Memecoins
How Meme Coins Outperformed Altcoins Amid Market Surge
Meme coins have emerged as champions, outperforming many other cryptocurrencies amid a broader market rally. According to CoinGecko, the total market cap of meme coins now stands at $54.15 billion.
Over the past seven days, the most popular meme coins have seen double-digit gains.
Popcat, Pepe and Dogwifhat lead market recovery
Popcat (POPCAT) has been getting some attention, surging more than 55% in the past week alone and hitting a new all-time high on Tuesday. The spike is part of a broader trend seen in the meme coin sector.
“POPCAT is now at a new all-time high and is finally looking to break out and hit the multi-billion mark. I think the entire cat meme category is about to re-rate as many major stocks are at significant levels. The first half of the year was about filtering winners from losers. The second half is for winners to keep winning,” said Crypto analyst RookieXBT said.
Learn more: 7 Popular Coins and Altcoins in 2024
Top meme currencies by market capitalization. Source: CoinGecko
Furthermore, Grandpa (PEPE) also posted significant gains, up 31% over the same period. Earlier this week, crypto investor Nascent made headlines by selling the altcoin Creator (MKR) for a profit of $2.9 million to turn to investments in Pepe and Lido DAO (LDO).
According to Spot On Chain, Nascent took of 141.2 billion PEPE, worth $1.6 million, from Binance. Since June 8, 2024, Nascent has purchased 608.85 billion PEPE from Binance at an average price of $0.0000123, which is an estimated cost of $7.49 million.
In the same way, Dog Hat (WIF) is also progressing, with an increase of more than 30% over the past week. Data from the chain analysis DYOR platform confirms that meme coins have been the strongest crypto narratives recently.
“Is memecoin mania back?” enthuses cryptocurrency investor Lark Davis request his 1.2 million followers on X (formerly Twitter).
Learn more: 11 Best Solana Meme Coins To Watch In July 2024
Additionally, CoinGecko reported that the first half of 2024 highlighted Meme Coins as the Most Successful Narrative. Four of the 15 most discussed crypto stories related to these coins demonstrate a shift in investor preference towards thematic and speculative investments.
However, with great returns comes great risks. Meme coins are known for their extreme volatilitysusceptibility to market manipulation and the ever-present danger of carpet pullsTherefore, investors should conduct thorough research and exercise caution before investing capital in these highly speculative assets.
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