The meme coin industry is thriving despite a slowdown in the crypto market, particularly with Solana-based coins experiencing price surges.
Tokens in the meme coin sector have once again displayed rapid growth, standing out amidst the mostly stagnant cryptocurrency markets. According to data from CoinGecko, Pepe (PEPE), Floki (FLOKI), Dogecoin (DOGE), and Shiba Inu (SHIB) have emerged as top gainers, with price increases ranging from 6% to 10% in the past 24 hours.
CoinGecko’s data also indicates that Bonk (BONK) and Dogwifhat (WIF) coins have seen significant growth, rising by 4.5% and 3.7% respectively in the last day.
The overall capitalization of the meme coin sector is on the rise, with the crypto market cap increasing by 6.5% to $54.4 billion in the previous 24 hours, while trading volumes reached nearly $5 billion.
The popularity of meme coins continues to be a hot topic in the second quarter of the year, especially after the impressive price surges of tokens like WIF in the first quarter.
Recent reports suggest that the spike in the meme coin sector over the past day may be linked to a trader who made a substantial profit from the meme token KITTY after reactivating the X account of financial analyst Keith Gill. Gill had previously sparked excitement among retail traders and Wall Street with his involvement in GameStop’s stock price surge in 2020.
Analysts at Lookonchain observed that a user invested $3,000 in Solana (SOL) to acquire 17.4 million KITTY just before Gill’s tweet. Following this, the price of KITTY soared by over 8,000%. The trader then sold 12.8 million KITTY for $41,000, leaving a balance of 4.6 million KITTY worth $56,000.
In other news, Trump and Biden meme coins have seen a surge in popularity after Trump’s recent meeting with NFT holders.