The memecoin market has had a positive start to the week.
Both Dogecoin (DOGE) and Shiba Inu (SHIB) have posted double-digit gains in the past 24 hours.
Meanwhile, the new memecoin Flockerz (FLOCK) is gaining traction in its ICO, approaching the $1.5 million funding milestone.
DOGE & SHIB lead memecoin rally with double-digit gains
Dogecoin has rallied 25% to $0.283 – a price traders haven’t seen since October 2021.
The trading activity around DOGE is picking up, with $18.1 billion worth of the coin changing hands in the past 24 hours.
That makes DOGE the fourth most traded cryptocurrency in the world.
Shiba Inu has been catching some upside too, jumping 11% to hit $0.0000251, though it has cooled off slightly from Sunday’s spike.
Traders clearly believe there’s more action ahead, with SHIB’s derivatives open interest rising 10% to $42 million.
However, it’s not just the top two memecoins making gains.
In the past day, almost all joke coins are in the green, pushing the sector’s total market cap above $88 billion.
There’s also been a 149% uptick in spot trading activity.
The only real outlier is First Neiro on Ethereum (NEIRO), which has posted a 15% loss.
Bitcoin’s new all-time high fuels broader crypto market optimism
Dogecoin and Shiba Inu’s rises aren’t happening in isolation.
They are part of a broader crypto market rally that has sent Bitcoin to a new all-time high of $81,858.
The OG cryptocurrency is up 7% since Saturday’s dip, dragging the entire market with it.
Trader sentiment continues to improve, with the Crypto Fear & Greed Index reaching 78 out of 100 yesterday.
That’s its highest reading since April.
The Index is firmly in “Extreme Greed” territory, and retail investors are beginning to take notice.
Google searches for “Bitcoin” are increasing, although they’re still not where they were during 2021’s bull run.
Some big names are also talking excitedly about the future.
Crypto Rover, founder of CryptoSea, believes that Bitcoin will hit $100,000 “52 to 58 days” after the election.
He also notes that all resistance above Bitcoin is now gone.
Influencer Doctor Profit also believes BTC will reach $100,000 “by end of year.”
These two predictions highlight the level of market optimism – which is helping meme coins like DOGE and SHIB.
Flockerz ICO nears $1.5m as Vote-to-Earn model & staking yields attract investors
Flockerz is also benefiting from the positivity.
Billing itself as the “People’s Meme Coin,” Flockerz’s ICO is approaching the $1.5 million milestone.
It’s reinventing the typical meme coin model by offering a Vote-to-Earn mechanism through the Flocktopia DAO.
This mechanism allows community members to earn FLOCK tokens for participating in governance decisions.
The more active they are, the more FLOCK they’ll earn.
Community members can then stake these FLOCK tokens in Flockerz’s staking app to generate estimated APYs of 1,207%.
This figure will decrease as more tokens are staked – but investors have already locked up over 149 million FLOCK while the ICO is ongoing.
During the ICO, investors can buy tokens for $0.005981 each.
According to Flockerz’s whitepaper, 20% of the total FLOCK supply has been set aside for ICO buyers.
Another 10% will be used for exchange liquidity.
Underpinning all of Flockerz’s features are two audits, from Coinsult and SolidProof, which found no issues with the project’s smart contracts.
This focus on security, combined with the unique rewards mechanism, has gone down well with the community.
Flockerz’s Twitter and Telegram channels have seen significant growth recently.
It’s a memecoin many are keeping an eye on as the broader market sees an uptick in momentum.
Disclaimer. This publication is sponsored. Cointelegraph does not endorse or assume responsibility for the content, accuracy, quality, advertising, products, or other materials on this web page. Readers are advised to conduct their own research before engaging with any company mentioned.
Please note that the featured information is not intended as, and shall not be understood or construed as legal, tax, investment, financial, or other advice. Nothing contained on this web page constitutes a solicitation, recommendation, endorsement, or offer by Cointelegraph or any third party service provider to buy or sell any cryptoassets or other financial instruments.
Crypto assets are a high-risk investment. You should consider whether you understand the possibility of losing money due to leverage. None of the material should be considered as investment advice. Cointelegraph shall not be held liable, directly or indirectly, for any damages or losses arising from the use or reliance on any content, goods, or services featured on this web page.
Related News :