Over the weekend, an uptick in memecoin value has caught the attention of investors and the cryptocurrency community, prompting Ethereum co-founder Vitalik Buterin to weigh in on the phenomenon. A notable increase, with memecoins like Dogecoin (DOGE) and Shiba Inu (SHIB) leading the charge, has stirred discussions around the long-term viability and utility of these digital assets.
SHIB and DOGE Lead Memecoin Surge
With SHIB experiencing a 70% surge in value, the rally shows no signs of slowing down. This sudden growth boosts the memecoin market’s share to over 30% of the $41 billion sector. Concurrently, DOGE, the highest-valued memecoin, has also seen a substantial increase of more than 30%, signaling a possible setup for a sustained bullish trend. The 24-hour trading volume of DOGE notably surpassed $4.77 billion, reflecting heightened market activity.
The Ongoing Market Speculations
As every memecoin on the market rides the upward wave, some believe this positive momentum may persist. RokoMijic, a user whose statement sparked the conversation, suggests that the crypto downturn has limited use cases, contributing to the memecoin rally. Buterin, however, provides an alternative viewpoint, hinting that the current circumstances may not be entirely straightforward.
Further highlighting the trend, Dogecoin continues its ascent, having recently breached the $0.1 mark and moving past $0.14, with a slight 0.54% increase in the last 24 hours. As DOGE’s market capitalization hits $20 billion, and its 24-hour trading volume climbs by 13.5%, reaching $3.9 billion, its rank in market position is now ninth.
The rise of DOGE occurs amidst a broader crypto market uptrend and is particularly intriguing, given that it’s unfolding without the direct influence of tech mogul Elon Musk. Speculation abounds that further endorsement from Musk could drive DOGE to peak levels once more, fueling investor optimism.