DOGE, SHIB, PEPE surge amid Bitcoin bull run
How long will it take for the next market cap to hit $100B?
The Shiba Inu price also gained bullish momentum, with its value surging by 2.6%. Currently, it is trading at $0.00002906.
However, PEPE is the biggest gainer among these cryptocurrencies, with its value surging by double digits.
The price of Meme Coin surged by more than 13% in the past 24 hours, trading at $0.000007902 with a market cap of more than $3.32 billion.
Meanwhile, IntoTheBlock posted a tweet mentioning the gains of these meme coins this year. According to the tweet, while the price of DOGE doubled in 2024, the price of SHIB increased by 2.5 times and the price of PEPE increased by nearly 5 times.
This surge pushed the market cap of Meme Coin to $65 million. If the price continues to rise, the market capitalization of Meme Coin is expected to reach $100 million by the end of 2024.
Will Meme Coins Continue to Rise?
To understand whether the above meme coins will continue to push their prices higher, AMBCrypto checked their on-chain data.
Our analysis of Santiment data shows that buying pressure is increasing for SHIB. This is evident from the decline in exchange supply and the increase in off-exchange supply.
SHIB has a lot of buying pressure
Source: Santiment
Interestingly, despite the promising price increase of PEPE, the inflation pressure of meme coins is still high. Its supply on exchanges has surged, while its supply off exchanges has declined.
Nevertheless, whales have started buying PEPE again, as the supply of meme tokens held by top addresses has increased after a brief drop.
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