Market capitalization of meme coins reaches 58 billion
The total value of meme coins surged by 8% to reach $58 billion, according to data from CoinGecko. These humorous digital assets have gained popularity among investors and traders, surpassing the overall growth of the crypto market in the last 24 hours. The entire cryptocurrency industry saw a 5.5% increase in market capitalization, with Bitcoin (BTC) rising by 6%.
The top five meme coins make up 77% of the total value in this asset class, while only around 30 coins have market capitalizations exceeding $100 million.
Dogecoin (DOGE) leads the pack with a market cap of $22.4 billion, with a trading volume of $1.5 billion in the last day. Following closely is Shiba Inu (SHIB) with a market cap of $14.9 billion and a trading volume of over $938 million.
Pepe (PEPE) takes the third spot with a market cap of $4.4 billion, and a trading volume of $1.5 billion over the past day. The PEPE token reached an all-time high of $0.00001161 on May 15.
A trader recently made a profit of over $46 million by investing $3,000 in PEPE and selling a portion of the tokens after the price surged past its previous all-time high.
Other meme coins in the top five include Dogwifhat (WIF) with a market cap of $2.9 billion, and FLOKI with $2.06 billion.
The BONK token, which has contributed to the rise of numerous meme coins on the Solana network, ranks sixth on the CoinGecko platform.
Meme coins are once again the top gainers in a relatively stable crypto market.
