Benzinga – The memecoin market exploded on the first sign of a broader market recovery Tuesday, resulting in significant gains for both mainstream and smaller cap coins.
What Happened: The overall market cap of memecoins surged 12.37% to $49.6 billion in the last 24 hours, led handsomely by blue-chip Ethereum (CRYPTO: ETH)-based coins like Pepe, Dogecoin, and Shiba Inu.
Frog-themed PEPE was the best-performing memecoin in the last 24 hours, logging gains of more than 14%. The token was also the most traded among meme tokens, with a volume exceeding $1 billion.
| Cryptocurrency | Gains +/- | Price (Recorded at 10:45 p.m. EDT) |
| Pepe (CRYPTO: PEPE) | +14.17% | $0.00001315 |
| Dogecoin (CRYPTO: DOGE) | +5.58% | $0.1275 |
| Shiba Inu (CRYPTO: SHIB) | +3.97% | $0.00001795 |
Heavyweights like Dogecoin and Shiba Inu also rebounded strongly, snapping weeks of downward price action.
Apart from the bigwigs, Solana (CRYPTO: SOL)-based dogwifhat (CRYPTO: WIF) and Bonk (CRYPTO: BONK) recorded healthy spikes of 11.8% and 6.67% respectively.
Due to the rally, social interactions, i.e, likes, comments, and reposts for most of these memecoins surged, according to social analytics firm LunarCrush.
The strong recovery on some of these crypto assets today has been impressive with both social and market activity pushing decidedly higher.
Top assets by LunarCrush AltRank™ with leading combined social and market activity…
Popcat $POPCAT
Pepe $PEPE
Stacks $STX
Brett $BRETT… pic.twitter.com/AckEXWoDrk
— LunarCrush Social Intelligence (@LunarCrush) June 26, 2024
See Also: Trump Reportedly Discussing Participation In Bitcoin 2024 Conference, Move To Reinforce ‘Crypto President’ Image?
Why It Matters: The memecoin boom coincides with the broader market’s recovery from recent losses.
This category of cryptocurrencies, themed around popular memes, and much cheaper to buy than blue-chip currencies like Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH), continues to attract degens in droves.
A cryptocurrency analyst recently discussed how the narrative surrounding investment has switched from long-term value to short-term rewards on speculative meme currencies in 2024.
Photo by Kanchanara on Unsplash
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