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Meme Coins Surge as Market Cap Eyes $100 Billion: Dogecoin, Shiba Inu, and PEPE Lead the Bullish Charge

As Bitcoin (BTC) adopted a bullish trend, a wave of enthusiasm hit the meme coin sector, propelling prominent cryptocurrencies such as Dogecoin (DOGE), Shiba Inu (SHIB), and PEPE to significant gains.

The surge in interest and value of these meme coins in 2024 has sparked speculation that their combined market capitalization could approach the $100 billion mark within the year.

Market data highlighted the remarkable performance of these digital assets. CoinMarketCap reported that DOGE, the leading meme coin by market cap, experienced a notable 5.5% increase over the past 24 hours, trading at $0.207.

Shiba Inu also witnessed a boost in its market value, climbing by 2.6% and reaching a trading price of $0.00002906.

PEPE, however, outshined its peers with an impressive double-digit growth. Its price escalated by over 13% within the same period, positioning it at $0.000007902 and elevating its market cap to more than $3.32 billion.

IntoTheBlock’s recent tweet shed light on the year’s performance of these cryptocurrencies.

According to the tweet, “while DOGE has doubled in price in 2024, SHIB has increased 2.5x and PEPE nearly 5x.”

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This surge has brought the meme coin sector’s market cap to $65 million, with optimistic projections of reaching or even surpassing $100 million by year-end, should the upward trajectory persist.

AMBCrypto’s examination of on-chain data from Santiment revealed intriguing trends regarding the potential for further price increases.

For SHIB, indicators of rising buying pressure were observed, as demonstrated by a decrease in Supply on Exchanges and an increase in Supply Outside of Exchanges.

Despite PEPE’s significant price appreciation, it encountered high selling pressure, marked by an increased Supply on Exchanges and a decreased Supply Outside of Exchanges.

However, interest from large investors appeared to rebound, with the coin’s supply held by top addresses seeing growth after a brief decline.

DOGE’s prospects appeared particularly bright, evidenced by an improvement in its Market Value to Realized Value (MVRV) ratio to 5.11%, suggesting the potential for a continued upward movement.

Furthermore, a significant drop in its Network Value to Transactions (NVT) Ratio indicated the coin might be undervalued, hinting at further price advancements in the near future.

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Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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