Meme coins have seen explosive growth over the past month, even as the broader cryptocurrency market has reached new highs. Data from Santiment shows a surge in popularity for these speculative tokens, often based on themes such as dogs or cats.

Speculative assets are driving the current rally, with meme coins leading the trend. According to social media discussion metrics, leading meme coins such as Peanut the Squirrel ($PNUT ), Pepe ($PEPE ), Dogecoin ($DOGE ), Memecoin (MEME), Peanut (NUX), and 8-Bit Coin (COIN) are among the most popular in the meme token category.

Interestingly, Bitcoin (BTC) ranks seventh in terms of social media discussions, suggesting a significant influx of capital into the meme coin sector. The market cap of the sector has soared to $119 billion, although it has fallen 4.5% in the last 24 hours, according to CoinGecko. Trading volume in the meme coin sector has reached $58.9 billion. Dogecoin currently leads the meme coins, ranking sixth in the cryptocurrency market. Its market cap is $52.50 billion, and its price is $0.3574. DOGE has fallen 7.9% in the last 24 hours.