This week, we have seen an increase in meme coins as popular assets like Dogecoin (DOGE) and Shiba Inu (SHIB) erase prior losses. The cryptocurrency market has recovered after the Federal Open Market Committee (FOMC) meeting. The market capitalization has increased by 5% over the past day to $2.3 trillion.
These gains were also recorded in meme coins, which saw a 14% rise in market capitalization. At $6.1 billion, trading volume is likewise higher. Traders focused on the top two meme coins during these highs, projecting the more significant token during the asset rebound phase.
DOGE versus SHIB
DOGE remains the largest memecoin, with a $22.48 billion market capitalization and a daily trading volume above $1.6 billion. Dogecoin is trading at $0.1562, up 18% over the previous day. This bounce has energized bulls around the asset, who are forecasting a run to $1.
Conversely, SHIB had an 11% increase today, increasing its market capitalization to $14.9 billion with trading volumes surpassing $709 million. Even though SHIB’s daily growth is slower than DOGE’s, the asset generates high numbers that attract traders.
As it bounced back from prior weeks, Dogecoin experienced gains totalling 7.3% on a more extensive weekly run. In comparison, Shiba Inu saw an increase of 5.4%. SHIB’s monthly flows continue in the red zone at 5%, while DOGE’s monthly statistics are 14% underwater.
Overall, DOGE has recovered more quickly from its prior decline, whereas SHIB showed solid momentum and long-term gains. The memecoin craze and the asset gains from the previous bull run also contribute to this.
Memecoin Fever?
As anticipated, Memecoins has outperformed the overall market throughout this upswing. Memecoins are up more than 14%, while top crypto assets are up 5%. However, because of market volatility, gains could be lost in the event of a shift in mood.
Even though they haven’t performed as well as Q1 did, Solana meme coins have still seen gains and have been dubbed meme coin frenzy. DOGE and SHIB are the top meme coins by market capitalization and have seen enormous flows in recent weeks.
