The entire crypto sector is closely following the rise in Bitcoin, but the best numbers are from memecoins, especially the "dog" ones

Memecoins are heating up

Bitcoin maintains its bullish position even above 60 thousand dollars, and the altcoin sector is in full swing. However, the best numbers are recorded neither by Ethereum nor by the main Layer-1/2, but by the memecoins of the different ecosystems. And it is curious to note how, among these, it is the "canine" themed ones that get the spotlight.

Bonk (BONK) leads the chart. The largest memecoin on Solana recorded +45% in the last 24 hours, for a rise that seems to show no signs of slowing down and which outperforms SOL itself, among the best L1s with a +12% in the last day.

And what is particularly surprising is not even the rise in the last few hours, but rather a trend that has persisted for a year now: +3,240% in the last 12 months.

In the wake of BONK there is the first memecoin in the entire crypto world: Dogecoin, which had not been heard for some time. DOGE recorded a weekly +53% after a year in which the price never had out of the ordinary volatility (in the order of magnitude of a memecoin), and this time without the support of any post by Elon Musk, unlike what happened during previous bullmarkets.

Finally, Shiba Inu Coin completes the podium, with a +41% weekly and suddenly a new annual ATH. Throughout 2023, in fact, SHIB has decidedly underperformed the entire sector, and seems to have found the right stimuli only at the beginning of this year (despite constant development of the entire ecosystem).

Memecoins' answer to BTC

It is curious to note, in relation to the movement of Bitcoin, how memecoins have responded more than other assets to "institutional FOMO". Evidently, those more inclined to risk preferred to focus more on this category, while at the same time signaling how the entire sector has already entered a state of complete euphoria.

Please note, however, that memecoins are among the most volatile assets in the entire crypto world, and often enjoy short-term success.