The internet’s newest darling, a baby hippopotamus named ‘Moo Deng,’ has not only melted hearts with her adorable antics but has also spurred a significant surge in a memecoin inspired by her. Moo Deng’s popularity has translated into a 700% increase in the MOODENG token on Solana, demonstrating the power of viral trends in the cryptocurrency market.
Dogecoin (DOGE) experienced a significant rally on Thursday, gaining nearly 9% and becoming one of the top performers in the cryptocurrency market. The surge follows a breakout from a multi-month downtrend, triggering bullish signals from technical indicators like the Relative Strength Index (RSI) and Super Trend. While the price action has sparked optimism, analysts caution that further breakouts are needed for sustained momentum.
Dogwifhat (WIF) has surged 26% in the past week, following its rival Shiba Inu (SHIB). A major WIF holder borrowed $2 million USDC to buy 894,854 WIF, boosting their holdings to $71 million. Meanwhile, Binance users have been buying WIF, leading to outflows from the exchange. Traders are bullish on the token, with some predicting a repeat of its February surge.
Cat-themed memecoin MEW defied the broader memecoin slump, surging over 10% in the last 24 hours. The coin’s gains were fueled by strong social media engagement and listings on prominent exchanges like Revolut and Upbit. MEW’s rise contrasts with the decline of other memecoin giants like Dogecoin and Shiba Inu, highlighting the potential of cat-themed cryptocurrencies.
Arthur Hayes, the co-founder of cryptocurrency exchange BitMEX, has expressed interest in Australian rapper Iggy Azalea’s memecoin, Mother Iggy (MOTHER), citing favorable macroeconomic conditions. He believes the recent weakening of the Japanese Yen against a stable Bitcoin presents an opportunity to trade memecoins. Azalea’s MOTHER token has seen significant growth since its launch in June, reaching a market cap of over $73 million. Notably, the token is planned to be used in Azalea’s upcoming online casino, Motherland.
The Shiba Inu (SHIB) memecoin saw a significant spike in its burn rate, with over 15 million tokens removed from circulation. However, the community remains unconvinced, urging the ecosystem’s leader for faster burn mechanisms. The recent launch of K9 Finance, a liquid staking platform on Shiba Inu’s Layer-2 network Shibarium, is expected to boost transaction volume and accelerate SHIB burns.
Crypto analyst Dima James Potts believes Dogecoin (DOGE) is set for a bullish run starting as early as September, drawing parallels with past price cycles. While historical patterns suggest a potential surge, investors need to be cautious as crypto markets remain volatile.
The Open Network (TON), a blockchain project linked to Telegram, has expressed solidarity with its founder Pavel Durov following his arrest in France. The project updated its social media branding to feature the Resistance Dog, a symbol of digital resistance, coinciding with a surge in the Resistance Dog memecoin. This comes as TON’s price dropped significantly after the arrest, potentially linked to concerns about Telegram’s moderation policies.
Floki, a popular dog-themed memecoin, has decided to invest $200,000 in its sister project, Simon’s Cat, a feline-themed memecoin. This move sparked a significant price surge for both tokens, showcasing the power of inter-community collaborations in the memecoin space. Floki’s strategic shift towards building a utility-driven ecosystem, coupled with its recent partnership with the English Premier League, is attracting further attention and contributing to its growth.
Despite a broader cryptocurrency market dip, Floki and Dogwifhat emerged as top performers on Tuesday, defying the downtrend. The Solana-based WIF and Ethereum-based FLOKI tokens saw significant gains, fueled by increased trading volume and positive developments, including Floki’s partnership with the English Premier League.
