Stock market today: Stocks fall as investors rotate out of tech into Jackson Hole
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- PEPE jumped by more than 4% in the past 24 hours while SHIB and DOGE crashed.
- Baby Doge Coin (BabyDoge) skyrocketed by more than 30%.
- BabyDoge claimed a market cap of $859 million but a correction is expected.
Market shifts put meme coins in the spotlight this week, with Dogecoin (DOGE) and Shiba Inu (SHIB) losing over 3% in value over the past 24 hours. In contrast, PEPE surged by 4%, signaling its potential to challenge SHIB’s market dominance.
According to CoinMarketCap data, over the past week, DOGE gained 3.26%, trading at $0.45, while SHIB rose 4.27% to $0.00003116. However, PEPE led the sector with a remarkable 26.14% increase, now priced at $0.00002617. The meme coin market capitalization has reached $146 billion, with a robust $27.7 billion in daily trading volume.
Other meme coins like dogwifhat (WIF), FLOKI (FLOKI), and Popcat (POPCAT) also saw notable weekly gains, rising by 16.60%, 13.17%, and 24.49%, respectively. However, in the past 24 hours, WIF fell 3.27%, FLOKI declined 1.18%, and POPCAT dropped 3.16%.
Market Highlights: Baby Doge Gains Momentum
Baby Doge Coin (BabyDoge) emerged as a key performer, surging by 31% within a week. This impressive rally pushed BabyDoge to the 12th spot in meme coin rankings, with a market cap of $859 million. BabyDoge also witnessed a significant rise in social media activity. The project’s X account announced that its holder count doubled in just 15 hours—a milestone for a small-cap meme coin.
Based on the chart below, it is clear that the bulls are overall in control of the BabyDoge price action as the cryptocurrency trades at $0.085666, down 13.46% from its all-time high of $0.086355. Since December 2023, the meme coin is up 274.06%.
The Accumulation/Distribution line is almost flat, which means that investors can expect the meme coin’s volatility to drop in the near future. The gradient of the line shares a similar analysis while the Moving Average Convergence/Divergence indicator confirmed a bearish divergence which means that a price correction can be expected after the recent price surge.
PEPE Outperforms SHIB and DOGE
PEPE’s impressive 26.14% weekly gain has sparked discussions about its potential to overtake SHIB in market cap. Unlike SHIB and DOGE, PEPE has maintained strong upward momentum despite a broader meme coin pullback.
With the memecoin hype reaching frenzied levels, newer tokens like Mog Coin (MOG) and BabyDoge are gaining traction to challenge the established leaders.
The post PEPE Challenges SHIB, Baby Doge Rallies 31%: Meme Coin Market Hits $146 Billion appeared first on Coin Edition.