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TL;DR
- After months of sluggish performance, the meme coin market roared back, led by explosive gains from TURBO and others.
- Dogecoin (DOGE) and Shiba Inu (SHIB) are also on the rise. DOGE reclaimed $0.18 and eased downside fears, while analysts predict further upside, possibly even a run toward $1.
Memes on the Run
The meme coin sector, which underperformed in the past several months, experienced a substantial revival in the past 24 hours. Its market capitalization surged to almost $58 billion (according to CoinGecko’s data), representing a 16% daily rise.Â
Literally all top 20 meme coins have charted double-digit price gains, but some have taken center stage with explosive increases.
Turbo (TURBO), whose valuation skyrocketed by 70%, is one example. Earlier today (April 23), it pumped to as high as $0.00426, a peak level last seen at the beginning of February.
Other top performers include PENGU (+41%), WIF (+28%), BONK (+25%), FLOKI (+17%), and many more.Â
Meme coins are known for their enhanced volatility, and their prices often follow the overall revival of the entire cryptocurrency industry. Recall that the market capitalization of the digital asset sector recently reclaimed the psychological level of $3 trillion, while Bitcoin (BTC) jumped to over $94,000.Â
How Are the Leaders Doing?
Dogecoin (DOGE) and Shiba Inu (SHIB) – the undisputed leaders of the realm – have also gone on the offensive, albeit witnessing less impressive gains than TURBO, PENGU, and some others.Â
The OG meme coin is up 10.5% for the day, currently trading at roughly $0.18. The rise might have reduced Dogecoin’s chances of experiencing a painful decline in the near future. Earlier this week, the popular analyst Ali Martinez assumed that DOGE could plummet to as low as $0.06 unless it turns the resistance at $0.17 into support.
The latest resurgence infused optimism across the space, with numerous industry participants foreseeing a further pump on the horizon. X user World of Charts expects DOGE to soar to $0.40 in the coming days, while KALEO set a target of $1.
Dogecoin’s biggest rival, Shiba Inu (SHIB), has charted a similar price increase in the last 24 hours. Several hours ago, it ascended to $0.00001387, the highest mark since late March. Those willing to explore some price predictions involving the asset can take a look at our dedicated article here.
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