The total meme coins’ market cap led by Dogecoin and Shiba Inu rallied over 6 percent in the past 24 hours to hover at about 50 billion on Thursday.
The meme coin industry, led by dog-themed projects such as Dogecoin DOGE $0.17 24h volatility: 3.6% Market cap: $25.53 B Vol. 24h: $987.48 M and Shiba Inu SHIB $0.000013 24h volatility: 3.0% Market cap: $7.73 B Vol. 24h: $166.51 M , has outshined most of the utility-based crypto projects in the recent past. The impressive performance of the meme coins in the past has been used by more layer one and two blockchains to onboard millions of users to the Web3 space.
According to the latest market data, the total meme coin industry surged by around 6.1 percent in the past 24 hours to hover about $50.25 billion on Thursday during the mid-London session.
The deep liquidity in the meme coin industry has attracted both retail and institutional traders in the sector.
For instance, Dubai-based market maker DWF Labs has made strategic investments in several meme coin projects including Floki Inu FLOKI $0.000088 24h volatility: 6.1% Market cap: $851.34 M Vol. 24h: $168.18 M , Neiro NEIRO $0.00023 24h volatility: 4.4% Market cap: $94.79 M Vol. 24h: $32.95 M , and Milady Meme Coin LADYS $0.000000 24h volatility: 5.1% Market cap: $40.46 M Vol. 24h: $6.56 M .
Dogecoin and Shiba Inu Lead in Bullish Breakout
According to on-chain data analysis provided by Santiment, Dogecoin whales purchased 1.4 billion units in the past 48 hours, worth over $140 million. As a result, the Dogecoin price against the US dollar rallied around 4 percent in the past 24 hours to hover about $0.1134 at the time of this report.
#Dogecoin has surged past the $0.111 resistance, where 62,270 addresses hold over 36 billion $DOGE. If #DOGE holds this level, it could confirm a bullish breakout. With no major supply walls in sight, the path to $0.150 looks clear! pic.twitter.com/4L0zI4s72z
— Ali (@ali_charts) September 26, 2024
From a technical perspective, Dogecoin price is well positioned to rally towards $0.15 in the short term if it consistently closes above the support level around $0.11. Furthermore, more than 62k Dogecoin holders purchased over 36 billion units.
Worth noting that the proof-of-work (PoW) secured meme coin takes pride in more than 7.4 million on-chain holders, excluding the wrapped versions on the BNB chain.
A similar bullish breakout happened on Shiba Inu price in the past 24 hours as Bitcoin BTC $94 351 24h volatility: 0.5% Market cap: $1.87 T Vol. 24h: $23.11 B price struggled to rally beyond the resistance level of around $64K. The mid-cap meme coin, with a fully diluted valuation of about $16.8 billion and a daily average traded volume of around $918 million, pumped over 12 percent in the last 24 hours to trade about $0.0000168 on Thursday.
As a result, Shiba Inu’s daily Relative Strength Index (RSI) surged above the 70 percent level, indicating the bulls are in control.
In the weekly time frame, the SHIB price must consistently close above the 50 Moving Average to confirm the bullish momentum.
Altseason Soon
The notable spike of meme coins ahead of utility-based altcoins suggests an incoming Altseason in the near term. The Bitcoin dominance in the daily time frame has been dropping since reaching a multi-year high of about 58.7 percent.
With the fourth quarter associated with a crypto bullish outlook, an altseason is likely to materialize fueled by the ongoing Gold bull run.
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