April 24, 2024
By Anjali Kochhar
With notable price increases in the cryptocurrency market, Dogecoin (DOGE), Shiba Inu (SHIB), and Floki (FLOKI) are leading the charge in the revival of the meme coin craze.
Dodgecoin
April 20 marked a significant milestone for Dogecoin, affectionately dubbed Doge Day by its fervent community. Within the subsequent 24 hours, Dogecoin saw its value surge by 6.22%, with trading volumes exceeding $1.5 billion. Currently valued at $0.1615 per token, DOGE has experienced a 6.2% increase in the past week and a 3.6% upswing from its value a month ago. Despite these gains, Dogecoin remains nearly 19% lower than its value from the previous two weeks, highlighting the volatile nature of the crypto market.
Shiba Inu
Shiba Inu, the second-largest meme coin globally, joined the rally with an impressive 16% price surge within the same 24-hour period. This upward momentum marked a continuation of SHIB’s recent trend, which began over a week ago following a corrective phase. The coin’s trading volume soared to $1.4 billion, positioning it as one of the most actively traded cryptocurrencies in the market.
Floki
Floki, among the top five meme coins by market capitalization, emerged as the standout performer in terms of price appreciation over the last 24 hours. Despite a lower trading volume compared to DOGE and SHIB, Floki surged by more than 20%, trading at $0.0001705. This surge represents a remarkable turnaround for Floki, which had experienced a period of decline. Its current value is up by over 16% in the past week and an impressive 454% compared to its value a year ago. However, the coin remains in the red over the 14 and 30-day timeframes, with declines of nearly 17% and over 23%, respectively.
Even if DOGE, SHIB, and FLOKI had outstanding results, other meme coins were also gaining traction in the market. The best performer was ERC20, whose value increased by an incredible 1,231% in the previous day. Furthermore, there were notable price increases for other meme coins like Popcat, Bonk (BONK), and Solama (96%, 48%, and 41%, respectively).
The rise in popularity of meme currencies highlights how erratic the cryptocurrency market can be, with emotions and social media buzz frequently influencing pricing. Memes are seen as speculative assets by some investors, but they are also welcomed as representations of online culture and grassroots movements by others.
About the author
Anjali Kochhar covers cryptocurrency stories in India as well as globally. Having been in the field of media and journalism for over three years now, she has developed a sharp news sense and works hard to present information that goes beyond the obvious. She is an avid reader and loves writing on a wide range of subjects.
