SHIB led the latest memecoin rally amid overall altcoin market optimism
Memecoins was the top-performing segment on a YTD basis
The altcoin sector has seen strong gains since the Fed pivot in mid-September, reinforcing the market’s conviction of an early innings into the much-awaited alt season. However, a familiar trend seemed to be transpiring at press time — Memecoin dominance.
Glassnode’s founders noted the same, claiming that memecoins took the lead in the early alt season. In doing so, they highlighted dogwifhat [WIF], Shiba Inu [SHIB], and Pepe [PEPE] showing strong momentum.
“We just entered Altcoin Season 5 days ago, and we’re already picking up strong momentum on #memecoins.”
SHIB leads memecoin rally
Source: CoinMarketCap
As of 27 September, 8 of the top 10 memecoins, including SHIB, WIF and MOG, had double-digit gains between 25% and 50% over the past 30 days of trading. SHIB was an outlier during this week’s rally too, with the same hiking by 40%.
At press time, SHIB’s rally had cooled off slightly around the 200-day MA (Moving Average). Also, the RSI flashed overbought conditions.
Source: SHIB/USDT, TradingView
However, relative to other categories, there was stronger speculative market interest in memecoins, which could boost the sector.
According to Coinglass, memecoins were ranked first (12%) in Open Interest (OI) in the past 24 hours. That was about double the market interest in the second-ranking sector – Gaming – with a figure of 6.8%.
Memecoins also ranked third in volume over the same period. This underscored strong liquidity injection and speculators in the segment over the weekend.
Source: Coinglass
This massive speculative fervor in memecoins could reinforce its market dominance again in Q3. In H1 2024, the sector was a top performer, eclipsing even Bitcoin [BTC] in gains.
At the time of writing, the segment had the highest gains on a YTD (year-to-date) basis, with whopping 1160% returns.
Source: Artemis
