Meme coins are once again at the forefront of the crypto market, driven by Bitcoin’s recent recovery, which is positively impacting major crypto categories.
PEPE, FLOKI, WIF, and BRETT are leading this resurgence, with each seeing daily gains of over 20% on Tuesday.
Pepe (PEPE), an Ethereum-based meme coin, was up 24% over the past day and exchanging hands at $0.00001187. In the same timeframe, the daily trading volume of crypto assets had doubled over the past day, hovering around $1.65 billion.
Meanwhile, its market cap had jumped by 23%, going past the $5 billion mark and ranking it as 22nd among the top largest cryptocurrencies.
Floki (FLOKI), a dog-themed meme coin on the Solana blockchain, has also seen a price surge of 21% in the last 24 hours. The crypto asset, now trading at $0.0001872, has its market cap hovering close to $1.79 billion with a daily trading volume of $453 million.
Dogwifhat (WIF) has also seen a jump of 22%, currently trading at $2.16 as of press time. The 44th largest cryptocurrency in terms of market cap had a daily trading volume of $632 million.
At the time of publication, WIF’s market cap stood at $2.15 billion, holding the rank of 44th largest crypto asset. The canine-themed meme coin (also a Solana-based coin) is still down 55% from its all-time high of $4.85 attained on March 31.
During the same period, the meme coin — inspired by a character from illustrator Matt Furie’s “Boy’s Club” comic — had a daily trading volume of $56.6 million, almost doubling the previous day.
Additionally, the crypto asset’s market cap rose to $1.39 billion, making it the 61st largest cryptocurrency.
Among the other popular meme coin players, Bonk (BONK) and Shiba Inu (SHIB) recorded gains of 10% and 6%, respectively, in the past 24 hours. Meanwhile, Dogecoin (DOGE) recorded modest gains of 4% in the same time frame.
The general surge in all these meme coins follows a rise in the largest crypto asset by market cap, Bitcoin, which had risen by 3% over the past day to $64,900 on Tuesday. Its 24-hour lows and highs were recorded as $64,988 and $62,359, respectively.
Despite this rise, Bitcoin’s market dominance slightly decreased by 0.26% to 53.64%, suggesting heightened activity in the altcoin market. The global cryptocurrency market cap also witnessed a 1.6% increase, elevating to a total of $2.34 trillion.
Simultaneously, the meme coin sector saw a notable surge, rising nearly 13% in the past 24 hours. The sector’s market cap reached $53.1 billion.
The big jump in the meme coin market is often linked to Bitcoin’s performance due to its influence on the broader cryptocurrency market.
When Bitcoin performs well, it often leads to increased investor confidence and interest in alternative coins (altcoins), including meme coins. This phenomenon can create a positive feedback loop, where rising prices attract more investors, further driving up prices.
