TL;DR
- Meme coins saw strong gains, with tokens like NEIRO up 50%, POPCAT up 20%, and MOG up 17%.
- DOGE jumped by 5% with potential for a large rally, and SHIB rose 7%.
- This takes place as Bitcoin’ price is surging above $63,000, at the time of this writing.
Massive Meme Coin Resurgence
The cryptocurrency sector has slightly headed north in the past 24 hours, with its total market capitalization rising by 1.5% and surpassing $2.3 trillion (per CoinGecko’s data). The meme coin cohort is among the top-performing realms, with numerous tokens witnessing significant price increases.
One example is Neiro (NEIRO), up 50% daily and hitting a new all-time high. Its market cap exceeded $600 million, making it the 10th-largest meme coin.
Other notable gainers are dogwifhat (WIF) and Bonk Inu (BONK). The former’s valuation soared by 20%, while the latter experienced a 12% rally.
Cat-themed tokens are also in the club. Popcat (POPCAT) pumped by approximately 20% to tap a fresh ATH of nearly $1.50, whereas Mog Coin (MOG) jumped by 17%.
The leading meme coins – Dogecoin (DOGE) and Shiba Inu (SHIB) – are in the green, too, albeit registering less substantial gains.
DOGE is up 5% on a 24-hour scale, and some market observers speculate that a further rally could be held in the cards. The X user Ali Martinez observed the asset’s price pattern to suggest that a “200% surge, 60% retracement, and then a bull run” might be incoming.
Mikybull Crypto chipped in, too, expecting DOGE to skyrocket to $1 “as a minimum target for this cycle.” According to the traders, it is currently in preparation for “the next explosive wave of rallies.”
What About SHIB?
The second-largest meme coin registered a price jump of around 7% in the last 24 hours, while its market capitalization has moved toward $11 billion.
SHIB was among the best performers in the crypto sector at the end of September, and it will be interesting to follow up on whether the latest resurgence could be the start of a new exponential rally.
One important on-chain indicator, though, hints at incoming pain for the bulls. This is the Relative Strength Index (RSI), which measures the change and speed of price movements. It varies from 0 to 100, with readings above 70 signaling overbought conditions and a potential correction.
The ratio has been gradually climbing in the past several days, currently set at over 60.
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