- SHIB led the latest memecoin rally amid overall altcoin market optimism
Memecoins was the top-performing segment on a YTD basis
As a seasoned analyst with years of market observation under my belt, I must admit that the current memecoin rally, led by SHIB, is a fascinating spectacle to behold. It seems like we’ve taken a detour from the traditional altcoin path and found ourselves in a vibrant neighborhood filled with digital puppies and frogs.
Since the Fed’s shift in strategy around mid-September, the market value of altcoins has increased significantly, indicating a confident belief that we are entering the early stages of the eagerly anticipated altcoin season. At the moment, it appears as though meme coins are once again gaining prominence.
According to Glassnode’s creators, meme coins were the frontrunners during the initial altcoin surge. They emphasized that tokens like Dogewhats (WIF), Shiba Inus (SHIB), and Pepe (PEPE) demonstrated significant growth at this time.
Five days ago, we stepped into what appears to be the fifth altcoin season. There’s a noticeable surge in the momentum of meme-based cryptocurrencies.
SHIB leads memecoin rally
Over the last month, from September 27th, eight of the top ten meme coins such as SHIB, WIF, and MOG have shown significant increases ranging from 25% to 50%. Remarkably, even during this week’s surge, Shiba Inu (SHIB) stood out with a gain of approximately 40%.
Currently, SHIB‘s price surge has slowed down somewhat near its 200-day Moving Average. Moreover, the Relative Strength Index (RSI) signaled potential oversold conditions.
Compared to other types of cryptocurrencies, there was a higher level of speculative excitement surrounding memecoins. This enthusiasm might lead to growth within this particular sector.
Based on data from Coinglass, it appears that memecoins held the top spot in terms of Open Interest (OI) over the past 24 hours, accounting for approximately 12%. This is nearly twice as much as the second-ranked sector, Gaming, which saw a market interest of around 6.8%.
During that timeframe, memecoins were the third most traded, indicating a substantial influx of liquidity and active speculation within this sector over the weekend.
In the third quarter of this year, the intense excitement surrounding meme-based cryptocurrencies might help it regain its market supremacy once more. During the first half of 2024, this sector significantly outperformed other digital currencies like Bitcoin [BTC], even surpassing it in returns.
As I pen this down, the specific segment under investigation has demonstrated remarkable growth on a year-to-date basis, boasting an astounding 1160% return.
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2024-09-28 16:07