When the cryptocurrency market as a whole surges to new highs, leading meme coins like Dogecoin (DOGE) and Shiba Inu (SHIB) are recording outstanding growth.
Dogecoin has risen over 5.5% in the past 24 hours, pushing its market capitalization to an astonishing $28.7 billion, while Shiba Inu increased by 4.8%, reaching nearly $7.7 billion in market capitalization.
Both are capitalizing on a wave of optimism spreading across the cryptocurrency market, partly thanks to Bitcoin surpassing the $116,000 mark and liquidating billions of dollars in short positions.
But it's not just DOGE and SHIB. The meme coin industry — now boasting a total market capitalization of over $68 billion — is in a strong growth phase. Coins like PEPE, which rose by 8.2%, BONK with a 10.3% increase, and even absurd tokens like FARTCOIN and PENGU, rising by 13.4% and 26.6% respectively, are all being pushed higher.
The combination of short squeezes, growth chasers, and pure market frenzy is driving price volatility. As prices surge broadly, retail traders — often drawn to meme coins for their low prices and enthusiastic communities — are flocking in. The narrative revolves around whether Bitcoin will reach new heights, which could trigger a meme coin explosion.
This cycle seems familiar. DOGE and SHIB have led similar exuberant growth in the latest price surge.