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A major shift is underway, as investors flock to volatile memecoins during Bitcoin’s peaks or market turbulence.
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Memecoins have once again outperformed top altcoins, with some even posting three-digit weekly gains.
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Typically, coin listings on major exchanges often act as bullish catalysts; recently, Pepe [PEPE] saw a 50% price surge after its Coinbase listing.
Explore the resurgence of memecoins outperforming top altcoins, fueled by market volatility and significant exchange listings, as Bitcoin’s influence persists.
Memecoin ‘supercycle’ emerges as altcoins lag behind
Interestingly, despite their volatility, memecoins have attracted enough capital to outperform top altcoins, mirroring trends from the last bull cycle. This was further solidified when DOGE flipped XRP to take the 6th spot in terms of market cap.
These instances have sparked a massive market shift, with investors turning to memecoins during volatility or when Bitcoin peaks.
In the past 30 days, wallets holding between 10 million and 100 million DOGE tokens surged from 18.3 billion to 18.7 billion. Over the last 24 hours alone, traders purchased 140 million DOGE tokens, worth approximately $56 million.
Source: Santiment
DOGE, the largest memecoin by market cap, saw a week of consecutive green candlesticks, with 20% daily highs. However, on the 14th of November, it suddenly declined by 9%, wiping out gains from the previous two days.
Despite this, whale activity suggested that DOGE was poised for a rebound. This mirrored the previous cycle when bulls targeted the dip as an opportunity to accumulate, positioning DOGE for a potential parabolic run.
Now, the critical question is:
Who will lead the next supercycle?
With a nearly 100% weekly jump, PEPE has outperformed its rivals, putting all its stakeholders in profitable positions. However, the margin is razor-thin, with DOGE close behind, posting an over 80% price increase in under seven trading days.
On one hand, DOGE is set to hit new highs, with some speculating a $1 rally driven by high-profile endorsements and political backing. On the other hand, PEPE has posted an impressive run following its listing on Coinbase.
Thus, both memecoins boast strong support across various metrics, positioning them to lead the upcoming ‘supercycle’. However, only one can come out on top.
Source: Glassnode
Since the buildup to its listing, PEPE has seen massive accumulation, with traders exchanging as much as six trillion tokens in a single day. Similar to DOGE, PEPE has garnered significant interest from both retail and institutional investors.
However, as traders analyze historical patterns and market sentiment before making their next move, DOGE appears to have a better chance of leading once it outperforms PEPE.
DOGE’s presence in the political realm is expected to play a major role in its dominance. As memecoins undergo a shift, emerging as a solid asset class during periods of volatility, DOGE’s recognition and advocacy by high-profile figures like Elon Musk will likely give it an edge.
In the future, investors will likely focus on DOGE, as it remains a constant in the news and continues to capture widespread attention, positioning itself for a potential $1 run.
Conclusion
In summary, the current landscape of cryptocurrencies is vividly marked by the emergence of memecoins like PEPE and DOGE, which have captured investor attention through significant price movements and market dynamics. With Bitcoin’s influence still relevant, the ongoing competition between these tokens hints at a potentially transformative period in the crypto market, as they battle for supremacy in what could be termed the next supercycle.
