According to CryptoPotato, the meme coin sector experienced a significant surge on May 3, with its market capitalization surpassing $50 billion. Notable performers in this sector include Dogecoin (DOGE) and Shiba Inu (SHIB), which saw daily increases. However, other assets such as WIF and POPCAT registered even more substantial gains.
The cryptocurrency market overall returned to green territory after several days of substantial losses. Bitcoin (BTC) briefly surged to $60,000, while Ethereum (ETH) reclaimed the $3K level. The meme coin sector, however, saw an even more significant revival, with numerous assets outperforming the aforementioned leaders. Some examples include the frog-themed Pepe (PEPE) and the Solana-based dogwifhat (WIF) and Bonk Inu (BONK), all of which spiked by double digits on a daily scale.
Another meme coin that experienced even more impressive gains is Popcat (POPCAT). The cat-themed token is up 25% in the past 24 hours, briefly soaring to an all-time high of over $0.60. Currently, it trades at around $0.56. The entire market capitalization of the meme coin cohort jumped above $50 billion.
The largest meme coins in terms of market cap – Dogecoin (DOGE) and Shiba Inu (SHIB) – are also well in the green, albeit in a more modest fashion. The former is up 7% daily, while its rival has pumped slightly more. Numerous analysts recently envisioned a bright future for both assets.
Ali Martinez, a user, claimed that DOGE’s recent price retreat could be “part of its usual behavior before massive bull runs.” He reminded about multiple occasions in the past years when the meme coin’s value dipped only to rally substantially shortly after. SHIB also seems poised for a bull run, considering the rise of some bullish indicators related to its ecosystem. Examples are the increased burn rate and the further development of the layer-2 scaling solution Shibarium. The network underwent two major upgrades as of late, aiming to improve user experience, implement quicker block processing times, and empower the community of developers and innovators.