Looks like the meme coin market is bouncing back.
Dogecoin (DOGE) and Floki (FLOKI) are rallying, both jumping over 10% in the past day.
Alongside those two established coins, newcomer Shiba Shootout (SHIBASHOOT) is also doing well – nearing the $900,000 milestone in its presale.
Dogecoin Rebounds 16% as Spot Trading Volumes Surge
Dogecoin’s making a comeback, and it’s not messing around.
After taking a beating like the rest of the market, DOGE decided it’s had enough of the bearishness.
The coin is now sitting at $0.096 – a solid 16% jump from yesterday.
This jump came after DOGE rejected the $0.082 level as support on Monday afternoon.
After rejecting that level, DOGE has rallied, erasing most of Sunday and Monday’s losses.
And now, spot trading volumes are beginning to ramp up.
They hit $1.8 billion in the past 24 hours, making DOGE the 9th most traded crypto in the world.
Open interest has also increased to $444 million.
Additionally, $3.1 million in short positions were wiped out.
All in all, Dogecoin is reminding everyone why it’s still the top meme coin.
Time will tell whether the rally continues, but DOGE is back on the right track for now.
Floki Outpaces Peers with 18% Rally Amid Market Recovery
FLOKI has also flipped bullish, surging 18% to $0.00118.
While Dogecoin is grabbing most of the headlines, FLOKI is quietly outpacing many of its peers.
The numbers speak volumes.
FLOKI has secured the 6th spot among globally traded meme coins, with $357 million in spot trading volume.
After a ten-day losing streak, it’s finally on track for a green close – which will be warmly received by FLOKI holders.
But let’s keep things in perspective.
Despite this rebound, FLOKI still has a mountain to climb.
It needs another 78% rally to reclaim its highs from just two weeks ago.
However, given that the entire meme coin market has bounced back, FLOKI’s climb might not be as steep as it seems.
Meme coins have taken their lead from Bitcoin, which is up 9% since yesterday.
It’s another example of just how interlinked the meme coin space is with the broader crypto market.
So, all eyes will be on Bitcoin’s movements in the coming days to see if it can keep rising and pull DOGE and FLOKI along with it.
Shiba Shootout Presale Gains Momentum Thanks to Exciting Wild West P2E Game
A new contender is also gaining traction this week.
Shiba Shootout, currently in its presale phase, is drawing attention thanks to its P2E mechanics.
It’s not just another dog-themed token.
Instead, the team is building a mobile game that puts players in the shoes of Wild West gunslingers.
Shiba Shootout’s main feature is a fast-paced shootout mode where timing is critical.
Players with the best accuracy and quickest draws can earn SHIBASHOOT – Shiba Shootout’s native ERC-20 token.
This exciting setup has translated to early presale success.
There’s been over $800,000 in investment since Shiba Shootout’s presale began, with SHIBASHOOT tokens on offer for $0.0198.
Most of the buzz is around the P2E game, but investors are also scrambling to get involved because of the staking app.
Investors can stake their SHIBASHOOT tokens to earn estimated APYs of 1,088%.
Naturally, this yield will decrease over time – but that hasn’t stopped investors from piling into the presale to buy SHIBASHOOT.
Even YouTuber Zach Humphries is getting involved.
In a recent video, he praised Shiba Shootout and speculated that its Wild West theme could be a key demand driver.
Fellow YouTuber ClayBro went one step further, saying that the token “could make millionaires.”
These two endorsements have only added to the excitement surrounding SHIBASHOOT.
If the developers can maintain (or increase) the buzz in the coming weeks, Shiba Shootout could give DOGE and FLOKI a run for their money.
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