Dogecoin (DOGE) and Shiba Inu (SHIB), two major cryptocurrencies, surged as the memecoin market rebounded. The surge also included tokens such as Pepe (PEPE), dogwifhat (WIF), Bonk (BONK), FLOKI, and Popcat (POPCAT).
The total market capitalization of the meme coin industry has increased by 23.6% to $98 billion over the past 24 hours, with $49.7 billion in trading volume. The total cryptocurrency market capitalization is also approaching the $3 trillion milestone, with Bitcoin (BTC) surpassing $81,000 for the first time.
Dogecoin and Shiba Inu Price Analysis
According to CoinMarketCap, DOGE is currently trading at $0.2895, up 28% in the past 24 hours. However, it is still 60.19% below its all-time high of $0.7376. In the past 7 days, DOGE has skyrocketed 89.32% and is up 162.76% in the past 30 days. DOGE is currently ranked sixth in the market, surpassing XRP, with a market cap of $42.36 billion.
On the other hand, SHIB has gained 18.4% in the past 24 hours and is currently trading at $0.0000265, having gained 58.2% in the past week. However, the Meme token is down 69.95% from its all-time high of $0.00008845 during the 2021 bull cycle.
Other Meme Coins Join the Rally
In the past 24 hours, PEPE rose 13.1% to $0.00001286, WIF rose 24% to $3.11, BONK rose 14.3% to $0.00002626, FLOKI rose 22.3% to $0.0001824, and POPCAT rose 10.2% to $1.58.
On the other hand, Cats & Dogs World (MEW) and Goat King (GOAT) also turned bullish, surging 16.8% and 17.1% respectively in the past 24 hours. MEW is priced at $0.01106, while GOAT is trading at $0.9396.
3 altcoins that will turn $500 into $50,000 by December
Solana (SOL): A Scalable Platform for Decentralized Applications
Solana is a blockchain platform focused on scalability, providing a solid foundation for decentralized applications (dapps). It competes with Ethereum and Cardano and aims to enable faster transactions through unique architectural choices. Developers can use multiple programming languages, which increases the flexibility of the platform.
SOL is Solana's native cryptocurrency and plays a core role in the ecosystem. It facilitates transactions, supports custom programs, and rewards those who support the network. SOL coins maintain their value by supporting Solana's operations and giving users access to various projects.
Unlike some other platforms, Solana does not use sharding or second-layer solutions. This approach is designed to attract developers and investors to its high-capacity network, which is suitable for hosting highly active services.
AVAX: A low-cost, fast-transaction layer-1 blockchain
AVAX is the native token of Avalanche, a Layer-1 blockchain known for its low fees and fast transactions. Avalanche uses a hybrid consensus mechanism that combines classical principles and Nakamoto principles, with the goal of completing transactions within 2 seconds. The platform has a processing capacity of 4,500 transactions per second.
Avalanche has three interoperable chains — X-Chain, C-Chain, and P-Chain — that support various operations, such as transactions and smart contract execution. Users can launch custom subnets, allowing them to create their own tokens and blockchains.
AVAX plays a vital role in the ecosystem. It is used for transaction fees, network security through staking, and management of multiple subnets. This highlights the powerful functionality of AVAX in payments and staking.
Aave: Decentralized Lending on Ethereum
Aave is a cryptocurrency in the decentralized finance (DeFi) space. It provides a system that allows users to lend, borrow and earn interest on cryptocurrencies without the involvement of banks. Aave uses the Ethereum blockchain and smart contracts to manage assets through code rather than traditional institutions.
Users can lend and borrow 17 different cryptocurrencies. Borrowers receive tokens that represent their loans and accrue interest. A key feature of Aave is flash loans — instant loans that require no collateral and must be repaid within the same blockchain block.
The platform’s native tokens, AAVE, play a vital role. They provide benefits such as fee reductions and voting rights on changes within the platform. Aave’s security module allows users to stake tokens to reduce risk, which increases the value of AAVE by limiting supply and reducing circulation through fee income.
