Meme Coins Lead the Rally After Crypto Bounce, New Dogecoin Competitor Steals the Spotlight

cryptonews.com:

As the crypto market recovers from the Mt Gox dip, meme coins are leading the rally. Retail investors are on the lookout for meme coin gems, and a new viral GameFi meme coin is stealing the spotlight.

In this article, deep-dive into this week’s meme coin market trends and unpack why PlayDoge play-to-earn is gaining attention in the market.

Lets start by taking a step back and looking at the bigger picture, at present Bitcoin price is under significant pressure from mining firms that are rapidly selling their accrued BTC to remain afloat post-Halving.

Alongside largely overdramatic FUD from Mt Gox, this scheduled leaning out of the Bitcoin network is the key market dynamic to watch until the highly anticipated September FOMC meeting.

Consequently, Bitcoin’s price currently rests at a -11% month-on-month loss despite remaining at a +39% year-to-date gain.

However, note that the RSI indicator has cooled off to incredible bullish divergence, suggesting a strong current value proposition from the top coin with an increased likelihood of an upside move.

Yet, beyond fundamental reassurance from the ongoing Bitcoin price consolidation, the bigger picture also reveals a marked trend of meme coins fuelling the biggest gains so far in the recovery rally.

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For many, this will come as no surprise; after all, the meme coin vertical has outperformed all other crypto sectors, with meme coins averaging a +1,834% return in 2024. By comparison, the nearest rival RWAs have seen just +213% growth.

Therefore, it should come as no surprise that this week’s market trends have seen substantial growth for leading gainers POPCAT, MOGU, BENDOG, WIF, and PEPE.

However, as the meme coin market matures, there’s also an increased interest in