Impressive Surge in Top Meme Coins’ Value
The meme coin market has experienced a remarkable surge in the past 24 hours, with a growth rate of 9.6% against the U.S. dollar. This surge has propelled the meme token economy to a valuation of $55.86 billion, with a global trading volume of $5.79 billion recorded within the same timeframe. All of the top ten meme coins in terms of market valuation have witnessed positive gains, but BONK and FLOKI have emerged as the front-runners.
On April 21, 2024, BONK, a meme token built on the Solana blockchain, recorded an impressive increase of 41.8% against the U.S. dollar. This surge marks a significant 39.1% rise over the past week. While most cryptocurrencies in the broader market have experienced declines over the week, meme coins have defied this trend. The only exception in this category is corgiai (CORGIAI), which experienced a weekly loss but managed to rise by 3.8% in Sunday morning’s trading. FLOKI, on the other hand, enjoyed an 18.7% increase, accumulating a 16.9% gain for the week.
Dogecoin (DOGE), often referred to as the ‘Dog Father’ and the leader of the meme coin economy based on market capitalization, has witnessed a 4.2% rise in the past 24 hours. This increase has contributed to its commanding $23.11 billion of the total $55.86 billion market cap. The second-largest meme token, shiba inu (SHIB), experienced a 14.1% increase on Sunday, resulting in a 20.6% gain for the week. SHIB also holds a significant share of the meme coin market, with a valuation of $15.71 billion.
Other meme coins that have seen notable increases in the past 24 hours include WIF, PEPE, BRETT, BOME, MEME, and MEW, while SHARBI and SOLAMA have achieved triple-digit gains. However, some meme tokens have faced setbacks, with SNAIL experiencing a 48.7% drop. The Ordinals-based BRC20 token PUPS is down by 24.2%, and the Floki fork, FORK, declined by 17.3%. Nevertheless, meme tokens have generally outperformed their crypto counterparts over the weekend.
What are your thoughts on the meme coin economy’s impressive growth of over 9% in the past day? Share your opinions and insights on this matter in the comments section below.
