As the crypto market regains momentum, the memecoin segment has recorded the highest gains during this period

As the crypto market regains momentum, the memecoin segment has recorded the highest gains

The crypto market has seen a slight recovery in the past 24 hours with most major cryptocurrencies trading in red. Among the top gainers during this period is the memecoin category which has recorded the highest gains.

At press time, the memecoin category was valued at $72.58 billion, a change of -3.08% in 24 hours. Among the top memecoins, Dogecoin (CRYPTO: DOGE) and Shiba Inu (CRYPTO: SHIB) are up considerably in price over the past few days. This has resulted into a FOMO-like situation among the investors. While some consider Dogecoin to be an ideal investment, others speculate Shiba Inu to outperform the category leader in a shorter time frame.

Latest Activity For Dogecoin & Shiba Inu Memecoins

As per the latest reports, Dogecoin Network has witnessed a massive uptrend in its active addresses. As of today, DOGE has 127,570 active addresses and is on the path of achieving a new multi-year high. This suggests a rising interest of investors in this digital asset.

When talking about the latest SHIB news and updates, a total of 8 SHIB burn transactions were recorded. While the daily burn rate has dropped by over 60%, this memecoin has burned about half of its maximum supply. This makes this a potential project for the long-term prospects.

Dogecoin Price Records Strong Bullish Reversal

Despite recording a drop of 2.35% in 24 hours, the largest meme coin by market cap has added 34.83% to its valuation over the last seven days. With this, it has a market cap of $34.44 billion, which is roughly half of the total valuation of the memecoin segment.

The Relative Strength Index (RSI) hovers around the overbought range in the daily time frame. Moreover, its average trendline displays a constant rise in the DOGE memecoin price chart. With its SMA indicator acting as a support, the largest memecoin could continue gaining value this week.

If the market favors the bulls the DOGE price could breach its immediate resistance of $0.243 and head toward its $0.2865 in the upcoming time. Conversely, an increase in the liquidation may pull the value of this crypto token toward its $0.20 mark.

SHIB Memecoin Jumps 26% In 7 Days

Following in the footsteps of Dogecoin, Shiba Inu price has jumped approximately 25% over the past week. With this, the current listing price of this memecoin is just over $0.0000150 with an intraday trading volume of $465.98 million.

The Moving Average Convergence Divergence (MACD) displays a constant green histogram with its averages recording a similar price action. On the other hand, the Cross EMA 50/200-day is on the path of witnessing a Golden Cross, suggesting a bullish outlook for the meme coin in the market.

Maintaining the value above the $0.00001525 could result in it heading toward its resistance level of $0.000020 this month. However, if the bears outrun the bulls, this may result in it plunging toward its low of $0.00001025.