This Sunday, the memecoin market is experiencing a strong bullish trend across the board, with major tokens seeing huge gains. This momentum stems from Bitcoin's new milestone, which set a new all-time high at $80,000 per coin.
The top 10 meme coins, with the exception of Popcat, are all experiencing double-digit 24-hour returns. Meanwhile, the meme market cap sits just below $85 billion at the time of writing. The latter puts them just a step away from 2021 highs, when the sector hit $89 billion.
Combined data from several portals allows for a general overview of the current state of memecoins. For example, the MarketVector index , which tracks the top 6 memecoins by market cap, shows a performance of +158% so far in 2024 and a year-over-year performance of +207%.
For its part, Artemis highlights the leadership of meme coins in the current crypto market rally. Thus, in terms of 30 days, these tokens in general show a performance of +59.8%, far from the second place occupied by the DeFi sector with +38.8%. As shown in the image below, in that same period BTC has +27.3% and ETH +30.7%.
Major memecoin market tokens surpass double digits
As already mentioned, the memecoin market is going through a strong rally. Particular interest is aroused by the largest coins in this sector. Dogecoin is one of the biggest phenomena, offering a return of +18% in 24 hours, with a price exceeding $0.24 cents per coin. This allows its capitalization to reach $35.1 billion.
With this latest data, DOGE is holding on tight to the 7th spot in market capitalization of the entire cryptocurrency world. Meanwhile, the other big coin in the sector, Shiba Inu, has a performance of +31% in one day and its price is up to $0.00002515 at the time of writing this note. It also enters the global top 10 in capitalization with $14.8 billion.
The third largest memecoin, PEPE, is not far behind in its performance either. Despite showing a modest 13%, its returns remain highly positive for investors, especially for those who invested at the end of last year. The year-on-year return for this coin is a surprising +876%.
With these elements in perspective, it can be said that the memecoin market remains the largest source of profit. However, one should not lose sight of the fact that this sector is also characterized by enormous volatility. Even though some of its coins are in the top 10 in global capitalization, the vast majority have a minuscule valuation. The latter is a major source of volatility.
