'Dogecoin Killer' Shiba Inu Pumps 15%, Pepe, Bonk, Floki Chasing In Its Slipstream: What Is Suddenly Going On With Meme Coins?

Meme coins have roared back with strong gains over the past 48 hours, riding on the coattails of Bitcoin’s comeback above $65,000.

What Happened: According to Coingecko data, the market capitalization of meme coins has surged by 18.5% in the past 24 hours, approaching the $55.9 billion mark. For comparison, the overall cryptocurrency market rose by 2.9%, reaching a valuation of $2.3 trillion.

Notably, five meme coins—Pepe PEPE/USD, Bonk BONK/USD, Shiba Inu SHIB/USD, Floki Inu FLOKI/USD, and Brett BRETT/USD—ranked among the top ten performers.

The surge in meme coins follows Bitcoin's breakout above the $65,000 mark after more than a month of sideways trading. This positive momentum for the leading cryptocurrency came after the Federal Reserve cut interest rates by 50 basis points, alongside strong ETF inflows, which brought in over $600 million in just four days.

IntoTheBlock data shows large transaction volume for all Bitcoin, Dogecoin DOGE/USD, Shiba Inu and Pepe increased significantly over the past 24 hours.  

Also Read: These 2 Meme Coins Will Show Us If The ‘Mania’ Continues, Says Trader: But It’s Neither DOGE Nor SHIB

Why It Matters: The positive performance has prompted traders to predict bullish runs in the upcoming months for most of the meme coins.

Crypto trader Scient reiterated that Dogwifhat was a "banger" meme coin, as it spiked 50% from the last time the trader suggested. It is currently above the 100-day exponential moving average but hitting the 200-day exponential moving average resistance. He added that if it dips back into the 100-day exponential moving average, it should be a good buy opportunity.

Unipcs sees Floki as the strongest meme coin, driven by several catalysts:

• Floki plans to burn 50% of its trading bot revenue, with the potential for increased revenue following the launch of GraFun, the primary bot being promoted.
• Floki’s highly anticipated metaverse game is set to launch in November.
• With Floki’s recognition from the previous crypto cycle, a large influx of retail interest is expected soon.

Crypto trader Master Kenobi said Dogecoin at $1 could mirror Bitcoin's $10,000 moment in December 2017 when BTC surged from $10,000 to $20,000 in two weeks only.

He predicts that jump from $1 to $2 could happen in a single day, or two at most, which will make more than 99% of investors regret their late entry.

What’s Next: The influence of meme coins is expected to be thoroughly explored at Benzinga’s upcoming Future of Digital Assets event on Nov. 19.

Read Next: 

• Dogecoin Up 6%, Shiba Inu Surges 14%: What’s Going On With The Meme Coin Kings?

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