- SHIB led the latest memecoin rally amid general optimism in the altcoin market
- Memecoins was the best performing segment on a YTD basis
The altcoin sector has posted strong gains since the Fed rolled over in mid-September, reinforcing the market’s belief of an early recovery in the long-awaited period. alt season. However, at the time of writing, a familiar trend seemed to be emerging: Memecoin dominance.
The founders of Glassnode noted same, claiming that memecoins took the lead in the early alt season. They emphasized dog hat [WIF], Shiba Inu [SHIB]And Pepe [PEPE] showing strong momentum.
“We just entered Altcoin season 5 days ago and we are already picking up strong momentum on #memecoins.”
SHIB leads memecoin rally
Source: CoinMarketCap
As of September 27, 8 of the top 10 memecoins, including SHIB, WIF, and MOG, had double-digit gains of between 25% and 50% over the past 30 trading days. SHIB was also an outlier in this week’s rally, up the same 40%.
At the time of writing, SHIB’s rally had cooled slightly around the 200-day MA (Moving Average). The RSI also showed overbought conditions.
Source: SHIB/USDT, TradingView
However, compared to other categories, there was stronger speculative market interest in memecoins, which could boost the sector.
According to Coinglass, memecoins ranked first (12%) in Open Interest (OI) over the past 24 hours. That was about double the market interest in the second tier sector – Gaming – at 6.8%.
Memecoins also ranked third in volume during the same period. This underlined the strong injection of liquidity and speculators in the segment over the weekend.
Source: Coinglass
This huge speculative interest in memecoins could strengthen market dominance again in the third quarter. In the first half of 2024, the sector performed top and even exceeded Bitcoin [BTC] of profit.
At the time of writing, the segment had the highest profits on a YTD (year-to-date) basis, with a whopping 1160% return.
Source: Artemis