Meme coins are once again taking center stage in the cryptocurrency market, thanks to Bitcoin’s recent recovery, which is having a positive impact on major crypto categories. Leading the way in this resurgence are PEPE, FLOKI, WIF, and BRETT, all of which saw daily gains of over 20% on Tuesday.
PEPE, an Ethereum-based meme coin, experienced a 24% increase in the past day and is currently trading at $0.00001187. During the same period, the daily trading volume of crypto assets doubled to around $1.65 billion.
At the same time, its market cap jumped by 23%, surpassing the $5 billion mark and securing its position as the 22nd largest cryptocurrency.
Floki, a dog-themed meme coin on the Solana blockchain, also saw a price surge of 21% in the last 24 hours. Currently trading at $0.0001872, it has a market cap of around $1.79 billion and a daily trading volume of $453 million.
Dogwifhat (WIF) experienced a 22% increase and is currently trading at $2.16. With a daily trading volume of $632 million, it is ranked as the 44th largest cryptocurrency in terms of market cap. However, WIF is still down 55% from its all-time high of $4.85 reached on March 31.
BRETT, a meme coin launched four months ago, saw a 21% increase and is currently trading at $0.147. In the same period, its daily trading volume reached $56.6 million, almost double the previous day. Its market cap rose to $1.39 billion, making it the 61st largest cryptocurrency.
Other popular meme coin players, such as Bonk (BONK) and Shiba Inu (SHIB), recorded gains of 10% and 6%, respectively, in the past 24 hours. Dogecoin (DOGE) saw more modest gains of 4% during the same time frame.
The surge in these meme coins follows the rise of Bitcoin, the largest cryptocurrency by market cap, which increased by 3% to $64,900 on Tuesday. This rise in Bitcoin’s price suggests increased activity in the altcoin market, as Bitcoin’s market dominance slightly decreased to 53.64%.
The global cryptocurrency market cap also witnessed a 1.6% increase, reaching a total of $2.34 trillion. The meme coin sector saw a significant surge, rising nearly 13% in the past 24 hours, with a market cap of $53.1 billion.
The success of meme coins is often attributed to Bitcoin’s performance, as it influences the broader cryptocurrency market. When Bitcoin performs well, it boosts investor confidence and generates interest in altcoins, including meme coins. This positive feedback loop leads to rising prices and attracts more investors to the market.
In summary, meme coins are experiencing a resurgence in the crypto market, driven by Bitcoin’s recovery. PEPE, FLOKI, WIF, and BRETT are leading this trend, with significant daily gains. This surge in meme coins is part of a broader increase in the altcoin market, which is influenced by Bitcoin’s performance.