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Meme Coins Rise Above the Market
A preview of crypto charts shows even the parts move in a similar direction as other assets, but much faster. The meme coin market cap surpassed $110 billion in the past 24 hours, while daily volumes soared to $28.3 billion. Major coins like Dogecoin and Shiba Inu are up 84% and 28%, respectively.
High-flying PEPE, WIF and POPCAT have sparked bullish momentum, with the community rallying around these assets. Aside from SHIB, all of the top 10 coins by market cap are posting double-digit gains. BONK and FLOKI rebounded by 18.2% and 14% respectively. WAGMI leads the broader charts, up 1,150%, while TSLA6900 and ElonRWA have 100X numbers over the same period.
Amid the market buzz, two categories of meme tokens dominate the scene: Elon-themed coins and political-themed coins. The first is due to Elon Musk’s time supporting Donald Trump, which saw Tesla shares skyrocket. Trump-inspired political coins have also seen significant inflows over the past 7 days.
Will this last?
Double-digit growth has led to increased participation and greater community optimism. This comes from the US elections, which are expected to boost market growth. Several market commentators are in favor of a favorable turnaround for crypto, but if sentiments wane, a correction could occur.
& nbspCrypto analysts have warned against investing in new meme tokens with an emphasis on established coins. Bitcoin enthusiast BakiXBT shared the same story on X.