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The meme coin industry, led by Dogecoin and Shiba Inu, has played a crucial role in onboarding more investors to the cryptocurrency industry.
The meme coin industry has grown to a major sector, with more than $56 billion in market cap and around $7.6 billion in daily average trading volume. Almost all layer-one (L1) and layer-two (L2) chains are using flashy meme coins to attract more on-chain activities.
Moreover, the initial rise of Shiba Inu (SHIB), and Dogecoin (DOGE) has inspired a new generation of meme coins including frog-themed, and cat-themed, among many others. The meme coin industry is expected to continue playing a crucial role in the ongoing crypto bull run.
Nonetheless, investors should be extra vigilant while dealing with new and flashy meme coins to avoid holding coins without liquidity and have high potential risks of rug pulls.
Top Meme Coin to Lead Bullish Recovery
Bitcoin dominance has been eating into the altcoin market cap for the past year fueled by the heightened demand from institutional investors. However, most analysts believe an altseason will kickstart soon as BTC holders continue to distribute their profits to different altcoins.
Meanwhile, traders should keep a close watch on the ETH/BTC pair, which is the ultimate indicator of the onset of the anticipated altseason.
Floki (FLOKI)
Floki is a fast-growing meme coin, with a fully diluted valuation of about $2 billion, backed by a thriving community. According to the latest market data, the Floki price edged over 15 percent higher in the past 24 hours to trade around $0.002 on Wednesday during the mid-London session.
According to a popular crypto analyst alias Captain Faibik, Floki’s price is en route to retesting its all-time high (ATH) following a breakout of a daily bullish flag. Notably, the crypto analyst expects the Floki price to rally as much as 3X from current levels in the coming days.
$FLOKI has also Broke out of Bullish Flag on the Daily timeframe Chart. ✅
Looks Promising for 2-3x Bullish Rally in the Coming Days. 📈#Crypto #FLOKI #FLOKIUSDT pic.twitter.com/Q2Jsr3h027
— Captain Faibik (@CryptoFaibik) April 24, 2024
The Floki ecosystem is fast transforming into a vibrant web3 ecosystem, especially through its FlokiFi Locker system. For instance, Altoscan, a web3 project developing an open-source block explorer compatible with all rollups, used Floki Locker to lock $18 million worth of $ATS for 15 months on Tuesday.
And more. pic.twitter.com/UFbG427yda
— FLOKI (@RealFlokiInu) April 24, 2024
Pepe (PEPE)
As Coinspeaker previously reported, frog-themed and Ethereum-based meme coin, Pepe (PEPE), has faced immense competition from other potentially influential meme coins led by Solana-based projects. According to the latest market data, Pepe’s price gained over 17 percent in the past 24 hours to trade around $0.0000079 at the time of this report.
Following the recent uproar, Captain Faibik believes Pepe’s price is well positioned for at least a 3X rally in the coming days.
Notably, Coinbase International announced on Tuesday that its 1000PEPE-PERP, its latest perpetual future listing based on Pepe, is now available for trading.
