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Meme Coins Surge in Market Capitalization, Reaching $58 Billion
The market capitalization of meme coins has experienced a significant surge, increasing by 8% to reach a total of $58 billion. This growth has outstripped the broader crypto asset market’s increase over the past 24 hours, according to data from CoinGecko.
Meme coins continue to captivate the interest of both investors and traders, with their segment showing more rapid expansion than the overall cryptocurrency market, which rose by 5.5%. Bitcoin (BTC) itself saw an increase of 6% during the same period.
The dominance of the five largest meme coins is notable, accounting for 77% of the total value within this asset class. Only about three dozen coins have a market capitalization exceeding $100 million.
Dogecoin (DOGE) remains the frontrunner with a market cap of $22.4 billion, and its trading volume in the last 24 hours reached $1.5 billion. Following closely, Shiba Inu (SHIB) holds the second position with a market cap of $14.9 billion and a trading volume exceeding $938 million.
Pepe (PEPE) currently ranks third with a market capitalization of $4.4 billion. Its trading volume also hit $1.5 billion over the past day. Notably, the PEPE token achieved a new all-time high on May 15, reaching $0.00001161.
An intriguing development in the meme coin market involves an unknown trader who turned a $3,000 investment into more than $46 million by capitalizing on PEPE’s recent surge past its previous all-time high. The trader acquired 4.9 trillion PEPE tokens and later sold 1.41 trillion tokens for $7.4 million.
Rounding out the top five, Dogwifhat (WIF) holds a market cap of $2.9 billion, while FLOKI claims the fifth spot with a market cap of $2.06 billion.
Additionally, the BONK token stands out for its pivotal role in the proliferation of thousands of new meme coins on the Solana network, currently ranking sixth on the CoinGecko dashboard.
This robust growth in the meme coin sector highlights its increasing prominence and the dynamic opportunities it presents within the cryptocurrency market.
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