Meme coins have emerged as champions, outperforming many altcoins amid a general market recovery. According to CoinGecko, the total market cap of meme coins is now a staggering $54.15 billion.
Over the past seven days, the value of major memes has skyrocketed by double digits.
Popcat, Pepe and Dogwifhat Lead Market Recovery
Popcat (POPCAT) has been in the spotlight, rising more than 55% in the last week alone and hitting a new all-time high on Tuesday. The surge is part of a larger trend seen in the meme coin sector.
“POPCAT is currently at a new all-time high, looking to finally break out and reach the multi-billions. I believe the entire cat meme category is about to re-evaluate as many majors retest important levels. The first half of the year was to filter the winners from the losers. The second half of the year is to ensure the winners continue to win,” said Crypto analyst RookieXBT.
Read more: 7 Popular Meme Coins and Altcoins That Will Trend in 2024
Additionally, Pepe (PEPE) has also seen significant growth, up 31% over the same time period. Earlier this week, crypto investor Nascent made headlines by selling altcoin Maker (MKR) for a $2.9 million profit to shift investments into Pepe and Lido DAO (LDO).
According to Spot On Chain, Nascent withdrew 141.2 billion PEPE from Binance worth $1.6 million. Since June 8, 2024, Nascent has purchased 608.85 billion PEPE from Binance at an average price of $0.0000123, which has an estimated value of $7.49 million.
Likewise, Dogwifhat (WIF) is also making progress, up over 30% in the last week. Data from chain analysis platform DYOR confirms that meme coins have been the strongest crypto narratives in recent times.
“Is memecoin mania back?” crypto investor Lark Davis asked his 1.2 million followers on X (formerly Twitter).
Read More: 11 Best Solana Meme Coins to Watch in July 2024
Additionally, CoinGecko reported that meme coins were the top performing narrative in the first half of 2024. Four of the top 15 crypto narratives related to these coins show a shift in investor preferences toward thematic and speculative investments.
However, with great rewards come great risks. Meme coins are notorious for their extreme volatility, susceptibility to market manipulation, and the constant danger of being pulled over. Therefore, investors should conduct thorough research and exercise caution before investing in these highly speculative assets.
