Dogecoin Barks Up Huge Gains as Meme Coin Traders Await Pump.fun Token Sale

Dogecoin (DOGE) is pulling the meme coin market higher Friday, jumping 12% in the last 24 hours as traders prepare for Solana meme coin launchpad Pump.fun’s initial coin offering (ICO) for its PUMP token.  

Meme coins on the whole are outperforming the majors like Bitcoin and Ethereum. The category is up 13.9% in the last 24 hours according to data from CoinGecko, compared to gains of 4.9% and 6.6% for BTC and ETH, respectively.

At a current price above $0.20, DOGE has now spiked 23% over the last week, making it the second-biggest gainer in the top 10 cryptocurrencies by market cap, following XRP with a more than 25% jump.

The meme coin category gain is buoyed by even bigger jumps in established Ethereum-based meme coins like Pepe (PEPE) and Mog Coin (MOG), which have jumped 15.8% and 31.6% in the same timeframe. 

While Bitcoin has clawed to new all-time highs over the last two days, the meme coin category has jumped more than 21% on the week, signaling a renewed interest in the more volatile and risky assets that users have been creating on launchpads like Pump.fun.

On Saturday, crypto traders will have a new way to bet on the future success of meme coins and token launchpads like Pump.fun as the Solana-based platform hosts an ICO for its official PUMP token.

With a starting price of $0.004, which values the token at a $4 billion FDV, the platform will allow users from outside the U.S. and UK to buy up to 15% of its PUMP token supply via six centralized exchanges participating in the ICO. 

Crypto traders are already showcasing demand for the token, driving its pre-market price up to more than $0.005 where it’s available for trading—like on Hyperliquid, where it has amassed nearly $100 million in perps volume over the last 24 hours. 

Will that demand translate to a near-immediate sellout of the 150 billion PUMP tokens though? That’s what Myriad’s prediction market is asking users to decide, with a market which seeks predictions on whether or not the ICO will be completed within the first hour. (Disclaimer: Myriad is a product of Decrypt’s parent company, DASTAN.)

As of Friday morning, predictors think it will, with odds of more than 78% for “yes” it will sell out in the first hour of trading—about an 8% jump in favor in the last 24 hours.

Joining in on the meme coin run, popular Pump.fun-launched tokens like FARTCOIN and PNUT have added to the success of the category as well ahead of the PUMP launch, jumping 12% and 25.5% respectively in the last 24 hours.