The global memecoin market has experienced a rally over the last day, with the price of the majority of the tokens trading in the green zone. Investors who favor this sector in the crypto market are calling it the memecoin season as this category looks to be one of the most attractive at the moment.
Coins like Dogwifhat, Shiba Inu, Pepe, FLOKI, BONK, and others have recorded impressive gains in the last 24 hours, further fueling the speculation of a further upward trend in this sector. The general memecoin market cap jumped by 6% earlier today to touch $68.2 billion, however, at the time of writing, the value has now dropped to $63.4 billion, still maintaining a 0.45% rise.
Dogwifhat (WIF) Sees 14% Surge
Meanwhile, Dogwifhat (WIF), the trending memecoin launched on November 20, 2023, has continued to impress investors since its inception. Against the backdrop of the broader memecoin market rally, the tokens’ value surged by a notable 14% within the last day to reach $3.42. However, the price of the token has dropped a little to $3.23 at the time of writing, signifying a 5.01% increase.
Source: CoinMarketCap
At the time of the surge, Dogwifhat (WIF) briefly entered the top 30 largest cryptocurrencies by market cap list, beating other tokens like Filecoin (FIL), Kaspa (KAS), and Cosmos (ATOM). Nevertheless, it has since dropped in position, now resting at the #35 spot with a live market cap of $3.2 billion and a 24-hour trading volume of $1.13 billion.
Recall that WIF reached its all-time high of $4.83 about 2 months ago on March 31 during the last memecoin rally. Since then the price of the token has dropped by 33% according to data from CoinGecko. In the last 24 hours, WIF has traded between the lows and highs of $3.08 and $3.43.
Memecoin Market Rally
As earlier stated, the global memecoin is experiencing a rally, printing gains for investors. Top coins like Floki (FLOKI) have spiked by 11% over the last 24 hours along with a 101% surge in its trading volume. At press time, FLOKI is trading at $0.0002739 with a live market cap of $2.6 billion.
Other coins like BONK also surged by 5% during the rally with a 51.2% increase in its 24-hour trading volume. At this time, BONK is changing hands at $0.00003829 with a live market cap of $2.5 billion.
Cat in a Dos World (MEW) coin has recorded the most impressive growth at this time. CoinMarketCap data shows that the price of the token is currently up by 19% to trade at $0.003886. What is more, MEW the 24-hour trading volume has skyrocketed by 292% to $117.8 million with a live market cap of $345.3 million.
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