Shiba Inu, Pepe, and Dogwifhat have emerged as the top weekly gainers in the meme coin market. The total market cap of meme coins increased by 25%, surpassing $55 billion.
Major Achievements
Shiba Inu (SHIB) surged 39% to $0.00001968, breaking past a key resistance level of $0.00001940. Its market cap rose from $8.53 billion to $11.63 billion within the week. The Ethereum-based Pepe (PEPE) also saw a significant rise of 36.5%, trading at $0.00001112 with a market cap of $4.67 billion. These levels were last seen at the beginning of August. Dogwifhat (WIF), residing on the Solana blockchain, joined the top gainers with a 35.4% increase, trading at $2.30 and surpassing the $2 billion market cap mark. Even Dogecoin (DOGE), the first and most liquid meme coin with a market cap of $18 billion, joined the rally, showing more than a 16% increase over the past seven days.
Market Reactions
On X.com, market observers anticipate the start of a meme coin season as Bitcoin’s market dominance waned. Pseudonymous trader Bluntz CITE_NA: "memecoin supercycle is real, the problem was most people's timing was just way off. choose your fighters, get into position and chill, don't sell too early." BitMEX founder Arthur Hayes also chimed in on the hype, claiming: "It’s time for a meme coin breakout." In subsequent posts, he actively engaged with the community, asking for recommendations and shilling several meme coins to build his portfolio for the anticipated "UPtober" rally. Lookonchain data reveals Hayes’ recent withdrawal of 24.39 billion Pepe (PEPE), valued at $252,680, from Binance.
Analysts' Predictions
Not all market analysts share this optimistic outlook. Analyst Saint Pump warns of potential pitfalls within the meme coin craze. Saint Pump stated that the “endless flood” of meme coins could drain liquidity from other sectors as traders chase “the new cute dog of the month.” CITE_NA: "Trading meme coins is like playing slots, where ‘the house always wins.’"
Meme coins continue to show significant growth and attract market participants' attention. However, analysts caution about potential risks and advise a careful approach to such investments.
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