Memecoin Market Cap Blasts 14% as Wider Market Gains
The last 24 hours have seen high activity in the Bitcoin (BTC), altcoin, and memecoin markets. Memecoins saw sell-offs this week alongside cryptocurrencies but on-chain data points to a rebound in the last 24 hours.
The memecoin market cap has gained an impressive 14.2% in the past trading day following positive signals from macroeconomic factors restoring confidence in the market. The 14% jump takes the market capitalization up to $55.4 billion after trading volumes hit $10.7 billion.
Memecoins Record Staggering Gains
Sequel to the bolstering form in the market, overall strength appears positive although some investors sold certain assets to make a profit as the market traded sideways. On the leaderboard was Doge Eat Doge which recorded a 221.3% increase. Taylor Swift’s Cat and Solpaka ranked second and third with 147.5% and 129% respectively.
Among coins gaining community traction, Book of MEME soared 23.4% while Slerf posted 9% gains in the same trading window. Leading Dogecoin (DOGE) rose 15.3% with a $3.3 billion trading volume. This comes after the leading memecoin slipped 13.7% this week following wider liquidations.
On the other hand, Shiba Inu recorded 5.8% gains after huge 15% sell offs this week. Community popular PEPE and Dogwifhat posted 11.9% and 9.6% gains respectively, adding to huge gains in the market
Both memecoins had traded in the red zone with 14.8% and 23.3% liquidations in the last seven days
