Meme coins market cap hits $58b

As a seasoned crypto investor with a keen interest in the meme coin market, I’ve witnessed firsthand the explosive growth and volatility that these assets can exhibit. The recent surge in the market capitalization of meme coins, which hit $58 billion and increased by 8%, is an intriguing development that warrants closer attention.

The market capitalization of meme coins increased by 8% and hit $58 billion.

Based on CoinGecko’s data, meme coins have gained significant traction among investors and traders in the crypto market recently. In fact, the meme coin sector has experienced a more pronounced growth of around 10% over the last 24 hours, outpacing the overall crypto market’s expansion by nearly 5 percentage points. The total value of all crypto assets in circulation grew by approximately 5.5%, while Bitcoin saw an increase of about 6%.

Approximately three-quarters of the value in the meme coin sector is held in the five largest coins by capitalization. However, just over thirty meme coins have a market capitalization above $100 million.

Meme coins market cap hits $58b

Without a doubt, Dogecoin (DOGE) holds the top position in this specific metric with a market capitalization valued at $22.4 billion. The asset exchanged hands for approximately $1.5 billion over the past 24 hours in trading volume.

Shiba Inu (SHIB), the meme coin, holds the second-largest market capitalization at around $14.9 billion. Over the past 24 hours, its trading volume reached an impressive figure of over $938 million.

At the current moment, PEPE (Pepe) held the third spot with a market capitalization of $4.4 billion. The trading volume for this asset had amounted to an impressive $1.5 billion within the last day. On May 15th, the PEPE token achieved its peak price of $0.00001161 as its all-time high.

As a researcher studying the cryptocurrency market, I came across an intriguing case of an anonymous trader’s significant gains. This trader managed to make over $46 million after PEPE coin surpassed its previous record-high price. Initially, this savvy investor spent a modest $3,000 to purchase approximately 4.9 trillion PEPE tokens. Shortly afterward, they cashed in a portion of their holdings, selling around 1.41 trillion tokens for a substantial profit of about $7.4 million.

This individual made a fortune of over $46 million from investing just $3,000 in $PEPE, resulting in a staggering return on investment of approximately 15,718 times! 😱Subsequently, they cashed out another significant profit by selling 255 billion $PEPE tokens (worth around $2.3 million) when the token’s price surged.On April 15, 2023, this successful trader purchased an impressive 4.9 trillion $PEPE tokens for a mere $3,000 investment. Later, they sold 1.41 trillion $PEPE tokens for a profit of $7.4 million, holding onto the remaining 3.5 trillion $PEPE tokens.— Lookonchain (@lookonchain) May 15, 2024

In simple terms, among meme coins, Dogwifhat (WIF) ranks fourth with a market value of $2.9 billion. Floki’s asset follows closely behind in fifth place with a market capitalization of $2.06 billion.

The BONK token, often pointed to as a significant factor in the birth of over 5,000 meme coins on the Solana platform, occupies the sixth position on CoinGecko’s dashboard.

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2024-05-16 17:32