Meme Coin Sector Leads Crypto Market Comeback
Meme Coin Category Climbs 10%, Showing Significant Gains Across Tokens
Meme coins are making a remarkable comeback in the crypto market. Over the past 24 hours, the meme coin sector has surged by 10%, with top tokens like Dogecoin (DOGE), Shiba Inu (SHIB), and FLOKI showing notable increases.
Dogecoin (DOGE), Shiba Inu (SHIB), and FLOKI Surge
DOGE, SHIB, and FLOKI have seen about a 10% gain in the past 24 hours. But the excitement doesn't stop there; BRETT, WIF, and PEPE skyrocketed by over 20%.
Meme Coins Stage Comeback
Top meme coins experienced significant losses on Monday due to concerns around Mt. Gox’s upcoming Bitcoin creditors' repayment. Many market watchers anticipated that Tuesday would see further declines. Analysts also predicted a shift from meme tokens to major altcoins.
Despite these negative expectations, meme coins are defying the odds and leading the crypto market's recovery with significant gains. According to data from CoinGecko, the meme coin sector has witnessed a 10% increase in the past 24 hours, as buyers return to the market.
Early reports reveal that USDC stablecoin exchange net inflows hit a one-year high of $228 million on Monday. Some of this money may have been used to buy meme coins, fueling their recent gains.
Significant Gains for Major Meme Coins
The largest meme coin, Dogecoin (DOGE), has surged over 10% in one day, turning its weekly performance positive with a 7% increase. Shiba Inu (SHIB) has also risen nearly 9% in the last 24 hours and is close to hitting the $0.000019 price level. This price point is crucial as investors bought over 424 trillion SHIB tokens at this level, according to data from IntoTheBlock. If SHIB maintains this level, it could serve as important support for future price stability.
Lesser-Known Meme Coins Also Shine
Dogwifhat (WIF) and BRETT have been large gainers, rising by 25% and 27%, respectively. WIF’s rise is comforting for its holders, as it had underperformed in recent weeks. Since early June, WIF was on a downward trend until its remarkable gains on Tuesday. On the other hand, BRETT's 27% rise shows that holders are still optimistic about further increases, even after a massive 137% rally over the past month.
Meme Coin Category: High Risks, High Rewards
It's important to remember that while meme coins often see significant gains during market recoveries or rallies, they are also most affected during market downturns.
The Future of Meme Coins
Some crypto community members speculate that the recent launch of Solana shareable links, which are easily integrated with websites and apps, could boost the meme coin sector in the current market cycle.
In essence, the meme coin sector is now leading the crypto market recovery with significant gains, defying earlier bearish expectations and attracting investors back into the market.
