The broader memecoin sector surged as Dogecoin, Shiba Inu, and Pepe all posted double-digit gains in the last 24 hours, with Pepe leading at 19% and the other two gaining 10% each. The sector’s market capitalization increased by over 5.37% as total trading volume skyrocketed 189% to approximately $4.14 billion, renewing focus on the original memecoins.
Dogecoin [DOGE] registered double-digit gains in the last 24 hours, alongside other OG memecoins. Pepe [PEPE] led the group with 19%, while Dogecoin and Shiba Inu [SHIB] followed closely with 10% gains each.
The price performance of the three OG memecoins often reshapes the trajectory of the whole sector. This time, the memecoin sector’s market cap grew by over 5.37% as the total trading volume hiked by 189% to about $4.14 billion.
Dogecoin’s rally partly stemmed from fundamental reasons, in addition to a broader market resurgence. The resurgence in risk-on sentiment across the globe favored DOGE as the U.S. Treasury doubled its long-term bond buyback, injecting liquidity into the market and weakening U.S. Dollar pegs.
The memecoin emerged as among the most traded tokens, with daily token trading volume jumping by 3.5x to around $1.28 billion. This daily volume was equivalent to more than half the weekly sum traded.
Additionally, DOGE has been seeing more real-world adoption, which could improve its trading activity. The memecoin recently gained access to the Paxos network used by PayPal and Venmo.
However, DOGE Spot ETFs have remained inactive since a net outflow of $564,000 on 13th August. This implied that institutional capital was minimal, leaving Dogecoin and other memecoins to speculative traders.
On the charts, Dogecoin broke a major trendline it had held since May. The price action also saw a bullish MA Cross as traders continued to buy, with more than 132 million DOGE bought during a single 4-hour session.
The Funding Rates have been green since 5th August, indicating bulls have been paying a premium to keep their long positions open. As it stands, the memecoin is trading above the $0.0750-level, though it is still yet to breach the next significant supply zone on the charts.
