- Despite the overall sluggish performance of the cryptocurrency market, meme coins on Solana (SOL) and Ethereum (ETH) platforms are showing significant gains. Particularly, Pepe (PEPE) has seen its capitalization rise above $3.3 billion, with its trading volume surpassing $1.45 billion.
- Other meme cryptocurrencies, including Bonk (BONK), Shiba Inu (SHIB), and Dogwifhat (WIF), have also posted double-digit gains in the past 24 hours.
- PEPE’s price surge has resulted in it jumping into the top 10 by trading volume, even surpassing XRP.
Despite a sluggish cryptocurrency market, meme coins are making impressive gains, with Pepe (PEPE) leading the pack. The article explores the recent performance of meme coins and their impact on the market.
PEPE meme coin price surges by 26%; WIF, BONK post double-digit gains
Pepe (PEPE), the third-largest meme cryptocurrency, has shown the largest gains today among the top 100 cryptos by market cap. In just 24 hours, PEPE’s price increased by over 26%, with its net trading volume in spot and futures pairs exceeding $1.4 billion. Other meme cryptocurrencies have also performed well, with Bonk (BONK) adding over 22%, and Shiba Inu (SHIB) and Dogwifhat (WIF) adding 10.4% and 16%, respectively. The aggregated market capitalization of the meme cryptocurrency segment is targeting $50 billion after a 4.9% increase in 24 hours.
PEPE jumps into top 10 by trading volume, surpasses XRP
The surge in PEPE’s price resulted in $5.6 million of its futures positions being liquidated, with 71% of the positions erased being shorts. Additionally, Shiba Inu (SHIB), a spin-off on Ethereum (ETH) and Arbitrum (ARB), reached its local trading volume high. PEPE replaced XRP as the ninth most traded cryptocurrency, with an aggregated volume of over $1.45 billion. While all meme cryptocurrencies were in the red yesterday, today they seem to be leading the market recovery with impressive gains ranging from 10-30%.
Conclusion
In conclusion, despite the overall sluggish performance of the cryptocurrency market, meme coins are showing significant gains. PEPE, in particular, has seen impressive growth, jumping into the top 10 by trading volume and surpassing XRP. This trend indicates that meme coins are becoming a significant player in the cryptocurrency market, and their performance could have a substantial impact on the market’s future direction.
