Memecoin Season! Market Cap Up 37% Within a Day

As major cryptocurrencies see massive increases, the memecoin market is not left out. Current data from the price tracking platform CoinGecko shows that memecoins have collectively risen over the last 24 hours by 37% to a current market capitalization of over $61.3 billion.

Memecoin Market Soars 37%

Memecoins, primarily created for fun, are known to be highly speculative assets. In recent times, however, investors have dived deep into the memecoin market, pouring funds into several memecoins hoping to net large profits.

The memecoin market owes its latest surge to a basket of crypto tokens. The top three gainers are Hokkaidu Inu, Pepemon Pepeballs, and BobaCat. These memecoins saw price surges of 342%, 175%, and 141%, respectively.

Nonetheless, the dog-themed memecoin Dogecoin (DOGE) holds the lion’s share of the total market cap. With a market cap of over $25 billion, the Dogecoin ecosystem has emerged with a cult-like user base. Its price movement over the last seven days is also applaudable as it has soared by 107%, bringing its current price to $0.1775. The memecoin also ranks #10 among leading cryptocurrencies.

Trailing Dogecoin is Shiba Inu (SHIB), another dog-themed memecoin that has risen by 248% in price. SHIB attained the position of the 11th largest cryptocurrency by market cap earlier today after surpassing established crypto assets like Polkadot (DOT), Tron (TRX), Chainlink (LINK), and Polygon (MATIC).

Another key player in the memecoin business is PEPE, a frog-themed ERC-20 token. The memecoin has soared in value by over 400% over the past week. This price surge has put several investors in gains.

BONK, a Solana-based memecoin launched months ago, now ranks #4 among the leading memecoins by market cap. Over the past few days, the memecoin has climbed its way to becoming the 43rd largest cryptocurrency by market cap, currently sitting at over $2.8 billion.

Will the Trend Continue?

It is uncertain as to whether the ongoing bullish trend seen within the memecoin market will continue. The market has experienced times when a significant drop occurs. For example, Coinfomania reported in May 2023 that meme coins trading volume slumped by $500 million.

The memecoins bull run will likely continue as long as the entire crypto market sees increases too.