After a decline, memecoins have shown a sharp increase, reaching $56.32 billion in market capitalization. Many investors and analysts discuss a potential memecoin rally in the coming months.
Memecoin Market Jumps 16% in 4 Days
After recording a bearish price action for a brief period, the memecoin segment has shown a positive reversal. Over the past weekend, the market capitalization crossed the $50 billion mark and continues to rise.
Dogecoin's Price Dynamics
Dogecoin price has displayed a strong bullish action over the past seven days, rising by 23.84% to $0.2054 from $0.1658. However, it has dropped over 4.6% since then, currently trading at $0.1959 with a trading volume of 1.97 billion.
Shiba Inu and Other Memecoins
Shiba Inu, the second largest memecoin by market cap, rose by 25% in 7 days. However, it dropped by 6% over the last 6 hours. Other memecoins like Pepe and Floki also demonstrated significant price fluctuations.
The volatility in the crypto industry continues to rise. Investors are advised to carefully analyze the market before investing in memecoins due to their high instability.
