Shiba Inu, Pepe, and Dogwifhat soar amid expectations of a ‘meme coin supercycle’

Shiba Inu, Pepe, and Dogwifhat Led the Pack as Meme Coin Market Cap Reached $55 Billion

Shiba Inu (SHIB), Pepe (PEPE), and Dogwifhat (WIF) led the weekly market gainers, contributing to a 25% surge in the total meme coin market capitalization, surpassing $55 billion.

Shiba Inu's (SHIB) Rise to Prominence

Shiba Inu (SHIB) surged 39% to $0.00001968, driven by increased demand and a breakout through a key resistance level. Its market cap grew from $8.53 billion to $11.63 billion within the week.

Ethereum-Based Pepe (PEPE)'s Ascent

Pepe (PEPE) climbed 36.5% over the past week, reaching $0.00001112 at press time. Its market cap reached $4.67 billion, approaching levels seen in early August.

Dogwifhat (WIF)'s Notable Performance

Dogwifhat (WIF) joined the top gainers, gaining 35.4% to reach $2.30 at the time of writing. Its market cap crossed the $2 billion mark.

Market Sentiment and Reactions

Social sentiment towards these tokens remained bullish on CoinMarketCap. Market observers anticipate a "meme coin season" as Bitcoin's market dominance wanes.

Industry Experts Engage on Meme Coin Hype

Bluntz, a pseudonymous trader, noted the strong upward momentum in multiple meme coins, predicting the start of a "meme coin supercycle." Arthur Hayes, BitMEX founder, expressed optimism for a "meme coin breakout" and sought community recommendations.

Analyst Saint Pump's Cautionary Tale

Amidst the hype, analyst Saint Pump cautioned about the potential risks of meme coin investments, emphasizing the potential for liquidity drainage and inflated gains for early investors.