The meme coin market is flourishing today, just before the U.S. Federal Reserve meeting, with nearly $4 billion flowing in over the past 12 hours. Various meme tokens have enjoyed significant gains, with BENJI soaring by 36.9%, MAGA by 23.2%, and DOG based on runes by 22.1%.
The overall crypto market has surged by 3.24% as meme coins dominate 9% of all trades. On June 12, 2024, the meme coin sector observed an injection of $3.89 billion, propelling the total market cap from $57.98 billion to the current $61.87 billion. The top five meme tokens, including DOGE, SHIB, PEPE, WIF, and FLOKI, have all experienced growth, with PEPE leading the way with an 11.2% daily increase.
Despite this, BENJI emerged as the top-performing meme token today, jumping by 36.9% against the U.S. dollar. Following closely behind, Base’s KEYCAT rose by 34.4%, while NPC saw a 31.4% increase.
Other meme tokens like MAGA, DOG, WOJAK, BOB, GME, BODEN, and BABYDOGE also saw double-digit gains. A significant $7.48 billion in global trade volume was conducted within the meme coin market alone. However, not all meme coins fared well on this day, as ELON dropped by 18.2%, KOKO by 13.7%, and DOGINME by 12.9%.
Overall, outside of meme coin assets, the broader crypto market saw a 3.24% rise, reaching a total value of $2.53 trillion. Out of the day’s $82.9 billion in trading volume, $7.48 billion was attributed to meme coin trading, accounting for 9.02% of the total volume.
With the upcoming Federal Reserve meeting looming, the sudden influx of capital into meme coins indicates that traders may be looking to capitalize on short-term gains from these volatile assets. Today’s trading volume highlights a significant increase in investor interest and speculation, particularly in niche tokens.
What are your thoughts on the meme coin market receiving an influx of $3.89 billion in the last 12 hours? Feel free to share your opinions and insights on this topic in the comments below.
