{"id":31169,"date":"2024-10-18T19:00:34","date_gmt":"2024-10-18T16:00:34","guid":{"rendered":"https:\/\/coinengineer.net\/blog\/?p=31169"},"modified":"2024-10-18T15:34:07","modified_gmt":"2024-10-18T12:34:07","slug":"what-caused-todays-rise-in-memecoins","status":"publish","type":"post","link":"https:\/\/coinengineer.net\/blog\/what-caused-todays-rise-in-memecoins\/","title":{"rendered":"What Caused Today\u2019s Rise in Memecoins?"},"content":{"rendered":"

Today, memecoins<\/strong> have outperformed the cryptocurrency market by showing a strong performance in the last week. The recovery in cryptocurrency prices has caused the memecoins with the highest market value, Dogecoin, Shiba Inu, and Pepe, to record double-digit gains in the last seven days.<\/p>\n

Solana-based memecoin Cat in Dogs World (MEW) is the token that has risen the most, with a 47.5% increase in the last seven days and a 9.3% increase in the last 24 hours. MEW has added 112% to its value in the last 30 days. Mog Coin follows with a 39.6% weekly gain, while Brett is third with a 25% increase.<\/p>\n

\"\"<\/p>\n

The memecoin rally continued on October 18. DOGE, SHIB, and PEPE increased by 10.2%, 4%, and 2.8% in the last 24 hours, respectively, while Dogwifhat attracted attention with an impressive increase of 63%.<\/p>\n

Might interest you: What is BabyDoge?<\/a><\/em><\/p>\n

Has the \u201cMemecoin Supercycle\u201d Started?<\/h2>\n

Bitcoin\u2019s recent rise above $68,000 has led many analysts to believe that it could pave the way for a memecoin supercycle at the end of \u201cUptober.\u201d<\/p>\n

The memecoin supercycle theory, put forward by memecoin analyst Murad Mahmudov, argues that meme-centric cryptocurrencies could experience parabolic growth when a combination of factors come together. According to Mahmudov, memecoins continue to attract investors based on promises of community, emotion, and wealth rather than technical complexity.<\/p>\n

 <\/p>\n

One factor that could trigger this supercycle is the steady increase in the price of Bitcoin. According to a report published by BDC Consulting, the memecoin market is highly sensitive to movements in the price of Bitcoin, showing a correlation of 0.87% with BTC.<\/p>\n

This high correlation suggests that as Bitcoin price rises, there is a high probability that other cryptocurrencies will follow suit and even outperform Bitcoin in the short term.<\/p>\n

\n

You can also freely share your thoughts and comments about the topic in the comment section. Additionally, don\u2019t forget to follow us on our\u00a0Telegram,\u00a0<\/strong><\/a>YouTube<\/strong><\/a>,\u00a0and\u00a0Twitter<\/strong><\/a>\u00a0channels for the latest news and updates.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

Today, memecoins have outperformed the cryptocurrency market by showing a strong performance in the last week. The recovery in cryptocurrency prices has caused the memecoins with the highest market value, Dogecoin, Shiba Inu, and Pepe, to record double-digit gains in the last seven days. Solana-based memecoin Cat in Dogs World (MEW) is the token that<\/p>\n","protected":false},"author":6,"featured_media":31172,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9,2],"tags":[1332,9041,9040],"class_list":["post-31169","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto-news","category-news","tag-memecoin","tag-memecoin-rise","tag-memecoin-supercycle"],"yoast_head":"\nWhat Caused Today\u2019s Rise in Memecoins? - Coin Engineer<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/coinengineer.net\/blog\/what-caused-todays-rise-in-memecoins\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"What Caused Today\u2019s Rise in Memecoins? - Coin Engineer\" \/>\n<meta property=\"og:description\" content=\"Today, memecoins have outperformed the cryptocurrency market by showing a strong performance in the last week. 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