The weekend dawned with frenzied activity in meme coins, spearheaded by a newcomer among the pack. The gains came on the back of broad-based strength seen in the cryptocurrency space.
The Movers: Solana (CRYPTO: SOL)-based, dog-themed meme coin Dogwifhat (CRYPTO: WIF), which launched in November 2023, led the gains among the meme coins. At last check:
- WIF rose 17.63% over the past 24 hours to $3.47.
- Dogecoin (CRYPTO: DOGE) climbed 14.88% to $0.1613.
- Floki (CRYPTO: FLOKI) surged up 14.26% to $$0.0001955.
- Pepe (CRYPTO: PEPE) rose 11.23% to $$0.000008846.
What's Driving The Rally: Meme coins have been on an uptrend since late April and the strength was sustained for much of the week amid the Federal Reserve's rate decision and Jerome Powell's dovish comments.
The weekend acceleration came as some publications reported that Elon Musk's electric-vehicle company Tesla would accept payment for certain products in Doge on its online shop. This, however, is not a new development.
Crypto analyst Ali Martinez predicted on Wednesday that Doge could be priming for a bull run. Sharing a long-term chart of the crypto on X, formerly Twitter, he said the meme coin was tracing a pattern, which has been a precursor for the bull runs in the past.
Over the years, #Dogecoin appears to mirror its previous bull cycles! All you need is a little bit of patience. ️ pic.twitter.com/QMqvmJaLkl
— Ali (@ali_charts) May 1, 2024
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