Memecoins are experiencing a resurgence, riding the wave of Bitcoin’s recent rally. With many showing double-digit gains over the past 30 days, the meme coin market cap has surged to $54 billion, before settling at $49.9 billion.
As Bitcoin crosses $65,000 and Q4 begins with positive momentum, bolstered by a Fed rate cut, market sentiment is increasingly bullish.
Memecoins are performing strongly following Bitcoin's recent rally, with many memecoins now showing double-digit gains in the past 30 days.
Is it time for another memecoin season? pic.twitter.com/AFgXKGgDq3
— IntoTheBlock (@intotheblock) September 30, 2024
The meme coin space has seen notable performers. Dog (Runes) leads the charge with a remarkable 72.83% gain, followed by Gigachad with a 58.95% increase and Mog Coin up by 41.88%.
Even established players like Pepe (39.40%), Shiba Inu (36.46%), and Dogecoin (18.92%) are experiencing significant growth, contributing to the overall rise in the market.
Solana-based meme coins have outperformed others, with Moo Deng skyrocketing by 408.06%. Other Solana-based coins, including Gigachad, Michi, and MUMU THE BULL, have also posted impressive gains, all exceeding 30%. Arthur Hayes’ investment in Solana-based SCF has further fueled interest in Solana’s meme coin ecosystem.
Trader Turned $800 Investment Into A Massive $7.5 Million
One of the most striking stories from this rally is an anonymous trader who turned a modest $800 investment into a staggering $7.5 million through Moo Deng. This highlights the high-risk, high-reward nature of meme coins, which remain one of the riskiest asset classes in the crypto world. Despite previous controversies, Pump.fun has rebounded in popularity, minting over 10,000 new meme coins in a single day.
🚀 Week in Meme Coins: Solana Memes Are Back, Baby!
Meme coin market cap hits $54B!Solana memes outperform!Trader turns $800 into $7.5M!
Let's unpack this week's meme coin market 🧵
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— CoinMarketCap (@CoinMarketCap) October 1, 2024
As the meme coin market heats up, many are wondering if this signals the beginning of another memecoin season. With the market’s current trajectory, meme coins could continue to thrive in the coming months.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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