Memecoins, led by Dogecoin (DOGE) and Shiba Inu (SHIB), have been among the biggest movers in this week’s rally, gaining more than 20% in market cap as a token category over the past 24 hours, Tuesday morning Asia time, according to CoinGecko.
- SHIB was one of the strongest performers, gaining almost 30% in that time before retracing slightly to trade at US$0.00003173 at press time.
- Original memecoin Dogecoin gained over 10% overnight Monday before dropping back down to trade at US$0.162 at press time.
- The fractional value of memecoins allows investors to dab into high reward assets, but has also been subject to high risks where popular fraud schemes such as rug pulls have been observed in higher volumes.
- The crypto market has gained 17% since last week in the year’s biggest rally so far, pushing the total market cap above US$2 trillion for the first time in over two weeks.
- Dogecoin was even briefly listed in the crypto top 10 on aggregation site CoinMarketCap on Tuesday, before being bumped from the spot by Polkdadot, which was trading at US$22.00 at press time.