins is likely to continue. According to Santiment, buying pressure on Shiba Inu (SHIB) has intensified, evidenced by a decrease in its Supply on Exchanges and an increase in its Supply Outside of Exchanges.

While PEPE's price has been rising, selling pressure on the meme coin remains high. Santiment's data shows a surge in PEPE's Supply on Exchanges, while its Supply Outside of Exchanges has declined. Despite this, whale activity in PEPE has picked up, with the meme coin's supply held by top addresses increasing.

Dogecoin's Metrics Signal Undervaluation

Dogecoin's (DOGE) on-chain metrics paint an optimistic picture. After days of negative movement, DOGE's MVRV ratio has improved significantly, standing at 5.11% at press time. This suggests that a continued bull rally is likely.

Additionally, DOGE's NVT Ratio has experienced a sharp decline, indicating that the asset is undervalued. This further supports the notion that DOGE's price is poised for an increase in the coming days.

Conclusion

Meme coins have emerged as a force to be reckoned with in the cryptocurrency market. Led by Dogecoin, Shiba Inu, and PEPE, these tokens have demonstrated impressive price growth, attracting the attention of investors seeking high-return opportunities. The recent uptick in buying pressure and bullish on-chain metrics suggest that the meme coin rally is far from over, with the potential for further gains in the near future.