Meme Coin Rally Begins as DOGE, SHIB, POPCAT, FLOKI Gain 10% Each

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As someone who has navigated the tumultuous waters of the financial markets for decades, I must say that the current surge in meme coins is nothing short of fascinating. It’s like watching a high-stakes game of poker where everyone is bluffing, but no one seems to be folding.

In the past 24 hours, Dogecoin has led a significant rebound in the meme coin market with a remarkable 15% increase. Following suit are other players like Shiba Inu, POPCAT, and FLOKI, each experiencing a 10% surge. Here’s a breakdown of their current status:

The recent surge in Dogecoin can be attributed to both technical factors and Elon Musk’s recent influence. On the daily technical chart, the Dogecoin price is exhibiting a “golden cross” pattern, which occurs when the 50-day Exponential Moving Average (EMA) intersects above the 200-day EMA. This crossover is often seen as a significant shift from a bearish to a bullish outlook by analysts.

Currently (as of October 29), Dogecoin is maintaining its position above a significant Fibonacci retracement level, which stands at approximately $0.1358. This level had previously acted as a formidable resistance point back in July. Remaining above this level might open up potential paths for Dogecoin to reach the price ranges of $0.1832 and $0.2292.

Courtesy: TradingView

Conversely, there’s been a significant increase in the demand for Dogecoin futures, approaching all-time highs since April. In just the last week, the value of Dogecoin-based futures contracts has skyrocketed by 33%, amounting to over 8 billion tokens. This figure is only 12% shy of the lifetime maximum of 9 billion DOGE in open interest. According to Glassnode data, the total value of these Dogecoin bets has increased from $850 million to over $1.3 billion.

From another perspective, Elon Musk has been making moves that could see him play a significant part in a potential Donald Trump government. For some time now, he’s been hinting at a proposed “Department of Government Efficiency,” or DOGE for short. If Trump indeed wins, as suggested by current prediction market polls, traders anticipate the value of DOGE to surge even more. Furthermore, there’s been a significant increase in the likelihood of Elon Musk securing a key position within Trump’s cabinet over the past fortnight.

Markets increasingly believe Elon Musk will be appointed to a role by the next president.

Based on the information from @Kalshi, there’s approximately a 1 out of 3 chance that Elon Musk will be nominated for the Cabinet before February 2025.

These odds have more than DOUBLED over the last 2 weeks.

This comes as Donald…

— The Kobeissi Letter (@KobeissiLetter) October 29, 2024

Meme Coin Party Kickstarts as SHIB, POPCAT, FLOKI, and Others Participate

Beyond Dogecoin, the meme coin market is experiencing a significant rise today. Shiba Inu (SHIB) also witnessed a rally of more than 10% earlier today and is currently trading at approximately $0.00001839 with a market capitalization of around $10.83 billion. Additionally, the daily trading volume for SHIB has skyrocketed by an impressive 178%, reaching $544 million.

On a Monday, the Shiba Inu group unveiled an important update called Shibosis, introducing a distinctive collection of Non-Fungible Tokens (NFTs) that are built on the Ethereum network into the Shiba Inu community.

Additionally, the Solana-backed meme token POPCAT has been leading the pack, increasing by 12.83% over the past day and currently valued at $1.74. This growth has boosted its weekly gains to over 25%, reaching new record highs. In a similar category is Floki Inu, which has seen an increase of more than 10% in the last 24 hours as well.

Other popular meme coins such as PEPE, WIF, and BONK have seen a surge of around 7-8% in value today as well. Here’s a brief overview:

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2024-10-29 14:15