TL;DR
The meme coin sector has seen a significant resurgence, with top coins Dogecoin and Shiba Inu up by 7% and 8%, respectively, and others witnessing over 20% gains.
The total market capitalization of the cohort briefly surpassed $55 billion, although it is known for rapid and often volatile price changes.
Meme Coins Surge
The meme coin sector has experienced a substantial revival in the past 24 hours, with numerous assets moving well into green territory. The leading ones by market capitalization – Dogecoin (DOGE) and Shiba Inu (SHIB) – are up by 7% and 8%, respectively.
However, many others have outshined them with much more impressive gains. The frog-themed Pepe (PEPE) soared by over 20% and hit a new all-time high price. As of the moment, it is the third-largest token in the realm, with a market capitalization of approximately $4.3 billion.
Floki Inu (FLOKI), Popcat (POPCAT), and MAGA (TRUMP) have also climbed by double digits. On the other hand, the Solana-based Cat in a Dogs World (MEW) is among the very few, charting minor declines.
The total market cap of the meme coin niche briefly exceeded the $55 billion mark, representing a 7% increase on a daily scale. Currently, the figure stands at around $54 billion.
Stay Careful Nonetheless
Meme coins are often the first to rally substantially when the market starts heating up. Significant price increases in a short period of time offer investors the chance of making huge profits. However, price swings in the opposite direction are also frequent, meaning traders should be utterly careful when delving into the matter.
If you are about to enter the ecosystem, please check our dedicated video to secure yourself from some common mistakes:
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