Top Dogs: Dogecoin, Shiba Inu and Bonk Outpace Bitcoin, Ethereum Gains – Decrypt

The crypto markets are sizzling, but it’s the dog-themed meme coins like BONK, Dogecoin, and Shiba Inu that are stealing the show, with massive gains in the last 24 hours.

As Bitcoin and other major cryptocurrencies experience a bullish surge, the meme coin phenomenon has grabbed some of the spotlight.

In an industry known for its volatility and unpredictability, memecoins have emerged as a unique and intriguing segment of the crypto landscape. And they can be the subject of some of the most intense volatility since their prices can be so dependent on market sentiment.

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Initially created as a joke or for fun, these digital assets have gained significant traction, becoming an integral part of the crypto culture alongside DeFi degens, NFT holders, Bitcoin maxis, and other subcultures.

Bonk (BONK): The hot thing on Solana

Leading the meme coin pack is Bonk (BONK), the first dog-themed token on the Solana blockchain. In the past 24 hours, BONK has skyrocketed by 54%, climbing from $0.00001573 to its current price of $0.000024. The coin reached a daily high of $0.000025 just a few hours ago, and its meteoric rise shows no signs of slowing down.

BONK’s impressive performance extends beyond the short term, with a staggering 105% gain in the last seven days and a mind-boggling 3,240% increase over the past 12 months. This remarkable growth has propelled BONK to the top of the crypto charts in terms of price performance today, outperforming all of the top 100 digital assets by market capitalization.

Dogecoin (DOGE): The original meme coin isn’t done

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Hot on the heels of Bonk is Dogecoin (DOGE), the OG meme coin that started it all. Over the last 24 hours, Dogecoin has surged by 33%, jumping from $0.098 to its current price of $0.13. The coin’s weekly performance is equally impressive, with a 55% gain. It’s up 62.7% compared to where it was a year ago according to Coingecko.

Dogecoin’s popularity has been fueled by high-profile endorsements from celebrities and influential figures such as Elon Musk, who has frequently expressed his support for the meme coin on social media. But it should be noted that Musk is currently facing allegations of insider trading, market manipulation, and fraud over the timing of messages he sent about DOGE on X and when a wallet supposedly belonging to him bought or sold the meme coin.

Shiba Inu (SHIB): The Late Bloomer

Rounding out the top three meme coin performers is Shiba Inu (SHIB). In the last 24 hours, SHIB has soared by 28%, rising from $0.00001094 to its current price of $0.000014. The coin reached a daily high of $0.0000146, demonstrating the incredible volatility that has become synonymous with meme coins.

SHIB’s recent performance has been particularly noteworthy, with a 45% gain in the last seven days. However, its 12-month performance has been relatively modest, with a 13% increase. This is largely due to the coin’s underperformance in 2023, only beginning to gain traction in early 2024.

The current bullish trend in the cryptocurrency market, driven by institutional appetite for Bitcoin and Ethereum, has undoubtedly contributed to the rise of meme coins. As altcoins tend to be more volatile than Bitcoin, the gains and losses experienced by memecoins are often amplified. That’s why they’re cherished (and sometimes hated) by risk seekers like degens.

It’s important to note that meme coins are among the most volatile tokens in the crypto ecosystem. That means a coin that surges one moment can crash in mere minutes, wiping out whatever unrealized gains a trader might have. Many meme coins enjoy short-lived success, mainly because they are created as rug pulls, or because, just like memes, people lose interest shortly after they go viral.

Edited by Stacy Elliott.

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