Meme coins have emerged as champions, beating out many altcoins amidst the overall market recovery. According to CoinGecko, the total market capitalization of meme coins currently stands at $54.155 billion.
Over the past seven days, the top meme coins have recorded double-digit gains.
Popcat, Pepe, and DogWeHat lead the market recovery
POPCAT gained attention by surging more than 55% in the past week and hitting an all-time high on Tuesday. This surge is part of a broader trend observed across the meme coin sector.
“PopCat is now at an all-time high and finally on its way to billions of dollars. With many major coins retesting critical levels, I think the entire cat meme category will soon be re-evaluated. The first half of the year was a time to sort out winners from losers. The second half of the year is when the winners keep winning,” said cryptocurrency analyst RookieXBT.
Read more: 7 Popular Meme Coins and Altcoins That Will Be Trending in 2024
Pepe (PEPE ) also showed significant gains, rising 31% during the same period. Earlier this week, cryptocurrency investor Nascent made headlines by selling altcoin maker (MKR) at a profit of $2.9 million and switching to investing in Pepe and Lido Dao (LDO) .
According to Spot on Chain, Nascent withdrew 114.2 million pepes, equivalent to $1.6 million, from Binance. Since June 8, 2024, Nasent has purchased 60.885 billion PEPE on Binance at an average price of $0.0000123, equivalent to approximately $7.49 million.
Likewise, DogWeHat (WIF ) is also making progress, rising more than 30% over the past week. According to data from on-chain analytics platform DYOR, meme coins are forming the strongest cryptocurrency narrative in recent times.
“Is the memecoin craze back?” cryptocurrency investor Lark Davis asked his 1.2 million followers on X (formerly Twitter).
Read more: 11 Solana Meme Coins to Watch for in July 2024
CoinGecko also reported that meme coins showed the best performing narrative in the first half of 2024. Four of the 15 most discussed cryptocurrency narratives related to these coins demonstrate a shift in investor preferences for thematic and speculative investing.
But with big returns comes big risks. Meme coins are notorious for extreme volatility, vulnerability to market manipulation, and the ever-present risk of rug pulls . Therefore, investors should conduct thorough research and exercise caution before investing in highly speculative assets.
