- SHIB led the newest memecoin rally amid general altcoin market optimism
- Memecoins was the top-performing section on a YTD foundation
The altcoin sector has seen sturdy beneficial properties because the Fed pivot in mid-September, reinforcing the market’s conviction of an early innings into the much-awaited alt season. Nevertheless, a well-recognized development gave the impression to be transpiring at press time — Memecoin dominance.
Glassnode’s founders noted the identical, claiming that memecoins took the lead within the early alt season. In doing so, they highlighted dogwifhat [WIF], Shiba Inu [SHIB], and Pepe [PEPE] exhibiting sturdy momentum.
“We simply entered Altcoin Season 5 days in the past, and we’re already selecting up sturdy momentum on #memecoins.”
SHIB leads memecoin rally
As of 27 September, 8 of the highest 10 memecoins, together with SHIB, WIF and MOG, had double-digit beneficial properties between 25% and 50% over the previous 30 days of buying and selling. SHIB was an outlier throughout this week’s rally too, with the identical mountain climbing by 40%.
At press time, SHIB’s rally had cooled off barely across the 200-day MA (Shifting Common). Additionally, the RSI flashed overbought circumstances.
Nevertheless, relative to different classes, there was stronger speculative market curiosity in memecoins, which may enhance the sector.
In keeping with Coinglass, memecoins have been ranked first (12%) in Open Curiosity (OI) previously 24 hours. That was about double the market curiosity within the second-ranking sector – Gaming – with a determine of 6.8%.
Memecoins additionally ranked third in quantity over the identical interval. This underscored sturdy liquidity injection and speculators within the section over the weekend.
This huge speculative fervor in memecoins may reinforce its market dominance once more in Q3. In H1 2024, the sector was a prime performer, eclipsing even Bitcoin [BTC] in beneficial properties.
On the time of writing, the section had the best beneficial properties on a YTD (year-to-date) foundation, with whopping 1160% returns.