Dogecoin and Solana memecoins dominate market

For memecoins, every rise in Bitcoin means only one thing: full speed ahead. This week in the spotlight: POPCAT, MEW and DOGE.

Bitcoin posted a strong rise last week. Whether a temporary correction is coming or whether the current slight decline is just a brief pause toward a new record, for memecoins, any upward movement of Bitcoin means one thing above all else: a hefty price increase. This week we turn our attention to POPCAT, MEW and DOGE.

Popcat (POPCAT): Solana Memecoin reaches new record

Once again, Popcat is among the winners this week. This popular Solana memcoin made a rocket-like start, reaching a new record of $1.54 on Oct. 12. The rest of the week remained volatile: after the price peaked, selling pressure caused it to fall. Currently, Popcat is back in the green at $1.36. Its market capitalization rose to a solid $1.3 billion.

Popcat's increasing listings on centralized exchanges not only make it more accessible to retail investors, but also pique traders' interest. According to data from Coinglass open interest in the futures market rose 15 percent.

Cat in a dogs world (MEW): More than 50 percent increase in one week

Next on the list is also a Solana memcoin: *Cat in a dogs world* (MEW), which rose a whopping 52.2 percent this week. On a monthly basis, the increase even comes to nearly 120 percent. Although MEW remained quiet at the beginning of the week, the stock price made a big jump starting in the middle of the week. Yet we must remember that MEW is known for its volatility. Just as quickly as the price rises, it can also fall again. The big question remains: how sustainable is this rise?

On-chain data gives more insight. There are significantly more returning traders than new ones, which may indicate that a regular group dominates trading. On Oct. 16, there was remarkably high activity from both new and returning traders.

Trading volume also tells a story. In March 2024, whales and large retail investors drove the price up. Since April, however, trading volume has steadily declined in all segments. The whales took their profits, while the smaller investors lagged behind.

In short, the stock price seems to be heavily influenced by whales. As long as they keep buying, the price will remain stable, but there seems to be little new buying momentum among smaller investors.

Dogecoin (DOGE): The Memecoin icon with a price burst

Dogecoin (DOGE), the iconic memecoin, is experiencing another strong price appreciation. But what's behind it? Is Elon Musk back in the game, or was DOGE simply undervalued?

The week began with a price of about $0.10, and at the time of writing DOGE stands at $0.13. Despite this rise, DOGE is still about 80 percent below its record high from May, more than three years ago. Although many new memecoins have since overtaken Dogecoin, this icon remains surprisingly stable. Notably, reports surrounding Elon Musk keep causing price movements. Who knows, maybe one day Tesla will accept Dogecoin as currency?

Once again, a lighthearted remark by Elon Musk caused the stock price to rise. At a Townhall meeting in Pennsylvania, he made a casual remark about DOGE, which was enough to spark a rally.

Of course, volatility continues to play a role. As is common with such rises, a price correction can quickly follow.