Memecoins
Dog-themed meme coins outperform Solana’s rivals
Dog-themed meme coins rise against rivals as digital assets attempt a recovery. Over the past 48 hours, crypto assets have seen a slight rebound on Bitcoin (BTC), altcoins and meme coins. Bitcoin price is slightly above $65,000 after intraday trading moved sideways. While meme coins were the biggest gains, some categories increased more than others due to several factors.
Dog-themed meme coins are ahead of rivals with their market capitalization of $35.6 billion, up 1%, while other meme tokens are collectively in the red zone. The popularity of dog-themed tokens plays a role in the developments with a positive recovery from the leaders, Dogecoin (DOGE) and Shiba Inu (SHIB).
Dog themed meme coins turn on the bulls
In addition to a bull run that spurred factors for other assets, several dog-themed cryptocurrencies saw a spike in daily prices. AMATERASU OMIKAMI is up 25.6% to $0.113 over the past 24 hours. PoliDoge and Dingocoin followed suit with gains of 7.1% and 6.2%, respectively.
Dogecoin rose as much as 1.2%, trading at $0.1244, amid speculation of a future bull run. FLOKI and BONK have teamed up
DOGE in the green zone with inflows of 2.5% and 0.3% respectively in the last 24 hours.
Usually, dog-themed tokens see more bullish sentiments due to the depth of the community and the addition of utility to some assets. The recent accumulation of meme assets has also increased demand for flagship assets as macroeconomic indicators have moved positively. Slowing inflation and interest rate cuts are positive indicators as investors tend to shift funds into risky assets.
Solana and the cat tokens fall
Other categories of meme coins are declining despite low inflows to winners. Solana meme coins soared in the first quarter of 2024 following a frenzy on the back of renewed manufacturer optimism. At press time, Solana meme coins recorded a +1.3% with a market capitalization of &6.1 billion. Likewise, feline-themed tokens that saw inflows last month tumbled along with other crypto assets. These assets fell 1.4% in the last 24 hours.
Read also: These Solana meme coins will be released this week
David is a financial news contributor with 4 years of experience in Blockchain technology and cryptocurrencies. He is interested in learning about emerging technologies and has an eye for the latest news. Staying up to date on trends, David has reported in several niches including regulation, partnerships, cryptocurrencies, stocks, NFTs, etc. Away from the financial markets, David cycles and rides horses.