Memecoins Explode Weekly: BabyDoge Soars 150%, SHIB Up 28% (Weekend Watch)

Memecoins Explode Weekly: BabyDoge Soars 150%, SHIB Up 28% (Weekend Watch)


Unlike some of the previous weekends since the start of the year, this one has been rather calm for bitcoin, which remains slightly above $23,000.

Some altcoins, though, have performed more impressively, including OKB and a few memecoins.

SHIB, BabyDoge Skyrocket

Crypto Potato reported yesterday Shiba Inu’s massive daily increase of over 10%. However, the second-largest memecoin is well in the green once again on a daily scale. SHIB is up by another 7.5%, while its weekly gains are almost 30%, making it one of the best performers for the past seven days.

Among the few alts that have done better is another memecoin – BabyDoge Coin. The Dogecoin spin-off has soared by roughly 150% within the same timeframe.

OKX’s native cryptocurrency has soared by almost 7% in the past 24 hours and has tapped another high at nearly $45. Ethereum, Binance Coin, Ripple, Cardano, Dogecoin, and MATIC are also slightly in the red from the larger-cap alts.

Solana, Polkadot, and Avalanche, in contrast, have registered minor daily declines.

The total crypto market cap has added a few billion in a day and sits close to $1.1 trillion on CMC.

Cryptocurrency Market Overview.  Source: Quantify Crypto
Cryptocurrency Market Overview. Source: Quantify Crypto

Bitcoin Calm Above $23K

The primary cryptocurrency experienced some enhanced volatility at the start of the month after the US Federal Reserve announced raising the key interest rates by 25 basis points once again.

At first, the asset remained calm around $23,000. However, it dipped a few hundred dollars hours later before it shot up by over $1,500 and tapped a new five-month high well above $24,000.

The bears intercepted the move at this point and pushed the asset south. As a result, BTC slipped by around $1,000 and has calmed at around $23,300 since then.

Its market capitalization is still approximately $450 billion, while its dominance over the alts is down to 41.5% as several alts have surged notably in the past week or so.

BTCUSD.  Source: Trading View
BTCUSD. Source: Trading View

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Cryptocurrency charts by TradingView.


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