The crypto market has a new rock star, and its name is the Solana-based meme coin MemeCore (M). Its price has jumped by double digits in a matter of weeks, thus outperforming multiple leading cryptocurrencies like Bitcoin (BTC), Ethereum (ETH), and many more, which have been struggling during the ongoing bear market.
Key takeaways
Quick scan — what you need to know:
- The crypto market has a new rock star, and its name is the Solana-based meme coin MemeCore (M).
- Its price has jumped by double digits in a matter of weeks, thus outperforming multiple leading cryptocurrencies like Bitcoin (BTC), Ethereum (ETH), and many more, which have been struggling during…
- M Challenges DOGE Earlier this month, M hit a four-month high of $2.56, while it currently trades around $2.35 (per CoinGecko’s data).
- Its market cap has surpassed $4 billion, making it the second-largest meme coin, trailing Dogecoin (DOGE).
Background
What led here, in plain terms:
- Shiba Inu (SHIB), which held that position for many years, has been on an evident downtrend over the past several months, with its capitalization plunging below $3.5 billion.
- One of the main catalysts behind M’s rally seems to be an ecosystem update that the team recently announced.
- Specifically, the developers revealed that the MemeCore Hardfork is officially “live and stable.” “Combined with our new Account Abstraction, your transactions aren’t just…
- Just sit back and enjoy the smooth, cheaper, cost-effective ride in the MemeCore ecosystem,” the disclosure reads.
Why it matters
Why readers and decision-makers should care:
- Its ratio has risen to almost 70, indicating that M’s valuation has soared too much in a short period and could now be on the verge of a pullback.
- MemeCore RSI, Source: Trading View The post MemeCore (M) Flips Shiba Inu (SHIB) After Exploding by 50% in 2 Weeks: What Comes Next?
- appeared first on CryptoPotato.