Memecoins
Dogecoin (DOGE) vs. Shiba Inu (SHIB): Memecoin’s best bounce
Memecoins have seen inflows this week as leading assets such as Dogecoin (DOGE) and Shiba Inu (SHIB) have erased previous losses. The cryptocurrency market saw a recovery after the Federal Open Market Committee (FOMC) encounter. The market capitalization stands at $2.3 trillion, an increase of 5% in the last 24 hours.
These gains were also recorded in memecoins with a 14% increase in market capitalization. Trading volume also increased to $6.1 billion. Amidst these highs, traders have set their sights on the first two memecoin with a prediction on the largest token in the asset’s rebound phase.
DOGE vs. SHIB
DOGE remains the largest memecoin with a market capitalization of $22.48 billion and a daily trading volume of more than $1.6 billion. Dogemoneta trades at $0.1562, a massive increase of 18% in the last 24 hours. This rebound has triggered bulls surrounding the asset and projecting a run towards $1.
On the other hand, SHIB rallied 11% today, pushing its market capitalization to $14.9 billion with trading volumes exceeding $709 million. Although SHIB’s daily growth is lower than that of DOGE, the asset records high figures that attract traders.
On a broader weekly trend, Dogecoin achieved gains totaling 7.3% while Shiba Inu saw a 5.4% rebound from previous weeks. SHIB’s monthly flows remain in the red zone at 5%, while DOGE’s monthly numbers are underwater at 14%.
Overall, DOGE has seen a faster short-term recovery than the previous crash, while SHIB has seen positive momentum with long-term gains. This is also accentuated by asset gains in the latest bull run and the memecoin frenzy.
Memecoin fever?
Memecoin has outperformed the broader market as expected in this rally. While major crypto assets rose 5%, memecoins rose over 14%. However, a change in sentiment can result in gains being erased due to asset volatility.
Solana’s Memecoin they also reported earnings, albeit lower than the first quarter performance that earned them the memecoin frenzy tag. DOGE and SHIB are the largest memecoins by market capitalization and have seen massive flows in recent weeks.
Read also: 4 Profitable Meme Coins to Buy Instead of Old Solana Coins