JAKARTA - The crypto market has experienced little recovery in recent days, including Bitcoin (BTC), altcoins, and meme coins. Although meme coins are the biggest winners, some categories of coins show a more significant spike than others due to various factors.
Reporting from CoinGape, the dog-themed meme coin managed to surpass its rivals with a market capitalization of 35.6 billion US Dollars (around Rp585 trillion), up by 1%. Bullish sentiment was mainly driven by the popularity of dog-themed tokens such as Dogecoin (DOGE) and Shiba Inu (SHIB).
In addition to driving an increase for other assets, several dog-themed cryptocurrencies experienced a daily price spike. AMATERASU OMIKAMI rose 25.6% and traded at 0.113 US Dollars (approximately 1,858) in the last 24 hours. PolyDoge and Digocoin also followed with an increase of 7.1% and 6.2%, respectively.
Dogecoin saw an increase of 1.2%, trading at 0.1244 US Dollars (around Rp2,046), amid speculation of a future bull run. FLOKI and BONK have also increased with inflows of 2.5% and 0.3%, respectively in the last 24 hours.
Usually, dog-themed tokens see more bullish sentiment because of the depth of the community and the addition of utilities to some assets. The recent accumulation of meme assets also adds to demand for top assets as macroeconomic indicators move positively. Inflation that slows down and cut interest rates is a positive indicator because investors tend to move funds to risky assets.
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Other meme coin categories have decreased despite a slight flow into the winner. Solana's meme coin soared in the first quarter of 2024 after renewed enthusiasm from market makers. Currently, Solana's meme coin recorded a 1.3% increase with a market capitalization of 6.1 billion US Dollars (approximately Rp100 trillion). Likewise, cat-themed tokens that saw inflows last month also decreased by 1.4% in the last 24 hours.
This phenomenon shows that despite the challenges, dog-themed meme coins continue to attract investors interest thanks to strong community support and promising development of utility. With favorable macroeconomic conditions, this meme coin may continue to outperform its rivals in the near future.
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