• PEPE jumped by more than 4% in the past 24 hours while SHIB and DOGE crashed.
• Baby Doge Coin (BabyDoge) skyrocketed by more than 30%.
• BabyDoge claimed a market cap of $859 million but a correction is expected.

Market shifts put meme coins in the spotlight this week, with Dogecoin (DOGE) and Shiba Inu (SHIB) losing over 3% in value over the past 24 hours. In contrast, PEPE surged by 4%, signaling its potential to challenge SHIB’s market dominance.

According to CoinMarketCap data, over the past week, DOGE gained 3.26%, trading at $0.45, while SHIB rose 4.27% to $0.00003116. However, PEPE led the sector with a remarkable 26.14% increase, now priced at $0.00002617. The meme coin market capitalization has reached $146 billion, with a robust $27.7 billion in daily trading volume.

Other meme coins like dogwifhat (WIF), FLOKI (FLOKI), and Popcat (POPCAT) also saw notable weekly gains, rising by 16.60%, 13.17%, and 24.49%, respectively. However, in the past 24 hours, WIF fell 3.27%, FLOKI declined 1.18%, and POPCAT dropped 3.16%.

Market Highlights: Baby Doge Gains Momentum

Baby Doge Coin (BabyDoge) emerged as a key performer, surging by 31% within a week. This impressive rally pushed BabyDoge to the 12th spot in meme coin rankings, with a market cap of $859 million. BabyDoge also witnessed a significant rise in social media activity. The project’s X account announced that its holder count doubled in just 15 hours—a milestone for a small-cap meme coin.

Based on the chart below, it is clear that the bulls are overall in control of the BabyDoge price action as the cryptocurrency trades at $0.085666, down 13.46% from its all-time high of $0.086355. Since December 2023, the meme coin is up 274.06%. 

The Accumulation/Distribution line is almost flat, which means that investors can expect the meme coin’s volatility to drop in the near future. The gradient of the line shares a similar analysis while the Moving Average Convergence/Divergence indicator confirmed a bearish divergence which means that a price correction can be expected after the recent price surge.

PEPE Outperforms SHIB and DOGE

PEPE’s impressive 26.14% weekly gain has sparked discussions about its potential to overtake SHIB in market cap. Unlike SHIB and DOGE, PEPE has maintained strong upward momentum despite a broader meme coin pullback.

With the memecoin hype reaching frenzied levels, newer tokens like Mog Coin (MOG) and BabyDoge are gaining traction to challenge the established leaders.