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The crypto market is green today as a wave of speculative buying lifted meme coins to kick off the new week.
Leading the charge are dogwifhat (WIF) and Shiba Inu (SHIB), both of which have posted double-digit percentage gains.
However, many traders are already looking ahead to the next potential mover, with some speculating that the rapidly growing Dogecoin20 (DOGE20) project could be poised to follow in WIF and SHIB’s footsteps.
Meme Coin Demand Ramps Up as WIF Flips PEPE for #3 Spot
The quirky WIF token has surged over 30% in the past 24 hours, trading at $3.06.
This blistering rally has helped WIF’s market cap pass $3 billion – cementing it as the third-largest meme coin by valuation.
In the process, WIF has flipped the super-popular Pepe (PEPE) coin.
The token’s explosive move appears to be a culmination of hype and speculation over WIF’s long-term potential in the meme coin space.
After tagging an all-time high of $3.53 this past Friday, the token saw some expected profit-taking before landing support at the $2.05 level.
However, Sunday’s monster candle has obliterated the bears, leaving meme coin traders wondering how high dogwifhat could climb.
Fueling the bullish sentiment even further is the passionate community of WIF, who recently united to raise over $650,000 to have the token’s mascot showcased on the iconic Las Vegas Sphere.
This sort of widespread publicity stunt has only magnified the FOMO from traders looking to get involved in WIF’s rally.
Shiba Inu Mania Intensifies as SHIB Challenges DOGE’s Top Spot
Not to be outdone, Shiba Inu is also experiencing a bullish uptick, spiking over 14% to trade at $0.0000279.
The double-digit percentage rally has helped SHIB solidify its spot as the second-largest meme coin by market cap – and the largest by 24-hour trading volume.
According to data from CoinGecko, $2.2 billion worth of SHIB tokens changed hands over the past day alone.
This trading frenzy not only outpaced the volumes of DOGE and other top meme tokens, but it actually outpaced those of major altcoins like XRP (XRP) and Cardano (ADA) during the same timeframe.
The red-hot price action has reignited speculation that SHIB could soon dethrone Dogecoin (DOGE) as the largest meme coin globally.
With a market cap of around $16.4 billion, SHIB is now just $4 billion behind DOGE’s valuation.
If its momentum continues building, many analysts believe the so-called “Dogecoin killer” could finally complete its long-awaited flip.
Presale Sensation Dogecoin20 Aims to Follow in WIF & SHIB’s Footsteps
While WIF and SHIB have been the most talked about meme coins today, Dogecoin20 is another project that could be primed to explode onto the scene.
This up-and-coming crypto has quietly been gaining traction during its ongoing token presale, having already raised over $2 million from investors looking to get in early.
What makes Dogecoin20 particularly appealing to these investors is its blend of proven meme culture with innovative blockchain features.
On the culture side, DOGE20 pays homage to the OG Dogecoin through its clever branding and Shiba Inu imagery.
This built-in brand recognition could help it tap into the type of viral appeal that produced exponential returns for DOGE in 2021.
However, DOGE20 doesn’t stop at meme-fueled hype.
Instead, it layers on a staking protocol that allows DOGE20 holders to automatically earn passive rewards just for holding tokens in their wallets.
According to the project’s whitepaper, 15% of DOGE20’s 140 billion supply has been explicitly earmarked to incentivize investors seeking passive income through staking.
During its presale phase, DOGE20 can be purchased for just $0.000164 – but this price is only available for a limited time.
As more fundraising milestones are met, the DOGE20 price will rise, meaning those who invest the earliest will gain the most.
Once the presale wraps up, 10% of the DOGE20 supply will be shipped to Uniswap’s liquidity pools to ensure a smooth exchange debut.
With all the components for runaway success, some are speculating that Dogecoin20 could be the next meme coin to rise alongside dogwifhat and Shiba Inu.
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