Memecore jumps 25% to pass Pepe by market cap as Dogecoin slips to $0.078
Memecore's M token topped a $2 billion market cap on October 22, ranking fourth among memecoins, while Dogecoin fell 5.5% and its investment products saw outflows.
MEMECOINS
Daniel Hartley
10/22/20261 min read
Memecore's M token rose about 25% over 24 hours on October 22, briefly clearing $0.95 for the first time since October 12 before easing to about $0.91. Its market capitalization passed $2 billion, placing it 51st overall and fourth among memecoins, ahead of Pepe at about $1.8 billion. The token's relative strength index reached 90, well above the 70 level generally read as overbought.
The rally came as the Memecore team winds down the Meson Tunnel and Meson Express bridges and moves M liquidity to LayerZero, with USDC.e tokens migrating to new Stargate contracts. The token has a record of sharp swings: earlier this year it lost 76% of its value in a single day.
Dogecoin moved the other way, falling 5.5% over 24 hours to about $0.078 as trading volume dropped 49%. Dogecoin investment products recorded a $29.69 million net outflow, the second-largest among tracked assets, and one large holder moved 300 million DOGE, worth $24.1 million, to Binance. The coin's 365-day MVRV ratio fell to 0.74, meaning its market value sits below the average cost basis of coins moved over that period.
On the development side, Dogecoin Labs and the Dogecoin Foundation combined the MyDoge wallet, DogeOS and a Search app into a single platform. Chart levels cited in the report put Dogecoin support at $0.0772 and $0.0720, with resistance at $0.0804 and $0.0862.
Source: COINOTAG.