Dogecoin, SHIB, PEPE soar amid Bitcoin’s bull run: $100 billion market cap next?

• Selling pressure on SHIB was declining. 
• Metrics suggested that DOGE was undervalued, hinting at a price uptick. 

As Bitcoin [BTC] turned bullish, several meme coins, including top coins like Dogecoin [DOGE], Shiba Inu [SHIB], and PEPE painted their daily charts green.

Meme coins had already created buzz in the crypto space as their value skyrocketed in 2024, hinting that their total market cap might touch $100 billion this year. 

Dogecoin, Shiba Inu, and PEPE are growing fast

According to CoinMarketCap and DOGE, the largest memecoin’s price had surged by more than 5.5% in the last 24 hours and was trading at $0.207.

Shiba Inu’s price also gained bullish momentum as its value surged by 2.6%. At the time of writing, it was trading at $0.00002906.

However, PEPE was the top gainer among these cryptos, as its value surged by double digits.

The meme coin’s price spiked by over 13% in the last 24 hours and was trading at $0.000007902 with a market capitalization of over $3.32 billion.

In the meantime, IntoTheBlock posted a tweet mentioning how these meme coins have risen this year. As per the tweet, while DOGE has doubled in price in 2024, SHIB has increased 2.5x and PEPE nearly 5x.

This rise pushed the meme coin’s market cap to $56 billion. If the price pump continues, it won’t be a long shot to expect meme coins to touch the $100 billion market cap by the end of 2024. 

Will meme coins continue their pump?

To see whether the aforementioned meme coins would continue to push their prices up, AMBCrypto checked their on-chain data.

Our analysis of Santiment’s data revealed that buying pressure on SHIB was increasing. This was evident from the drop in its Supply on Exchanges and the rise in its Supply Outside of Exchanges. 

Source: Santiment

It was interesting to note that despite PEPE’s promising price rise, selling pressure on the meme coin remained high. Its Supply on Exchanges spiked, while its Supply outside of Exchanges dipped.

Nonetheless, the whales once again started to buy PEPE as, after a short drop, the meme coin’s supply held by top addresses increased. 

Source: Santiment

Read Dogecoin’s [DOGE] Price Prediction 2024-25

Things for DOGE also looked pretty optimistic. After days of being in the negative zone, DOGE’s MVRV ratio improved. At press time, it had a value of 5.11%, hinting at a continued bull rally.

Additionally, its NVT Ratio registered a sharp decline. A drop in the metric means that an asset is undervalued, further suggesting a price increase in the coming days.

Source: Santiment