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Memecoin Sector Shines as Total Crypto Market Cap Moves Above $2.5T

2 mins
Updated by Kyle Baird
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In Brief

  • Memecoins dominate with a $40B+ aggregate market cap, surpassing emerging sectors like DeFi and Exchange cohorts.
  • Ryan Selkis reveals seven unicorn memes, comprising dogs or frogs, leading the meme coin market surge.
  • Major cryptos witness significant price surges; PEPE spikes by 388%, DOGE up by 83%, Ethereum rises by 12.51%, Bitcoin surges by 24.4% in the past week.
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With the crypto market cap surpassing $2.5 trillion, numerous memecoins are emerging as notable winners. The memecoin sector is flourishing and has exceeded the market capitalization of non-fungible tokens (NFTs).

Could this be a sign that retail traders are moving into more risk-on assets?

Crypto Market Cap Is Soaring, Memecoins Dominate

The latest data from CoinGecko shows that the crypto market cap has exceeded $2.5 trillion.

Total Crypto Market Cap Chart 1 Month. Source: CoinGecko
Total Crypto Market Cap Chart 1 Month. Source: CoinGecko

In the midst of this milestone, Messari CEO Ryan Selkis highlighted that the meme coin market reached $40 billion, surpassing many other emerging sectors, including decentralized finance.

“Memecoins ($40B+ in aggregate market cap) are bigger than DeFi, DePIN, Exchange cohorts.”

The majority of major crypto tokens in the market have experienced a price surge over the past week, contributing to the spike in market cap. Meme coins like PEPE have surged by around 300% in the last seven days.

Read more: 10 Best Crypto Exchanges And Apps For Beginners In 2024

Top memecoin movers. Source: Messari
Top memecoin movers. Source: Messari

Additionally, Dogecoin (DOGE) has seen an 83% increase during the same period.

Even among the major cryptocurrencies, significant price bumps have been observed. Ethereum witnessed another spike this week, recording a 12.51% increase in price, while Bitcoin has surged by 24.4% over the past seven days.

Speculative Events May Lead to Higher Market Cap

Meanwhile, the potential of additional Bitcoin ETF providers shortly will open the floodgates for funds to enter the crypto market. This would likely consequently lead to a larger boost in market cap.

On February 29, BeInCrypto reported that Bank of America’s Merrill Lynch and Wells Fargo & Co would be opening up spot Bitcoin exchange-traded funds (ETF) to their clients.

Read more: Top 5 Crypto Companies That Might Go Public (IPO) in 2024

The community is closely watching Ethereum’s price due to ongoing speculation regarding the potential approval of the spot Ethereum ETF in May.

A rise in a crypto’s price usually results in a corresponding increase in its market capitalization. This is calculated by multiplying the current price by the circulating supply of the crypto.

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Ciaran Lyons
Ciaran is a cryptocurrency journalist based in Sydney, Australia. He particularly enjoys writing about CBDC developments and the practical implementations of cryptocurrency in real-world scenarios. He has also appeared across major television networks in Australia including Channel Ten, Channel Nine and SBS TV. Prior to his foray into cryptocurrency, Ciaran worked as a presenter on national radio station Triple J.