As an experienced analyst, I’ve observed the crypto market closely over the years, and I must admit that the meme coin sector continues to surprise us with its resilience and rapid growth. Despite a lull in the broader crypto market, Solana-based meme coins have shown significant price increases over the past 24 hours.
The crypto market is experiencing a downturn, but the meme coin sector is bucking the trend and expanding. Coins built on the Solana platform are particularly surging in terms of price.
Meme coins in the token market experienced robust expansion, bucking the trend of stagnation in the larger cryptocurrency sector.
Based on information from CoinGecko, Pepe (PEPE), Floki (FLOKI), Dogecoin (DOGE), and Shiba Inu (SHIB) were the most prosperous coins over the last 24 hours. The prices of these cryptocurrencies increased by approximately 6% to 10%, placing them at the forefront of the top performers.
As a researcher studying the cryptocurrency market, I’ve observed noteworthy increases in the value of Bonk (BONK) and Dogwifhat (WIF) coins within the past day. Specifically, BONK experienced a growth of 4.5%, while WIF saw a rise of 3.7%.
The total value of meme coins in the market has seen a surge, with a 6.5% rise over the past day bringing the figure up to $54.4 billion. Trading activity for these digital assets came close to hitting the $5 billion mark within the same timeframe.
In Q2 of this year, meme coins continued to be a buzzing subject due to the significant price surges experienced by well-known tokens like Dogecoin (WIF) in the preceding quarter.
I’ve analyzed the recent surge in the meme coin market, and it seems to have been fueled by news surrounding a trader who made significant gains on KITTY, a meme token. This excitement was ignited when the X account of financial analyst Keith Gill, renowned for his role in the GameStop saga in 2020, was reactivated.
Analysts at Lookonchain observed that a user expended $3,000 worth of Solana (SOL) to acquire approximately 17.4 million units of KITTY right before Gill publicly announced his comeback. Following this announcement, the price of the meme token surged by over 8,000%, leading the user to sell 12.8 million KITTY for $41,000. Consequently, the user retained around 4.6 million KITTY on their balance sheet, equivalent to approximately $56,000.
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2024-05-13 20:00