Meme Coins Emerge As The Biggest Weekly Gainers Among Top Coins

Key Insights:

• Top meme coins deliver double-digit weekly growth figures just days after negative publicity, as some traders claimed that meme coins were dead.
• An in-depth look at how PEPE, Dogecoin, and Shiba Inu performed after mid-week momentum buildup.

Top meme coins have emerged as some of the biggest gainers in the second half of the week as the markets enjoyed some relief from the bears. This was a surprising outcome because meme coins trended earlier in the week for being “dead,” given the massive liquidity exodus observed over the last few months.

As such, barely anyone expected the meme cryptos to end up being the weekly top gainers. The bearish market conditions and subdued sentiment ensured that liquidity flowed out of higher-risk assets.

Meme cryptos fit that category, which explains their heavy bearish performance. What was unexpected was that the same cryptos would also make a robust comeback even as market sentiment remained near record levels of bearishness. Let’s take a look at how the top meme coins performed this week.

Dogecoin Price Record 30% Plus Upside

Dogecoin price traded as low as $0.0887 on Wednesday last week. A sharp pivot pushed it to $0.117 over the last 24 hours, a rally of about 31%.

Leading Top Meme Coins – Dogecoin price action | Source: TradingView

The king of the meme coins bounced back at a key price level that has historically acted as support on multiple occasions. Dogecoin price action retreated to around $0.10 at press time.

Shiba Inu Price Achieves 25% Jump in the Second Half of the Week

Shiba Inu, the second-largest dog-themed meme coin, also achieved a noteworthy bounce since Wednesday. For context, the SHIB price surged from as low as $0.00000606 on Wednesday to $0.00000725 just two days later.

SHIB Price Action | Source: TradingView

The sell pressure in the first half of the week did not push as low as it did I  the first half of February. This offered confidence among buyers. However, it has since cooled to $0.0000065 at press time after some profit-taking.

PEPE Outperforms Its Rival Meme Coins

While Dogecoin and Shiba Inu delivered impressive gains, PEPE outshone them. The latter traded as low as $0000034 on Wednesday but peaked at $0.0000050 by Sunday morning. This was equivalent to a 46% rally.

PEPE Price Action | Source: TradingView

This latest surge was the second biggest PEPE price recovery since the rally in the first week of January. Interestingly, it also outperformed Dogecoin and Shiba Inu back then. Almost as if it is building a trend.

All three meme coins outperformed Bitcoin and Ethereum in terms of gains during the second half of the week.

What Does the Meme Coins Rally Mean for the Market?

The bullish performance among the top meme coins was unorthodox, given that the market was still in extreme fear. The rally could signal that the recent concerns of meme cryptos being “dead” may have been seen as a bullish sign.

In other words, the rally may have been driven by dip buying, since most traders now believe memecoins cannot go lower. It may thus have been positioning among smart money investors and whales.

However, this outcome also has investors wondering whether the meme coins have just kick-started their recovery. The reality on the ground is that nobody knows where the market could go next.

The fact that the current market sentiment remains in extreme fear indicates that uncertainty is still at maximum levels. Although this rally could be a sign of a more bullish recovery ahead, it may also be a false signal that may usher in more downside and lead to liquidations.

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