Memecoins
PEPE, WIF, POPCAT and others are flying in double digits
TL;DR
- The meme coin sector went green today (May 3), with a market capitalization exceeding $50 billion.
- Dogecoin (DOGE) and Shiba Inu (SHIB) prices are rising on a daily scale, but other assets such as WIF and POPCAT have seen more significant gains.
The best performers
The cryptocurrency market is back in green territory after recording substantial losses in recent days. Bitcoin (BTC) briefly rose to $60,000, while Ethereum (ETH) reclaimed the $3,000 level.
The meme coin sector has seen an even more significant revival, with numerous such assets outperforming the leaders mentioned above.
Some obvious examples include frog-themed Pepe (PEPE), Solana-based dogwifhat (WIF), and Bonk Inu (BONK), all seeing double-digit peaks on a daily scale.
Another meme coin that has seen even more impressive gains is Popcat (POPCAT). The feline-themed token is up 25% in the past 24 hours, briefly hitting an all-time high of over $0.60 (according to data from CoinGecko). It is currently trading at around $0.56.
POPCAT Price, Source: CoinGecko
The entire market capitalization of the meme coin group jumped above $50 billion.
How are DOGE and SHIB?
The largest meme coins in terms of market capitalization – Dogecoin (DOGE) and Shiba Inu (SHIB) – are also in the green, albeit more modestly. The former grew 7% on a daily basis, while its rival pumped slightly more.
Numerous analysts have recently predicted a bright future for both assets. User X Ali Martinez claimed that DOGE’s recent price decline may be “part of its usual behavior before massive bull runs.” He recalled the multiple occasions in past years when the value of the meme currency dropped only to recover substantially shortly thereafter.
SHIB also seems poised for a bull run, considering the rise of some bullish indicators related to its ecosystem. Examples of this include the increase in combustion speed and the further development of the Shibarium layer-2 scaling solution.
The network suffered two major updates lately, aiming to improve user experience, implement faster block processing times, and boost the community of developers and innovators. If you are curious to learn more about Shibarium, take a look at our dedicated video below: