According to U.Today, major meme cryptocurrencies have seen significant gains in the last 24 hours. Mog Coin (MOG) and Floki Inu (FLOKI) have increased by 33.8% and 23% respectively, outperforming other meme coins with a larger market cap. Dogecoin (DOGE) and Shiba Inu (SHIB) also experienced growth, with increases of 1.5% and 4.5% respectively over the same period.
Last week, DOGE and SHIB saw notable price increases following a tribute by Tesla CEO Elon Musk to the late Shiba Inu Kabosu, the inspiration behind the Doge meme. Another meme coin, Pepe (PEPE), has also seen a nearly 6% increase, with its market cap now exceeding $7 billion. It is now just one position away from entering the top 20 largest tokens by market capitalization.
Solana-based meme coins dogwifhat (WIF) and Bonk (BONK) have also surged by nearly 10%. Despite initial assumptions that the popularity of Dogecoin, which exploded in 2021 largely due to Musk's tweets, would be short-lived, it has managed to maintain its position within the top 10.
The meme coin sector continues to grow rapidly, with several other coins now competing for Dogecoin's position. Analyst Murad Mahmudov recently predicted that Pepe could potentially surpass both Shiba Inu and Dogecoin in terms of market capitalization. In related news, VanEck's MarketVector recently launched a new index that includes popular meme coins such as PEPE and WIF.