Memecoins on the Rise: Dogecoin and Book of Meme Lead the Charge

Dogecoin (DOGE) and Book of Meme (BOME) are surging in tandem, leading the charge among memecoins in the current crypto bull run.

Despite launching at different times, both memecoins exhibit correlated price movements, as evidenced by their nearly identical daily chart patterns. However, DOGE and BOME possess unique characteristics, suggesting they might endure the coming bull cycle.

DOGE currently holds the undisputed crown as the top memecoin on CoinmarketCap, boasting a hefty market cap of $23.68 billion. This dog-themed favorite rose to prominence during the last bull run, fueled by endorsements from Tesla CEO Elon Musk and a meteoric price surge. While DOGE dipped during the bear market, it appears to be regaining its former vigor.

BOME, a newcomer launched in March, sits at number 8 on CoinmarketCap with a market cap of $929.2 million. Though it hasn’t witnessed a bull cycle yet, BOME’s trajectory mirrors DOGE, even down to its daily chart trends. Notably, both memecoins gained roughly 4% in the last 24 hours, hinting at a potential rally.

DOGE and BOME are merely two representatives of the ever-expanding memecoin army on CoinmarketCap. Collectively, memecoins hold a significant $65.27 billion market cap, representing a noteworthy 5.33% slice of the entire crypto market capitalization. This sector is experiencing a surge in popularity, fueled by resurfacing speculative tendencies among crypto users.

Besides users’ habits, memecoin visibility is on the rise, supported by the influx of innovative solutions deployed across various blockchains. These solutions offer enticing speculative opportunities for crypto users seeking to capitalize on the upcoming bull run. At the time of writing, all top 10 memecoins on CoinmarketCap were trading in the green, reflecting positive returns over the past 24 hours.