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Meme Coins Outperform BTC, ETH in Latest Crypto Rally
Key points
- Cat-themed meme coins have seen average gains of 8.8% in 24 hours, outpacing BTC and ETH.
- Meme-related tokens have outperformed BTC by 5% and ETH by 9.3% in the past week.
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Bitcoin (BTC) briefly surpassed $68,000 on July 21 and triggered price jumps in the cryptocurrency market. In this landscape, meme coins have stolen the show, outperforming BTC and Ethereum (ETH) over the past seven days.
Cat-themed meme coins have been the ones that have gained the most traction from this movement, with an average jump of 8.8% over the past 24 hours, likely driven by a token honey pot.
Jacky (JACKY) is a token with the image of a black cat that was launched on July 5th via Moonshot, the meme coin launchpad developed by DEX Screener. Despite a lack of activity for a week, the token suddenly spiked by over 160% in the last 24 hours. However, the transaction checker on DEX Screener shows that most of them are dust transactions, meaning that liquidity has been removed.
However, the Binance Smart Chain-based meme coin Catcoin (CAT) has jumped 60% in the past 24 hours. CatSolHat (SOLCAT) has also made a significant move with a 76.6% spike in the period.
Furthermore, the hehe (HEHE) cat coin maintained its last week’s momentum and recorded a daily growth of 50.2%. In particular, last week, HEHE rose by 216%.
Solana’s meme coin ecosystem has also seen significant growth on average of 5%, thanks to a coin of a dog in a pool. The doginapool token (DIP) has jumped 263% in the last 24 hours, edging ever closer to $4 million in market cap and surpassing $1 million in volume.
The meme coin narrative has outperformed BTC and ETH over the past week. Meme-related tokens have a 5% lead over BTC over the period and a 9.3% lead over ETH.
However, meme coins have failed to outperform Solana (SOL) over the past seven days, remaining 3% below SOL’s growth.
Earlier this week, meme coins significantly outperformed major cryptocurrencies like Bitcoin, Ethereum, and Solana, rising 12% as traders shifted their assets into more speculative instruments.
In March, meme coins including PEPE, Dogecoin, and BONK saw a notable surge, with PEPE rising 35.6% amid broader cryptocurrency market gains.
Also in March, PEPE led the meme coin rally as Ethereum approached $4,000, posting gains of up to 26%.
In May, meme coins saw a 10% increase in market capitalization, significantly outpacing the overall cryptocurrency market, driven by their speculative appeal for traders looking for quick cash.
Later in May, Ethereum-based meme coins surged as much as 161%, fueled by speculation about the potential approval of an Ethereum spot ETF.
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