Dogecoin and Shiba Inu skyrocket as meme coins explode during crypto market boom

The meme coin mania is back, and it’s hitting new heights after Bitcoin (BTC) reached a new all-time high above $118,000, which has led meme coins to show signs of growth, as per a CoinCentral report.

Which Meme Coins Are Leading the Crypto Surge?

Dogecoin (DOGE) has increased 18%, Shiba Inu (SHIB) has risen 15%, and Pepe jumped 30%, as per the weekly charts, which have driven the total market cap of meme coins to hit $66 billion, according to the CoinCentral report.

How Are Meme Coins Performing This Week?

While, as of July 10, Dogecoin had increased 5.5%, which boosted its market cap to $28.7 billion, and Shiba Inu had surged 4.8%, which led to its market cap hitting $7.7 billion, as reported by The Street.


The meme coin sector is in full-on rally mode, with coins like Pepe, up 8.2%, and Bonk, with a 10.3% gain, and even absurdist tokens like Fartcoin and Pengu, increasing 13.4% and 26.6%, respectively, currently booming, as reported by The Street on July 10th.

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Is Meme Coin Mania Back as Bitcoin Smashes All-Time Highs?

This comes as Bitcoin reached multiple new all-time highs this week, the ripple effect is being felt across the entire crypto market, and the bullish momentum is spreading throughout, with Ethereum crossing $3,000 and many meme coins netting more than 20% gains, as reported by the CoinCentral report.

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Is Crypto's Bullish Momentum Fueled by Inflation Fears?

But beyond the numbers, a deeper shift might be underway, as there is growing concern over the United States' inflation, which has shaken faith in traditional currencies, prompting more investors, especially retail traders, to lean into meme coins that openly satirise the very idea of intrinsic value, according to the report.

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What Did Elon Musk Say About Fiat and Bitcoin?

Even tech billionaire Elon Musk recently fanned the flames of anti-fiat sentiment, as per the CoinCentral report. When he was asked on social media X whether the America Party (a political party he might potentially form) would adopt Bitcoin, he responded, saying, "Fiat is hopeless, so yes," as per the X post reply.

FAQs

How much has Dogecoin gone up this week?
Roughly 18%, with its market cap now around $28.7 billion.

What’s the total value of all meme coins right now?
Over $66 billion, according to CoinCentral.