Meme coin market capitalization surges by 8% to reach $58 billion, outperforming the overall crypto asset market in the past 24 hours, as reported by CoinGecko. This niche segment has gained momentum among investors and traders, with Bitcoin (BTC) showing a 6% increase as the total crypto industry market capitalization rose by 5.5%.
The top five meme coins hold 77% of the total value in this asset class, while only a few dozen coins surpass the $100 million mark in market capitalization. Dogecoin (DOGE) leads the pack with a market cap of $22.4 billion, with a trading volume of $1.5 billion in the past day. Shiba Inu (SHIB) follows closely behind with a market cap of $14.9 billion and a trading volume exceeding $938 million.
Pepe (PEPE) secures the third spot with a market cap of $4.4 billion and a trading turnover of $1.5 billion. The token reached an all-time high of $0.00001161 on May 15, resulting in a trader earning over $46 million by selling a portion of their holdings. Dogwifhat (WIF) and FLOKI round out the top five meme coins by market capitalization.
The BONK token, known for sparking the creation of numerous meme coins on the Solana network, ranks sixth on the CoinGecko dashboard. Despite a relatively flat crypto market, meme coins continue to be top gainers, with their popularity on the rise.