Meme Coins Boom: SHIB, PEPE, DOGE, & WIF Steal Show Amid Bitcoin’s Struggle

Memecoin has been quiet for more than two years, but its impressive performance has once again sparked interest in the cryptocurrency market. On March 2, 2024, Shiba Inu (SHIB), Pepe (PEPE), DogWifhat (WIF) and other meme coins showed impressive gains and attracted the attention of investors around the world.

Meme coin shines with bullish wave

As the crypto market gears up for a potential bull run, meme coins are in the spotlight with eye-catching gains. Shiba Inu (SHIB) took the lead with an incredible 55% rise in just 24 hours.

Following closely behind was PEPE, which soared 52%, while DogWifhat (WIF), a favorite of former BitMEX CEO Arthur Hayes, posted a notable 35% gain. Other meme coins such as Bonk Inu (BONK) gained his 10%, and Floki Inu (FLOKI) gained attention with his increase of over 70%.

DOGE continues to soar

The iconic Dogecoin (DOGE) also joined in the rally, surging 20% ​​in the past 24 hours. However, in the midst of this rally, a Whale Alert report on X revealed that two crypto whales have collectively sold nearly $70 million worth of DOGE.

At the same time, another whale has invested $13.3 million in DOGE, indicating divided sentiment among crypto whales.

The reason behind the meme coin rally

Last October, the famous crypto exchange WazirX highlighted three key reasons behind the rising nature of meme coins, especially in sync with Bitcoin’s movements.

Appeal to individual investors: Known for their interesting properties, meme coins attract retail investors during bullish periods of the market, leading to increased demand.

Impact of capital inflows: Meme coins often have fair market capitalizations, making them susceptible to large price increases even with relatively small capital inflows.

Community engagement: Meme coins drive high engagement within the community, stimulating enthusiasm and demand, especially during periods of increased activity.

Is the virtual currency bubble coming again?

As meme coins like Shiba Inu and Dogecoin rise in value at the same time as Bitcoin, some, like those at Fortune, wonder if a “crypto bubble” is returning.

The simultaneous rise in memecoin and Bitcoin prices makes the cryptocurrency market even more thrilling. Both the general public and large investors are paying close attention to how the crypto world changes.

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