Memecoins
Pepe, Dogecoin and Shiba Inu return among the winners while Memecoin eclipses Bitcoin and Ethereum rises
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 ETH/USD based coins like 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 PEPPER/USD | +14.17% | $0.00001315 |
| Dogemoneta DOGE/USD | +5.58% | $0.1275 |
| Shiba Inu SHIB/USD | +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 shots, Solana Based on SOL/USD dogwifthat WIF/USD e Good The BONK/USD exchange rate 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.
See also: Trump Reportedly Discussing Attending Bitcoin 2024 Conference, Move to Boost Image of “Cryptocurrency President”?
Because matter: The memecoin boom coincides with the broader market recovery from recent losses.
This category of cryptocurrencies, inspired by popular memes, is much cheaper to purchase than blue-chip currencies Bitcoin BTC/USD e Ethereum ETH/USD continues to attract droves of degenerates.
A cryptocurrency analyst recently discussed how the narrative surrounding investing has shifted from long-term value to short-term premiums on speculative meme currencies in 2024.
Photo by Kanchanara on Unsplash