Meme coins skyrocketed over the past 24 hours with sector titans Pepe (PEPE), Dogecoin (DOGE), Shiba Inu (SHIB), and Bonk (BONK) leading the charge with turbocharged gains.
PEPE soared 66%, BONK jumped 54% SHIB skyrocketed over 30% while the DOGE price had surged more than 26% as of 4:15 a.m. EST. The latest overnight pump took weekly gains off the chart, with Pepe up 388%, Bonk 181%, Shiba Inu 178% and Dogecoin 91%.
Data from CoinMarketCap shows that all of the top 10 meme coins saw their prices rise more than 10% over the past 24 hours. This boosted the collective market capitalization of the meme coin sector by more than 33% to over $52.7 billion.
Anticipation Of A Dogecoin ETF Ignites A Meme Coin Rally
The founder of Mechanism Capital, Andrew Kang, predicted on X that a Dogecoin ETF (exchange-traded fund) may even be approved.
I put odds of eventual $DOGE ETF at >30%. Anything is possible with recent regulatory developments, Trump winning the presidency and Doge being the most decentralized alt
Everyone is talking about the ETH ETF trade but no one is talking about the $DOGE ETF trade pic.twitter.com/8ujjRyty4d
— Andrew Kang (@Rewkang) March 4, 2024
In a Mar. 4 post, Kang said that the odds of an eventual Dogecoin ETF is above 30%, adding that “anything is possible with recent regulatory developments.” He said that Donald Trump potentially becoming president again might boost the chances of a DOGE ETF. He also claimed that DOGE, much loved by Elon Musk, is the “most decentralized alt,” another factor that he said may increase the chances of a Dogecoin ETF becoming reality.
Current Securities and Exchange Commission chair Gary Gensler, who opposed even a spot Bitcoin ETF, might have other ideas.
More than $100 million has been locked in perpetual futures contracts for SHIB. This is the first time the collective dollar amount has surpassed this threshold since August of 2023, according to data from CoinGlass.
Meanwhile, the founder of 10X Research, Markus Thielen, said that a “wave of retail [trading] activity” has shifted from altcoins to the meme coin market.
Other Hot Contenders
This revived interest in the meme coin space could also bode well for smaller, up-and-coming meme coins and presale.
Among analysts favorites are new Solana meme coin, Smog, which rode the bullish tsunami this past week with a 74% surge.
Other red hot presales include Meme Kombat, which is gearing up for several major exchange listings imminently, and Scotty the AI, another dog-themed meme coin that flaunts its AI capabilities.
Last but not least is Sponge V2, which promises to repeat the explosive 100X launch of its predecessor, Sponge V1.
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