Meme coins are once again gaining traction in the crypto market, spurred by Bitcoin’s recent recovery. This positive trend is lifting major crypto categories, with PEPE, FLOKI, WIF, and BRETT leading the way. Each of these coins saw daily gains of over 20% on Tuesday.

PEPE

PEPE, an Ethereum-based meme coin, experienced a significant 24% increase over the past day, trading at $0.00001187. During the same period, its daily trading volume doubled, reaching approximately $1.65 billion. The market cap of PEPE increased by 23%, surpassing the $5 billion mark, positioning it as the 22nd largest cryptocurrency.

Floki

Floki, a dog-themed meme coin on the Solana blockchain, also saw a price surge of 21% in the last 24 hours. It is currently trading at $0.0001872, with a market cap close to $1.79 billion and a daily trading volume of $453 million.

Dogwifhat (WIF)

Dogwifhat (WIF) experienced a 22% increase, trading at $2.16 as of the latest data. Ranked as the 44th largest cryptocurrency by market cap, WIF had a daily trading volume of $632 million. Its market cap stood at $2.15 billion, although it remains 55% below its all-time high of $4.85 reached on March 31.

BRETT

BRETT, a meme coin launched four months ago, saw a 21% rise, trading at $0.147. Its daily trading volume nearly doubled, reaching $56.6 million. The market cap of BRETT climbed to $1.39 billion, making it the 61st largest cryptocurrency.

Other notable meme coins like Bonk (BONK) and Shiba Inu (SHIB) recorded gains of 10% and 6%, respectively, in the past 24 hours. Meanwhile, Dogecoin (DOGE) saw modest gains of 4% within the same timeframe.

The overall surge in meme coins follows a rise in Bitcoin, which increased by 3% over the past day to $64,900 on Tuesday. Bitcoin’s 24-hour lows and highs were $62,359 and $64,988, respectively. Despite this rise, Bitcoin’s market dominance slightly decreased by 0.26% to 53.64%, indicating heightened activity in the altcoin market. The global cryptocurrency market cap also saw a 1.6% increase, reaching a total of $2.34 trillion.

The meme coin sector witnessed a notable surge, rising nearly 13% in the past 24 hours, with the sector’s market cap reaching $53.1 billion. This increase in the meme coin market is often linked to Bitcoin’s performance, which influences the broader cryptocurrency market. When Bitcoin performs well, it often boosts investor confidence and interest in alternative coins (altcoins), including meme coins. This creates a positive feedback loop, attracting more investors and driving up prices further.

Stay updated with the latest news on Global Crypto News.

Post Views: 7