The meme coin market is seeing a surge in attention as platforms like X (formerly Twitter) see increased discussion around tokens like Peanut the Squirrel (PNUT), Dogecoin (DOGE), and Pepe (PEPE). With a total market cap of $119 billion and a trading volume of $58.9 billion, meme coins continue to attract investors.

According to data shared by Santiment, meme coins, which often feature playful animals like dogs and squirrels, have gained significant traction in the crypto community. Their surge in popularity, largely driven by social media engagement, has fueled optimism about the sector’s growth and its ability to attract capital.

Social media fuels meme currency momentum

Santiment’s analysis highlights how speculative assets are driving the current crypto bull run. Among the most talked-about meme coins are Peanut the Squirrel (PNUT), Pepe (PEPE), Dogecoin (DOGE), Memecoin (MEME), Peanut (NUX), and 8-Bit Coin (COIN). These tokens have not only become favorites among crypto enthusiasts, but have also surpassed Bitcoin in terms of social media engagement.

While Bitcoin ranked seventh in terms of social media engagement, meme coins dominated the discussion. CoinGecko reports that the meme coin market cap has reached $119 billion, with a strong trading volume of $58.9 billion, showing its resilience despite short-term volatility.

Dogecoin is still the leader

Dogecoin (DOGE) continues to lead the meme currency field with a market capitalization of $52.5 billion, making it the sixth-largest cryptocurrency overall. Currently trading at $0.3574, DOGE is down 7.9% over the past 24 hours but still maintains a large investor following. Despite being 50.87% below its all-time high of $0.7376, Dogecoin remains the face of the meme currency movement.

Notable meme coin performances

The meme coin market has seen some impressive performances recently. Peanut the Squirrel (PNUT) has skyrocketed a staggering 1626.4% over the past week, reaching a market cap of $1.68 billion. Trading at $1.69, PNUT has seen a 17.3% correction over the past 24 hours but still boasts a staggering 2925.65% gain over the past month.

Similarly, Pepe (PEPE) has increased by 95.77% over the past 30 days and is currently trading at $0.00001962, attracting strong interest from investors. Meanwhile, Memecoin (MEME) has increased by 16.56% over the past week and is currently trading at $0.01267.

The bigger picture

The growing popularity of meme coins highlights their evolving role in the cryptocurrency landscape. Their reliance on community engagement and virality give them a unique appeal, but also underscore their speculative nature. Investors should approach the space with caution, balancing enthusiasm with informed risk management.