Memes on the move: DOGE, SHIB, and PEPE pump as market rally resumes

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Top memecoins Dogecoin (DOGE), Shiba Inu (SHIB), and Pepe (PEPE) have recorded significant gains amidst the general market rally.

Data from Coin Market Cap on 2 October shows that DOGE has recorded the highest gain of 9.62% at the time of writing this report, followed by PEPE at 8.43% and SHIB at 6.22% in the last 24 hours.

This places the top memecoins among the best performing crypto assets in the high and mid cap categories today.

Memecoin frenzy or tagging along

Memecoins have generally been known for their huge momentum which drives their prices rather than any utility. 

For many years, such momentum has worked, making DOGE for example to rise 1000% and even higher. Both SHIB and PEPE have experienced similar rallies at their initial releases, making lots of investors staggering gains.

The three memecoins being among the top-performing assets in this rally leaves investors wondering if such is possible again..

Meanwhile, DOGE is the best performing asset among the top ten in the last 24 hours. After breaking the $0.254 price, it is set to reach $0.32 according to this analyst.

Is this about Elon Musk?

Elon Musk has been associated with Dogecoin for many years, being the “CEO” of the project for a few hours at one point.

Although his CEO days are over, his influence on the coin has lingered, with a single tweet being able to send it soaring or trigger a massive selloff at any time.

Just yesterday, news broke that Musk has broken the world record as the first human to cross $500 billion in net worth.

It won’t be surprising if this DOGE rally has something to do with that announcement, because if the world’s richest man backing the fun coin breaks a world record, the coin might as well enjoy some momentum.