Memecoins
Pepe, Dogecoin and Shiba Inu return among the winners as Memecoin eclipses Bitcoin and Ethereum rises by Benzinga
Benzinga – The memecoin market exploded on Tuesday at the first sign of a broader market recovery, resulting in significant gains for both mainstream and small-cap coins.
What happened: The overall memecoin market capitalization increased by 12.37% to $49.6 billion in the last 24 hours, led handsomely by blue-chips Ethereum (CRYPTO: ETH) similar-based coins Pepe, Dogecoin and Shiba Inu.
Frog-themed PEPE was the best-performing memecoin over the past 24 hours, posting gains of more than 14%. The token was also the most traded of the meme tokens, with a volume exceeding $1 billion.
| Cryptocurrency | Earnings +/- | Price (recorded at 10:45 pm EDT) |
| Pepper (CRYPTO: PEPPER) | +14.17% | $0.00001315 |
| Dogemoneta (CRYPTO: DOGE) | +5.58% | $0.1275 |
| Shiba Inu (CRYPTO: SHIB) | +3.97% | $0.00001795 |
Heavyweights like Dogecoin and Shiba Inu also saw a strong rebound, halting weeks of downward price movement.
Aside from the big guys, Solana (CRYPTO: G). dogwifthat (CRYPTO:WIF) e Good (CRYPTO: BONK) recorded positive peaks of 11.8% and 6.67%, respectively.
According to social analytics firm LunarCrush, due to the demonstration, social interactions, i.e. likes, comments and reposts for most of these memecoins, increased.
The strong recovery in some of these crypto assets today was impressive, with both social and market activity pushing decidedly higher.
The best LunarCrush AltRank™ assets with the main combined social and market activities…
Popcat $POPCAT
Pepe$PEPE
Stack $STX
Brett $BRETT… pic.twitter.com/AckEXWoDrk
– LunarCrush Social Intelligence (@LunarCrush) June 26, 2024
See also: Is Trump Discussing Attending Bitcoin 2024 Conference, Move to Bolster ‘Crypto President’ Image?
Because matter: The memecoin boom coincides with the market’s broader recovery from recent losses.
This category of cryptocurrencies, centered around popular memes, is much cheaper to purchase than blue-chip currencies like Bitcoin (CRYPTO: BTC) e Ethereum (CRYPTO: ETH), continues to attract droves of degen.
A cryptocurrency analyst recently discussed how the investment narrative has shifted from long-term value to short-term returns on speculative meme currencies in 2024.
Photo by Kanchanara on Unsplash
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