The memecoin market experienced a drastic change on Tuesday, rising to $27.2 billion at press time, a 20% increase in less than 24 hours.
The surge has been driven by PEPE and other popular assets, which have seen significant double-digit gains this week following Bitcoin's most recent peak of over $60,000.
PEPE explodes
PEPE, one of the most popular memecoins among traders, has seen significant price increases, reaching a peak of 0.0000033 USD on Tuesday at 3:00 pm EST.
Currently trading at 0.0000031 USD, memecoin has exploded 180% in the past seven days and 40% in 24 hours.
According to data from Coinglass, the Open Interest (OI) Weighted Funding Rate for PEPE increased from 0.0169% to 0.12%, then decreased to 0.06%.
However, the upward trend shows that traders are increasingly willing to pay more to hold long positions, hoping for further upside in price action.
Memecoin growth
FLOKI and dogwifat (WIF) also rose on Tuesday, up 23% and 31%. These two memecoins are on the radar of traders due to their explosive start to the week, achieving significant trading volume levels on multiple exchanges, including DEXs.
Other notable assets in this group also experienced strong price changes on Tuesday, with Dogecoin (DOGE) – which has been largely dormant for several weeks – posting a 10% increase, currently at $0.12.
The resurgence of interest in memecoins is most likely fueled by the recent price increase that Bitcoin and other leading cryptocurrencies like Ethereum have seen.
That and traders turning hundreds of USD into millions by trading those assets – especially those in the Solana ecosystem – causes FOMO for those who want to get in on the action.
Readers should exercise caution when participating in meme coins in general due to their volatile nature.
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