PEPE FLOKI WIF and BRETT Witness a 20 Surge in Meme Coin Rally
The world of meme coins is once again grabbing attention in the crypto market, thanks to Bitcoin’s recent recovery. This positive influence on major crypto categories has propelled PEPE, FLOKI, WIF, and BRETT to the forefront, with each experiencing daily gains of over 20% on Tuesday.
PEPE, an Ethereum-based meme coin, saw a 24% increase in the past day and was being traded at $0.00001187. During the same period, the daily trading volume of crypto assets doubled to around $1.65 billion.
Notably, PEPE’s market cap surged by 23%, surpassing the $5 billion mark and ranking it as the 22nd largest cryptocurrency.
FLOKI, a meme coin themed around dogs on the Solana blockchain, also witnessed a price surge of 21% in the last 24 hours. Currently trading at $0.0001872, its market cap is hovering close to $1.79 billion, with a daily trading volume of $453 million.
WIF, known as Dogwifhat, also experienced a 22% jump and is currently trading at $2.16. It holds the 44th position in terms of market cap, which stands at $2.15 billion. The canine-themed meme coin, also based on Solana, is still down 55% from its all-time high reached on March 31.
BRETT, a meme coin launched four months ago, saw a 21% increase, trading at $0.147 according to crypto.news. Its daily trading volume reached $56.6 million, almost double that of the previous day. The market cap rose to $1.39 billion, making it the 61st largest cryptocurrency.
Other popular meme coins, such as Bonk and Shiba Inu, recorded gains of 10% and 6% respectively in the past 24 hours. Dogecoin, on the other hand, had modest gains of 4% during the same time frame.
The rise in meme coins corresponds with the surge in Bitcoin, the largest crypto asset by market cap. Bitcoin rose by 3% in the past day, reaching $64,900 on Tuesday. This increase in Bitcoin’s market dominance suggests heightened activity in the altcoin market. The global cryptocurrency market cap also experienced a 1.6% increase, reaching a total of $2.34 trillion.
Simultaneously, the meme coin sector saw a significant surge of nearly 13% in the past 24 hours, with a market cap of $53.1 billion.
This surge in meme coins can be attributed to the positive performance of Bitcoin, as it often leads to increased investor confidence and interest in alternative coins. This creates a positive feedback loop, where rising prices attract more investors, further driving up prices.
