Highlights:
- Dogecoin surged over 40% in October, fueled by Tesla CEO Elon Musk’s rally appearance.
- Shiba Inu’s burn rate increased by 436%, enhancing scarcity thus attracting more investors.
- Since August, Popcat has rallied nearly 600%, backed by high community activity and bullish sentiment.
The crypto market continues to ignite after kicking off the week on a bullish note. Crypto prices are rising, with most popular coins like Bitcoin and Ethereum observing gains. The total market capitalization has surged by 1.49%, reaching $2.43 trillion, while the trading volume has climbed above the $100 billion mark.
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The broad trend has been observed in Bitcoin Spot ETFs, which had a total netflow of $870 million on October 29, the highest net flow since June 5. The hype in digital assets continues to flow after recording a weekly inflows of $906 million last week.
Similarly, there is a catch on the memecoin market. The total memecoin market cap has climbed to $64.58 billion, a surge of 2% in the past 24 hours. Despite the bullish sentiment, the trading volume has faced a setback, dropping by 9% to $8.73 billion. Let’s explore the top memecoins to watch today, October 30, including Dogecoin, Shiba Inu and Popcat.
Top Memecoins to Watch Today
1. Dogecoin (DOGE)
Dogecoin (DOGE), the top memecoin to watch, surged by over 40% in October. Currently, DOGE is trading at $0.1727, surging by 5% in the past 24 hours. Its market cap rose to $25.35 billion, though trading volume dipped 12%, hinting at growing investor interest.
The price spike followed Tesla CEO Elon Musk’s rally appearance with Donald Trump. This mention of a new “Department of Government Efficiency” (D.O.G.E.) stirred excitement. The humourous nod to Dogecoin fueled interest in the cryptocurrency, driving the price to rise even higher. Musk stated that this department could save the government trillions, which triggered a positive buzz about the memecoin.
— Elon Musk (@elonmusk) October 28, 2024
Bullish on-chain metrics back Dogecoin’s price boost. According to Coinglass, DOGE’s Long/Short ratio stands at just 1.05, which shows strong market confidence. In addition, Open interest increased by 4%, signaling increased activity among traders.
Market enthusiasm and Musk’s involvement have positioned DOGE as the next memecoin to explode. With investors backing the trend, DOGE could continue its upward rally, supported by favorable metrics and public interest.
2. Shiba Inu (SHIB)
Shiba Inu (SHIB), often known as the ‘Dogecoin killer,’ displays a bullish sentiment. Despite recent price fluctuations, SHIB continues to see solid market cap support, appealing to those seeking alternatives in the meme coin market. SHIB is currently trading at $0.00001875, which has surged by 2.30% over the past 24 hours.
According to data from Shibburn, 52,341,966 SHIB tokens were burned, marking a 436% increase in the burn rate. This surge was aided by one significant transaction, burning 12 million SHIB. The high burn rate aims to increase scarcity, drawing more interest from the crypto community.
HOURLY SHIB UPDATE$SHIB Price: $0.00001884 (1hr 1.18% ▲ | 24hr 10.19% ▲ )
Market Cap: $11,091,769,108 (9.78% ▲)
Total Supply: 589,268,637,394,431TOKENS BURNT
Past 24Hrs: 51,841,966 (431.03% ▲)
Past 7 Days: 147,263,262 (370.71% ▲)— Shibburn (@shibburn) October 29, 2024
According to Coinglass, SHIB’s Long/Short ratio stands at 0.9, signaling strong market optimism. Additionally, SHIB’s derivatives trading volume surged 23%, reaching $282.82 million. This rise and a 21% increase in open interest to $59.29 million indicate growing trader confidence.
Traders on OKX are also bullish, with a positive sentiment of 2.53 long-to-short ratio. As open interest rises and ratios climb above 1, SHIB remains attractive for traders looking for long positions. SHIB‘s strong metrics show a potential rally, making it one of the top memecoins to watch in the market.
3. Popcat (SOL)
With a strong community and catchy branding, POPCAT has quickly gained traction in the meme coin sector. Its growth of 26% during the past week validates its appeal to new investors. Recently, POPCAT surged 1.35% in 24 hours, reaching $1.71, with an all-time high of $1.81.
POPCAT has rallied more than 600% since its August lows as it extends its upward momentum. While Popcat commands a market cap of $1.7 billion, there could still be room for further growth as it captures more attention in the meme coin market. Furthermore, Lunacrush data suggests that POPCAT boasts one of the most active communities among top meme coins today, further solidifying its position.
POPCAT broke out of Rising Diagonal Resistance, a bullish sign according to memecoin analyst Murad on X. With the U.S. presidential election approaching on November 5, POPCAT’s velocity has increased, suggesting a potential rise to over $5 soon.
$POPCAT is breaking out above Rising Diagonal Resistance. This is very bullish.
Velocity is increasing.
Acceleration to $5+ soon, imo. pic.twitter.com/lOeAomHpSu
— Murad 💹🧲 (@MustStopMurad) October 29, 2024
Conclusion
In conclusion, the crypto market is buzzing with growth, with memecoins like Dogecoin, Shiba Inu, and Popcat showing strong upward momentum. As momentum builds, rising market caps, increased burn rates, and investor interest make them the top memecoins to watch today.
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