* Memecoin price started the New Year with a big rally as the majority of tokens recorded gains.
* Dogecoin, Shiba Inu, and Pepe Coin led the gains, with increases of 10%, 9%, and 17%, respectively.
* CoinGecko’s GMCI Meme Index shows a total market value of around $33.8 billion, with about $5.9 billion traded in the past 24 hours.
The memecoin market started the New Year with a big rally as the majority of tokens recorded gains, led by Dogecoin, Shiba Inu, and PEPE. In the last 24 hours, the total meme coin market soared by 10.8% to reach $48.4 billion.
Memecoin Price Rally Sparks Big Gains for Dogecoin, Shiba Inu, and Pepe
Memecoin prices went up across the market, with PEPE leading the way, rising 17% in one day. Dogecoin went up 10%, and Shiba Inu rose 9%.
Alongside the notable rise in meme coin prices, the overall cryptocurrency market also witnessed remarkable gains over the last 24 hours. The total crypto market cap rose to $3.12 trillion after recording a daily gain of 3%.
Meanwhile, Bitcoin traded above $91,000 as analysts attributed seasonal trends and a positive global sentiment as the key drivers.
It is likely that investors are rotating money from more stable risk assets to active high-risk markets such as meme coins as liquidity continues to return in the market.
Dogecoin Soares by 10% Amid 325 Million DOGE Purchase
At the time of writing, Dogecoin price was up by 10% over the last 24 hours to reach $0.1432. The rise happened as other altcoins were also moving higher and showing positive trends.
Trading picked up, too, with volume rising 114% to $3.23 billion, showing more people are buying and selling.
Large investors have been active, buying over 325 million DOGE on the blockchain. The higher volume points to growing participation from investors.
Big holders have been active, buying over 325 million DOGE on-chain. Around 220 million of these coins were bought in just the past 24 hours. The purchases helped Dogecoin climb back above $0.130 and keep its price rising.
CoinGecko’s GMCI Meme Index shows a total market value of around $33.8 billion, with about $5.9 billion traded in the past 24 hours. This suggests that the recent gains are not just about a single token.
The “dog-themed” coins are performing particularly well. Following Dogecoin’s rise, Shiba Inu went up 8%, Solana’s Bonk gained nearly 11%, and Floki climbed close to 10%.
Smaller meme tokens also moved quickly. Mog Coin rose about 14% in a single day and is up roughly 37% over the past week. Popcat gained nearly 9% on the day and has climbed more than 17% over the week.
The data shows that momentum is spreading across the meme coin market, with both large and small tokens seeing increased trading and price movement.
Traders on X highlighted PEPE’s meme coin price sharp breakout. Some charts indicate that momentum traders are following a familiar pattern, moving speculative funds from large-cap coins into meme coins as liquidity returns.
Here’s A Closer Look at the Memecoin Sector
Shiba Inu went up 8% in the past 24 hours, reaching $0.000007665. Trading also picked up, rising 86% to $216.26 million, showing more people are buying and selling.
Pepe Coin was the highest gainer with a 17% uptick. A falling wedge pattern on the daily PEPE chart signaled incoming bullish momentum. At the time of writing, the meme coin was trading around the $0.0000055907 level and a notable 112% pump in trading volumes, which reached $3.45 billion.
Moreover, activity across Pepe Coin’s futures trading soared, with open interest hitting $448.70 million. Analysts say Pepe could reach $0.0000058 if momentum holds.
Dogecoin remains strong, too. If the trend continues, it could test $0.15. Shiba Inu and PEPE may follow, reaching their next resistance levels.
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