Bitcoin News Today: DOGE Surges 3.51% as Memecoin Market Hits $65B After $5B Inflows

The memecoin market has seen renewed speculative activity, with inflows exceeding $5 billion in just two days, pushing the total market cap to $65 billion. Dogecoin (DOGE) emerged as the leading performer, surging 3.51% to $0.20 after shedding 30% over the previous two weeks. Six of the top 10 daily gainers were meme tokens, signaling a return of risk-on sentiment in the crypto space [1].

Pepe (PEPE), however, lagged behind despite a modest 1.61% gain from its $0.0000104 base. Its PEPE/BTC chart showed weakness, rebounding from the 0.0000000000852 BTC support but continuing to underperform compared to DOGE and other major cryptocurrencies. The token’s price dipped 18% this week, making it the worst performer among the top three memecoins. Nevertheless, PEPE’s holder count reached a record high of 472,158, indicating sustained interest [1].

On-chain data revealed notable disparities in token distribution. The top 100 PEPE wallets control 72.74% of the total supply, while DOGE’s top 100 holders account for 63.79%. This suggests a higher degree of concentration in PEPE’s ownership. However, DOGE’s broader adoption—boasting 8.3 million holders—gives it a clearer edge in terms of market penetration [1].

The divergence in market dynamics is further underscored by performance metrics. DOGE saw a 30% gain in July, outpacing PEPE’s 12.8% rally. Despite PEPE’s growing on-chain activity, it remains behind DOGE in both technical and fundamental indicators. This positions DOGE as a stronger candidate for a positive close in August [1].

Speculative appetite appears to be heating up again as traders rotate capital into higher-beta assets like memecoins. With the DOGE/BTC pair rising 1.72% to begin the week, the market is increasingly leaning toward short-term alpha hunting [1].

As the memecoin rally continues, investors are closely watching whether PEPE can capitalize on DOGE’s momentum or if its lack of adoption and weaker on-chain metrics will limit its upside.

Source: [1] Can PEPE bounce back as DOGE dominates the $5B memecoin surge? (https://ambcrypto.com/can-pepe-bounce-back-as-doge-dominates-the-5b-memecoin-surge/)