Dogecoin (DOGE) is leading the meme coin market recovery supported by other players like Shiba Inu, POPCAT, and FLOKI with each gaining 10-15%.
The meme coin sector is currently witnessing the sharpest recovery led by Dogecoin’s staggering 15% gains in the last 24 hours. Apart from DOGE DOGE $0.11 24h volatility: 0.2% Market cap: $18.48 B Vol. 24h: $1.42 B , other market players like Shiba Inu SHIB $0.000007 24h volatility: 0.5% Market cap: $4.10 B Vol. 24h: $146.34 M , POPCAT POPCAT $0.0576 24h volatility: 1.9% Market cap: $56.72 M Vol. 24h: $12.76 M , and FLOKI FLOKI $0.000036 24h volatility: 0.4% Market cap: $345.92 M Vol. 24h: $40.99 M have also joined the party registering 10% gains each.
The reasons behind this strong Dogecoin comeback are technical as well as Elon Musk’s latest push. On the daily technical chart, the Dogecoin price forms a “golden cross” pattern as the 50-day EMA crosses over the 200-day EMA. Analysts view this cross-over as a major shift from the bearish to the bullish sentiment.
As of October 29, Dogecoin is holding steady above its key 0.5 Fibonacci retracement level at around $0.1358, a point that served as strong resistance back in July. Staying above this level could pave the way for DOGE to target the $0.1832 and $0.2292 ranges.
Courtesy: TradingView
On the other hand, the Dogecoin futures interest is rising very fast and near record levels from April. Since last Sunday, the DOGE-denominated futures have surged 33% to more than 8 billion tokens. This is just 12% short of the lifetime record of 9 billion DOGE in open interest. As per the Glassnode data, the DOGE bets have surged from $850 million to more than $1.3 billion.
On the other hand, Elon Musk has been cementing his position eyeing a crucial role in the Donald Trump administration. The tech billionaire has been teasing the “Department of Government Efficiency” with the acronym DOGE, for a while. Thus, if the Trump win happens, as per the current prediction market polls, traders expect the DOGE price to rally even further. Also, the odds of Elon Musk finding a crucial role in the Trump cabinet have also doubled over the past two weeks.
Markets increasingly believe Elon Musk will be appointed to a role by the next president.
There is now a 32% chance that Elon Musk is nominated to the Cabinet by February 2025, according to @Kalshi.
These odds have more than DOUBLED over the last 2 weeks.
This comes as Donald… pic.twitter.com/0NicyYz0dP
— The Kobeissi Letter (@KobeissiLetter) October 29, 2024
Meme Coin Party Kickstarts as SHIB, POPCAT, FLOKI, and Others Participate
Apart from Dogecoin, the entire meme coin sector is seeing a strong surge today. Shiba Inu (SHIB) also rallied over 10% earlier today and is trading at $0.00001839 with a market cap of $10.83 billion. Also, the daily volume for SHIB has surged by a staggering 178% moving all the way to $544 million.
On Monday, the Shiba Inu team announced a major upgrade Shibosis which brings a unique set of Ethereum-based NFTs to the Shiba Inu ecosystem.
Apart from that, Solana-based meme coin POPCAT has been the top performer surging 12.83% in the last 24 hours and is currently trading at $1.74. With this, it has extended its weekly gains to more than 25% hitting fresh all-time highs. Another meme coin within the same league is Floki Inu, which has gained more than 10% in the last 24 hours.
All of the other top meme coins like PEPE PEPE $0.000004 24h volatility: 0.5% Market cap: $1.83 B Vol. 24h: $351.00 M , WIF WIF $0.26 24h volatility: 1.6% Market cap: $257.89 M Vol. 24h: $101.56 M , and BONK BONK $0.000007 24h volatility: 0.5% Market cap: $639.19 M Vol. 24h: $75.79 M have also surged by 7-8% today.
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