All cryptocurrency markets flash green again, which will undoubtedly amuse many enthusiasts. One category to keep an eye on is the meme coins, as they can signify whether altcoin season has come into play. So far, the performance seems even across the board, although Shiba Inu tries to break free of the pack.
The world’s leading meme coin by market cap continues its impressive run that started in 2021. Going from a nearly forgotten currency to leading the meme coins by market cap is exciting. Although the currency may not touch the all-time high again for a while, one $DOGE is still worth over $0.12 today. Today’s 5.6% gain points at bigger things ahead, although the market has yet to test the $0.11 support first and foremost.
Shiba Inu (SHIB)
In recent weeks, one can argue that SHIB has fallen the hardest of all meme coins. After sitting comfy at $0.00003 for a while, the currency dropped to the low $0.00002x range quickly. Nevertheless, it has a lot of ground to make up during this brief bullish stint. A 12.7% gain for the day is a good start, although some people may need a 50% gain to break even. Sustaining this momentum is crucial for all currencies, especially meme tokens.
Baby Doge Coin (BABYDOGE)
It is interesting to see Baby Doge Coin become the third-biggest meme coin on the market. It has a market cap of over $462 million, and today’s 4% gain brings it one step closer to entering the market cap top 150. But, of course, there will always be a market cap for meme coins in this industry, and Baby Doge Coin embodies that opportunity rather well. It has under $10 million in trading volume, though, which is something to keep an eye on.
Dogelon Mars (ELON)
Even though Dogelon Mars is one of the better-known meme coins, it remains well behind Baby Doge Coin in market cap. A substantial 5.5% gain on the daily chart can quickly change things, although there is a $50 million gap to overcome. Moreover, ELON has even less trading volume than BABYDOGE, although not much. An exciting battle between two meme currencies to keep an eye on.
Floki Inu (FLOKI)
The final meme coin worth mentioning – for now – is Floki Inu. Like Shiba Inu, Floki Inu notes a double-digital percentile gain for the day at 10%. The market cap of $272 million seems fairly valued for this project, albeit its weaker trading volume – just $6.4 million – may not necessarily allow for going much higher today.
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