Memecoins
Pepe Meme Coin Market Cap Adds 26% in 24 Hours
Vladislav Sopov
Pepe Price Skyrockets Despite General Market Pessimism; BONK and WIF also lead the winners
Read U.TODAY on
Google News
Despite the cryptocurrency market’s sluggish performance, meme coins on Solana (SOL) and Ethereum (ETH) are seeing impressive gains. The capitalization of Pepe (PEPE) returned above $3.3 billion, while its trading volume exceeded $1.45 billion in equivalent.
The price of PEPE meme coins increases by 26%; WIF and BONK post double-digit gains
Pepe (PEPE), the third largest meme cryptocurrency, today posts the largest gains among the top 100 cryptocurrencies by market capitalization. In just 24 hours, the price of PEPE increased by more than 26%, while the net trading volume on the spot and futures pairs exceeded $1.4 billion.
Image of CoinGecko
Other meme cryptocurrencies have also seen significant increases over the past day. Bonk (BONK) added over 22%, while Shiba Inu (SHIB) and Dogwifhat (WIF) added 10.4% and 16%, respectively.
The aggregate market capitalization of the meme cryptocurrency segment is targeting $50 billion after a 4.9% increase in 24 hours.
As covered by U.Today previously, major coins Dogwifhat (WIF) and Pepe (PEPE) were listed on Coinbase in April 2024.
The largest meme cryptocurrency, Dogecoin (DOGE), added 10% overnight.
The aggregate capitalization of cryptocurrencies increased by only 3.3% and is trying to stay above the $2.32 trillion level.
PEPE enters top 10 in terms of trading volume and overtakes XRP
The increase in the price of PEPE led to the liquidation of $5.6 million of its futures positions. In total, 71% of positions cleared were short positions.
Additionally, Shiba Inu (SHIB), a spin-off of Ethereum (ETH) and Arbitrum (ARB), reached its highest local trading volume. PEPE replaced XRP as the ninth most traded cryptocurrency, with a total volume of over $1.45 billion.
While yesterday all meme cryptocurrencies were in red, today they seem to be leading the market recovery with excellent gains of 10-30%.
About the Author
Vladislav Sopov
Blockchain analyst and writer with a scientific background. 6+ years in computer analysis, 3+ years in blockchain.
Worked in independent analyzes as well as in start-ups (Swap.online, Monoreto, Attic Lab etc.)