Introduction

Cryptocurrencies have witnessed a rise in the popularity of meme coins, with Solana-based meme coin dogwifhat (WIF) emerging as a strong competitor against established meme coins like Dogecoin (DOGE) and Shiba Inu (SHIB). Data from CoinGecko reveals that WIF has surpassed DOGE and SHIB in daily trading volume, recording nearly $600 million within the past 24 hours.

Trading Volume Rankings

Among meme coins, Pepe (PEPE) follows closely behind WIF, securing the second position with $518 million in trading volume in the same timeframe. Notably, DOGE, the frontrunner in the meme coin sector, ranks third with $424 million in trading volume.

Shiba Inu, the second-largest meme coin by market capitalization at $10.2 billion, finds itself in sixth place with a modest trading volume of $172 million, placing it below Bonk (BONK) and Floki Inu. Bonk and Floki Inu have recorded $208 million and $191 million in trading volume, respectively.

This data indicates a shift in trader interest towards lesser-known meme coins rather than sticking to the well-established market leaders.

Meme Coin Market Outlook

The overall sentiment in the meme coin sector is positive, with notable meme coins like WIF and Bonk witnessing double-digit price increases. Financial analyst Murad Mahmudov recently hinted at a potential trend in meme coin prices, suggesting the formation of a large descending wedge on higher timeframes.

Simultaneously, PeiPei (PEIPEI) has gained traction among meme coin leaders, with its trading volume nearing $150 million. Despite being a relatively obscure altcoin, PEIPEI has surged by up to 37% in the past 24 hours, positioning itself as one of the top performers in the top 10 cryptocurrencies.