As Bitcoin approaches its all-time high, the meme token sector is exceeding expectations within the crypto market, showcasing a remarkable increase of over 35% in market capitalization in just one day.
Merely four days ago, the valuation of the meme coin market was at $34.32 billion, but it has impressively surged to $65 billion today.
Meme Coins Lead Market Gains
This Monday, meme tokens took the lead, with Bitcoin nearly reaching its November 2021 all-time high. The meme coin sector saw a 35% surge, with the top six contenders posting significant 24-hour gains:
Dogecoin ($DOGE)
Dogecoin (DOGE), the largest meme coin by market cap, experienced a 26.6% increase in the last 24 hours to $0.178 each, marking a 105.2% rise over the past week. Dogecoin (DOGE) is leading the charge. DOGE currently accounts for 41.84% of the $61.59 billion market, with a market cap of around $26 billion.
Shiba Inu ($SHIB)
Shiba Inu (SHIB) followed with a 58.7% daily surge and a remarkable more than 250% weekly gain.
Pepe ($PEPE)
Pepe (PEPE) rose by 38.8% on Monday, achieving a 409.6% weekly increase.
Bonk ($BONK)
Bonk (BONK) saw a 72.8% jump in the last 24 hours, with a 260% gain for the week.
Floki ($FLOKI)
Floki (FLOKI) had the smallest daily growth of 10.4%, yet it climbed 343.9% over the week.
Dogwifhat ($WIF)
Dogwifhat (WIF) saw a 6% decrease today, despite a 295.7% weekly surge.
Over $32 Billion in Trading volume in Just 24 Hours
Many meme coins have registered triple-digit gains over the past week, positioning them as the best-performing crypto sector in terms of gains. In just 24 hours, meme coins generated over $32 billion in global trading volume, indicating growing interest. Meme coins achieved notable gains in 2021, a trend that continues into 2024. While the future of these playful crypto assets is uncertain, their influence on the crypto economy is clear.
Meme Coins Category Ranked #9
CoinGecko currently ranks the Meme category in 9th place, surpassing other notable categories such as Liquid Staking Tokens, ETH 2.0 Staking, Governance Tokens, GameFi, AI, and even L2 Tokens. Meme coins often capture the limelight during bull markets; however, it's crucial to remain vigilant about potential scams in this sector. The previous bull run witnessed numerous scams and rug pulls associated with meme coins, highlighting the importance of caution in this area.
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