Memecoins
PEPE, FLOKI, WIF and BRETT are all up 20%
Meme cryptocurrencies are once again at the forefront of the cryptocurrency market, driven by the recent rally in Bitcoin, which is positively impacting major cryptocurrency categories. PEPE, FLOKI, WIF, and BRETT are leading this resurgence, each posting daily gains of over 20% on Tuesday.
Grandpa (PEPE), an Ethereum-based cryptocurrency, has increased by 24% over the past day and was trading at $0.00001187. During the same period, the daily trading volume of crypto assets has doubled over the past day, hovering around $1.65 billion.
PEPE Price Chart | Source: crypto.news
In the meantime, its market capitalization has jumped 23%, surpassing the $5 billion mark and ranking it as the 22nd largest cryptocurrency.
Floki (FLOKI), a dog-themed cryptocurrency on the Solana blockchain, has also seen its price increase by 21% in the past 24 hours. The crypto asset, which is now trading at $0.0001872, has a market cap of close to $1.79 billion with a daily trading volume of $453 million.
FLOKI Price Chart | Source: crypto.news
Dog with hat (Wireless) also saw a 22% gain, currently trading at $2.16 at press time. The 44th largest cryptocurrency by market cap recorded a daily trading volume of $632 million.
At the time of publication, WIF’s market cap stood at $2.15 billion, ranking it as the 44th largest crypto asset. The dog-themed meme coin (also a Solana-based coin) is still down 55% from its all-time high of $4.85 reached on March 31.
BRETTThe meme coin launched four months ago, was still up 21%, trading at $0.147, according to price data from crypto.news.
BRETT Price Chart | Source: crypto.news
During the same period, the meme currency, inspired by a character from illustrator Matt Furie’s “Boy’s Club” comic strip, recorded a daily trading volume of $56.6 million, almost double the previous day.
Additionally, the crypto asset’s market cap reached $1.39 billion, making it the 61st largest cryptocurrency.
Among other popular meme coin players, Bonk (BONK) And Shiba Inu (SHIB) has seen gains of 10% and 6%, respectively, over the past 24 hours. Meanwhile, Dogecoin (DOGE) recorded modest gains of 4% over the same period.
The general rise in all these cryptocurrencies follows the rise of the largest crypto asset by market capitalization, Bitcoin, which rose 3% over the past day to hit $64,900 on Tuesday. Its 24-hour lows and highs were recorded at $64,988 and $62,359, respectively.
Despite the increase, Bitcoin’s market dominance decreased slightly by 0.26% to 53.64%, suggesting increased activity in the altcoin market. The global cryptocurrency market cap also saw a 1.6% increase, reaching a total of $2.34 trillion.
At the same time, the meme sector has seen a notable surge, increasing by almost 13% in the last 24 hours. The market capitalization of the sector has 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 does well, it often leads to increased investor confidence and interest in alternative currencies (altcoins), including meme currencies. This phenomenon can create a positive feedback loop, where rising prices attract more investors, which drives prices up further.