The memecoin market is on fire as Dogecoin (DOGE), Shiba Inu (SHIB), and PEPE each soared, raking in over $2 billion in combined gains within just seven days. The surge was linked to a viral moment involving former U.S. President Donald Trump’s comments during the September 11 CNN Presidential debate, sparking a wave of enthusiasm among traders.
Pet-Themed Memecoins Rally On Trump’s Viral Remark
During the debate against Vice President Kamala Harris, Trump made a controversial comment accusing illegal immigrants of “eating dogs, cats, and all the pets (sic).” The remark quickly became a viral meme across social media, with public figures like Taylor Swift and Elon Musk joining in on the discussion. As pet-themed jokes spread, crypto traders seized the opportunity to invest in the top three pet-themed cryptocurrencies: DOGE, SHIB, and PEPE.
This meme-fueled frenzy added momentum to an already strengthening market, which had shown signs of life after the U.S. Bureau of Labor Statistics released a favorable Non-Farm Jobs report on September 6. However, the rally within the memecoin sector took off in full swing following Trump’s comment, showing the unpredictable nature of crypto markets and their connection to viral media moments.
Significant Gains Despite Declining Trading Volumes
Over the past seven days, the top three memecoins have seen significant price gains. Dogecoin surged by 8.4%, Shiba Inu climbed by 1.2%, and PEPE rose by 2.3%. Despite a decline in overall trading volumes, these assets defied expectations by continuing their upward trajectory.
In terms of market capitalization, Dogecoin saw the largest jump, adding approximately $1.5 billion to its valuation. Shiba Inu followed, gaining $400 million, while PEPE contributed an additional $150 million. Together, the trio accumulated roughly $2.05 billion in market cap during this period.
Interestingly, this surge occurred even as trading volumes slowed, indicating the presence of external bullish drivers. The viral nature of Trump’s comment appears to have prompted a wave of speculative buying, pushing these assets higher.
The memecoin market has once again proven its sensitivity to media events and cultural moments. Bullish traders strategically leveraged the viral buzz surrounding Trump’s statement to drive significant capital into the top-ranked pet-themed coins. In just a week, over $2 billion has flowed into Dogecoin, Shiba Inu, and PEPE, proving that memecoins are not just a fleeting fad but an integral part of the broader cryptocurrency ecosystem.
Can the Memecoin Rally Last?
While the recent gains are impressive, the question remains whether this rally can be sustained. Market liquidity remains a critical concern. Without a substantial influx of new capital or trading activity, the current surge could be short-lived. Traders are now turning their attention to the U.S. Federal Reserve’s upcoming interest rate decision during the Federal Open Market Committee (FOMC) meeting on September 17-18.
Also Read: Dogecoin Eyes Rally – MFI Surge To 63.87 & Whale Inflows Soar To 493.15M DOGE
If the Fed opts for a hawkish stance, the broader crypto market, including memecoins, could see increased volatility. Until then, the bulls in the DOGE, SHIB, and PEPE markets will aim to consolidate their recent gains.
In conclusion, the memecoin market’s ability to capitalize on viral moments continues to drive unexpected growth. As we move closer to key economic decisions, all eyes will be on whether this momentum can carry through or if it was merely a brief, meme-driven pump.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
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