Meme coins have emerged like a storm in the cryptocurrency market, attracting the attention of investors with impressive returns. The rapid growth of meme coins like PEPE and PNUT has made them some of the top digital assets.
Their volatility and strong social media influence are shifting investors' interest towards these high-risk, high-return tokens.
8 out of Top 10 Daily Gainers are Meme Coins
Over the past 24 hours, 8 out of the top 10 best-performing cryptocurrencies are meme coins. PEPE and PNUT are leading with exceptional returns, while other similar meme tokens have seen growth of less than 40%.
While the relative gains in meme coins are modest, these returns outperform many altcoins, underscoring investors' strong interest in this space. The sustained momentum around these tokens signals a notable shift in the market's focus from established assets to more speculative investments.
According to Santiment's data, the rise of meme coins reflects a significant shift in the macro market trend driven by investor participation. Social media data shows that the top 6 meme tokens have a greater social dominance than Layer 1 tokens, indicating a trend towards decentralized, community-driven assets. This strong presence underscores the growing cultural influence as investors increasingly prefer meme coins over Layer 2 tokens.
"Historically, the social dominance of highly speculative assets indicates greed and emotional trading," Santiment pointed out.
PNUT Surges 348% in a Day, Enters Top 100 Cryptocurrencies
Over the past 24 hours, PNUT has surged 348%, making it the top-performing asset of the day and propelling it into the top 100 cryptocurrencies. This remarkable rally has garnered significant attention across the market.
With PNUT currently valued at $2.07, the rally can continue, and if the demand persists, it may even surpass its intraday high of $2.50. Investors' positive sentiment is fueling the momentum driving the growth of meme coins, leading to the expectation of even greater returns.
However, a wave of profit-taking could pull down the value of PNUT, potentially returning it to $1.20 or below. Such a decline could weaken the positive sentiment and shift the market's perspective on meme coins.
