The memecoin market exploded on the first sign of a broader market recovery Tuesday, resulting in significant gains for both mainstream and smaller cap coins.
What Happened: The overall market cap of memecoins surged 12.37% to $49.6 billion in the last 24 hours, led handsomely by blue-chip Ethereum ETH/USD-based coins like Pepe, Dogecoin, and Shiba Inu.
Frog-themed PEPE was the best-performing memecoin in the last 24 hours, logging gains of more than 14%. The token was also the most traded among meme tokens, with a volume exceeding $1 billion.
| Cryptocurrency | Gains +/- | Price (Recorded at 10:45 p.m. EDT) |
| Pepe PEPE/USD | +14.17% | $0.00001315 |
| Dogecoin DOGE/USD | +5.58% | $0.1275 |
| Shiba Inu SHIB/USD | +3.97% | $0.00001795 |
Heavyweights like Dogecoin and Shiba Inu also rebounded strongly, snapping weeks of downward price action.
Apart from the bigwigs, Solana SOL/USD-based dogwifhat WIF/USD and Bonk BONK/USD recorded healthy spikes of 11.8% and 6.67% respectively.
Due to the rally, social interactions, i.e, likes, comments, and reposts for most of these memecoins surged, according to social analytics firm LunarCrush.
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Why It Matters: The memecoin boom coincides with the broader market’s recovery from recent losses.
This category of cryptocurrencies, themed around popular memes, and much cheaper to buy than blue-chip currencies like Bitcoin BTC/USD and Ethereum ETH/USD, continues to attract degens in droves.
A cryptocurrency analyst recently discussed how the narrative surrounding investment has switched from long-term value to short-term rewards on speculative meme currencies in 2024.
Photo by Kanchanara on Unsplash
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