Memecoin Market Skyrockets to $54 Billion, Led by DOGE, SHIB, PEPE, and BONK

The post Memecoin Market Skyrockets to $54 Billion, Led by DOGE, SHIB, PEPE, and BONK appeared first on Coinpedia Fintech News

Memecoins, having experienced a significant surge last year, particularly those on the Solana blockchain, are once again capturing attention. This time around, Pepecoin, Shiba Inu, Doge, Bonk, and Floki Inu are at the forefront of the memecoin mania.

Memecoin Skyrockets by 18.7

In the last 24 hours, the meme sector, known for its playful and community-driven tokens has seen an 18.7% increase, soaring to a total value of $54 billion. Notably, Pepecoin and Bonk Inu recorded the most substantial 24-hour gains, with increments of 34.5% and 32.7%, respectively.

Dogecoin (DOGE) and Shiba Inu (SHIB), two of the most popular meme coins, have spearheaded the recent market rally. Both tokens experienced an impressive surge of over 18%, contributing significantly to the overall uptrend in the MEME sector.

This surge is indicative of the sector’s resilience and growing influence in the broader cryptocurrency landscape.

Pepecoin: A Standout Performer

Pepecoin, with its eye-catching surge of 40%, has become a standout performer in the recent memecoin rally. This surge contributes to a weekly gain of over 370%, aligning with the broader meme coin rally led by dogecoin (DOGE) and bonk (BONK).

Simultaneously, trading volumes for these frog-themed tokens have hit an all-time high of $3.6 billion. Meanwhile, this increase in trading activity suggests that investors are more willing to take risks, showing a strong interest in riskier assets such as altcoins and meme coins.

Bonk Inu’s Impressive Rise

Meanwhile, Solana-based memecoin BONK has seen a 39% surge in the last 24 hours, reaching a current price of $0.000034.

BONK’s market capitalization has reached $1.4 billion, marking an 85% surge in the past week. This impressive performance has elevated it to the 62nd position among cryptocurrencies, securing its place as the third-largest meme coin in the market.

The recent influx of capital into the crypto market is likely attributed to Bitcoin (BTC) gaining renewed favor among investors.