Meme coins are making headlines once again in the world of cryptocurrency, thanks to Bitcoin’s recent recovery which is impacting major crypto categories in a positive way. Leading the charge in this resurgence are PEPE, FLOKI, WIF, and BRETT, each experiencing daily gains of over 20% on Tuesday.
Pepe (PEPE), an Ethereum-based meme coin, saw a 24% increase over the past day, reaching a value of $0.00001187. Its daily trading volume doubled to around $1.65 billion, while its market cap surged by 23% to over $5 billion, solidifying its position as the 22nd largest cryptocurrency.
Floki (FLOKI), a meme coin themed around dogs on the Solana blockchain, also saw a price surge of 21% in the last 24 hours, trading at $0.0001872. With a market cap nearing $1.79 billion and a daily trading volume of $453 million, Floki is making waves in the crypto market.
Dogwifhat (WIF) experienced a 22% jump, currently trading at $2.16. With a daily trading volume of $632 million and a market cap of $2.15 billion, WIF is ranked as the 44th largest cryptocurrency. Despite this growth, WIF is still down 55% from its all-time high set on March 31.
BRETT, a meme coin launched just four months ago, also saw a 21% increase in its value, trading at $0.147. The daily trading volume for BRETT reached $56.6 million, nearly doubling from the previous day, while its market cap rose to $1.39 billion, making it the 61st largest cryptocurrency.
In addition to these coins, other popular meme coins like Bonk (BONK) and Shiba Inu (SHIB) recorded gains of 10% and 6%, respectively, in the past 24 hours. Dogecoin (DOGE) also saw a modest 4% increase during the same period.
This surge in meme coins is closely tied to the performance of Bitcoin, which rose by 3% to $64,900 on Tuesday. While Bitcoin’s market dominance slightly decreased to 53.64%, the overall global cryptocurrency market cap increased by 1.6% to $2.34 trillion.
The meme coin sector itself saw a significant surge of nearly 13% in the past 24 hours, with its market cap reaching $53.1 billion. This uptick in meme coins is often a result of Bitcoin’s performance, as its success tends to boost investor confidence and interest in alternative coins, including meme coins. This positive feedback loop can attract more investors and further drive up prices across the board.