Meme coins reclaim top spot as biggest gainers in stagnant cryptocurrency market
The realm of meme coins continues to expand despite a sluggish crypto market, with coins based on Solana experiencing price hikes.
Meme coins have once again displayed rapid growth, defying the overall stagnation in most cryptocurrency markets. Pepe (PEPE), Floki (FLOKI), Dogecoin (DOGE), and Shiba Inu (SHIB) emerged as the top performers in the past 24 hours, with price increases ranging from 6% to 10%, positioning them at the forefront of the gainers list.
According to data from CoinGecko, Bonk (BONK) and Dogwifhat (WIF) coins also saw significant growth, rising by 4.5% and 3.7%, respectively, in the last day.
The capitalization of the meme coin sector is on an upward trajectory as well. Over the previous 24 hours, the crypto market cap surged by 6.5%, reaching $54.4 billion, with trading volumes nearing $5 billion.
Meme coins continue to captivate the market’s attention in the second quarter of the year, following the remarkable surge in the prices of popular tokens like WIF in the first quarter.
The recent surge in the meme coin sector over the past day coincided with reports of a trader making a substantial profit from the meme token KITTY after activating the dormant X account of financial analyst Keith Gill. Gill’s actions had previously stirred excitement among retail traders and Wall Street during the GameStop stock price surge in 2020.
Analysts at Lookonchain highlighted a user who invested $3,000 in Solana (SOL) to purchase 17.4 million KITTY just before Gill’s announcement. Subsequently, the price of the meme token skyrocketed by over 8,000%. The trader then sold 12.8 million KITTY for $41,000, retaining 4.6 million KITTY valued at $56,000.
In a related development, meme coins inspired by Trump and Biden surged after Trump’s meeting with NFT holders.
