Bitget App
Trade smarter
Buy cryptoMarketsTradeFuturesCopyBotsEarn

These Meme Coins Outperformed Altcoins Amidst Market Recovery

BeInCryptoBeInCrypto2024/07/17 12:41
By:BeInCrypto

Meme coins have emerged as champions, surpassing many altcoins amid a general market recovery. According to CoinGecko, the total market capitalization for meme coins now stands at a staggering $54.15 billion.

In the past seven days, top meme coins have soared double-digit.

Popcat, Pepe, and Dogwifhat Lead the Market Recovery

Popcat (POPCAT) has seized the spotlight, surging over 55% in the last week alone and reaching a new all-time high on Tuesday. This spike is part of a broader trend observed across the meme coin sector.

“POPCAT is now at a new all-time high looking to finally break out and pop towards many billions. I believe the entire cat meme category is about to reprice as many of the majors are at retesting important levels. The first half of the year was intended to filter out the winners from the losers. The second half is for the winners to keep on winning,” Crypto analyst RookieXBT said .

Read more: 7 Hot Meme Coins and Altcoins that are Trending in 2024

Furthermore, Pepe (PEPE) has also shown significant gains, with a 31% increase in the same timeframe. Earlier this week, crypto investor Nascent made headlines by selling the altcoin Maker (MKR) for a profit of $2.9 million to pivot towards investments in Pepe and Lido DAO (LDO) .

According to Spot On Chain, Nascent withdrew 141.2 billion PEPE, valued at $1.6 million, from Binance. Since June 8, 2024, Nascent has purchased 608.85 billion PEPE from Binance at an average price of $0.0000123, amounting to an estimated cost of $7.49 million.

Similarly, Dogwifhat (WIF) is also making strides, with a more than 30% increase over the past week. Data from the on-chain analysis platform DYOR confirms that meme coins have recently been the strongest crypto narratives.

“Is the memecoin mania back?” crypto investor Lark Davis asked his 1.2 million followers on X (formerly Twitter).

Read more: 11 Top Solana Meme Coins to Watch in July 2024

Additionally, CoinGecko reported that the first half of 2024 has highlighted meme coins as the top-performing narrative . Four of the 15 most discussed crypto narratives related to these coins demonstrate a shift in investor preference towards thematic and speculative investments.

However, with great returns come great risks. Meme coins are notorious for their extreme volatility , susceptibility to market manipulations, and the ever-present danger of rug pulls . Consequently, investors should conduct thorough research and exercise caution before committing capital to these highly speculative assets.

0

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

PoolX: Stake to earn
CEC, QTLX, GDV and other popular new coins are in hot progress!
Stake now!

You may also like

MetaCene (MAK): Unlocking Real Value in Virtual Worlds

What is MetaCene (MAK)? MetaCene (MAK) is a play-to-earn game that offers an innovative economic ecosystem where players can earn cryptocurrency and NFTs through various in-game activities. MetaCene provides players with a rich, immersive gaming experience set in a futuristic world where players ca

Bitget Academy2024/09/20 09:46

Why Bitcoin Isn’t Experiencing an Explosive Surge? Analytics Company Reveals the Real Reason

Why doesn't the Bitcoin price show sudden increases like before? The analysis company shared the report containing its thoughts.

Bitcoinsistemi2024/09/20 09:36

What Does Bitcoin Dominance Tell Us? Why Is It Increasing? Here is the Latest Report

Bitcoin (BTC) dominance continues to rise. So what's behind this rise? Here's the data.

Bitcoinsistemi2024/09/20 09:36