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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 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.
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%.
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Has the “Memecoin Supercycle” Started?
Bitcoin’s 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 “Uptober.”
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.
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.
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.
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