Meme coins have emerged as champions, surpassing many altcoins amid a general market recovery. According to CoinGecko, the total market capitalization for meme coins now stands at a staggering $54.15 billion.
In the past seven days, top meme coins have soared double-digit.
Popcat, Pepe, and Dogwifhat Lead the Market Recovery
Popcat (POPCAT) has seized the spotlight, surging over 55% in the last week alone and reaching a new all-time high on Tuesday. This spike is part of a broader trend observed across the meme coin sector.
“POPCAT is now at a new all-time high looking to finally break out and pop towards many billions. I believe the entire cat meme category is about to reprice as many of the majors are at retesting important levels. The first half of the year was intended to filter out the winners from the losers. The second half is for the winners to keep on winning,” Crypto analyst RookieXBT said.
Read more: 7 Hot Meme Coins and Altcoins that are Trending in 2024
Furthermore, Pepe (PEPE) has also shown significant gains, with a 31% increase in the same timeframe. Earlier this week, crypto investor Nascent made headlines by selling the altcoin Maker (MKR) for a profit of $2.9 million to pivot towards investments in Pepe and Lido DAO (LDO).
According to Spot On Chain, Nascent withdrew 141.2 billion PEPE, valued at $1.6 million, from Binance. Since June 8, 2024, Nascent has purchased 608.85 billion PEPE from Binance at an average price of $0.0000123, amounting to an estimated cost of $7.49 million.
Similarly, Dogwifhat (WIF) is also making strides, with a more than 30% increase over the past week. Data from the on-chain analysis platform DYOR confirms that meme coins have recently been the strongest crypto narratives.
“Is the memecoin mania back?” crypto investor Lark Davis asked his 1.2 million followers on X (formerly Twitter).
Read more: 11 Top Solana Meme Coins to Watch in July 2024
Additionally, CoinGecko reported that the first half of 2024 has highlighted meme coins as the top-performing narrative. Four of the 15 most discussed crypto narratives related to these coins demonstrate a shift in investor preference towards thematic and speculative investments.
However, with great returns come great risks. Meme coins are notorious for their extreme volatility, susceptibility to market manipulations, and the ever-present danger of rug pulls. Consequently, investors should conduct thorough research and exercise caution before committing capital to these highly speculative assets.
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