Blue-chip meme coins have barked up a double-digit rally on Friday, as the whole crypto market rebounded with Bitcoin’s (BTC) new all-time record of $118,270 several minutes ago. In the memecoin field, the biggest gainer overall is Neiro On ETH (NEIRO), fetching 102.4% gains in the latest 24-hour period.
Whale Grabs Big Bite Of PEPE On 15% Price Rally
Zooming into the largest cryptos in the meme coin department, Pepe Token (PEPE) stands out with a humongous crypto whale support-driven bull race. The frog-embossed crypto picked up 15.2% gains to trade at $0.00001282, according to CoinGecko. Precisely, PEPE’s price jumped as one whale spent $2.68M to get 227.8 billion PEPE tokens.
Presently, this buying sentiment is shared among other PEPE coin whales. On the 4-hour charts, the Chaikin Money Flow (CMF) spurred above 0.20, confirming this trend. If PEPE price sustains the $0.00001290 level, a further bull rally could be taking place, as the meme coin is still 54.3% down from its all-time peak hit 5 months ago.
Shiba Inu & Dogecoin Reaching New Dimensions?
Meanwhile, crypto’s top dogs Shiba Inu (SHIB) & Dogecoin (DOGE) both fetched around 8%, sending the canine coins to retest key levels. In Shiba Inu’s case, the 7.7% race to $0.0000135 comes amidst a tripled trading volume, going from approximately $125 million on Thursday to $372 million today, judging by the action on Spot markets.
However, Shiba Inu’s trading volumes can’t compete with either Dogecoin (DOGE) or PEPE coin (PEPE), as these meme coins both netted over $7 billion today. While PEPE’s trading volumes are usually at around $1 billion, the top dog crypto usually fetches multiple billions a day.
Moreover, the meme coin compartment celebrates Moo Deng’s birthday. The iconic hippo was discovered by the internet’s meme enthusiasts quite some time ago, while the Solana (SOL) based meme coin rose to popularity in late November, 2024.
Leaping into a $0.68 all-time high, the hype quickly dried down, but the hippo-themed meme coin still garnered a $200 million market cap within a dedicated community. It’s yet to be seen if MOODENG can outlive its 15-minute sensation status and remain relevant with the big dogs.
On The Flipside
- In comparison to other categories, the meme coin section is oversaturated with over 4,900 different coins.
- Other popular sections like DeFi & AI-based crypto currencies have just above 1,000 cryptos in competition.
Why This Matters
The meme coin section has produced one of the strongest crypto narratives in 2024, while this year has been colder in terms of price performance. The breakout of blue-chip meme coins now signifies rising overall bullish sentiment, as meme currencies can be considered leveraged play on the parent blockchain.
Dig into DailyCoin’s top crypto scoops:
