Memes rise to the top once more in the flat cryptocurrency market

  • Despite a slowdown in the cryptocurrency market, the meme coin industry is still expanding, and the prices of Solana-based currencies are rising.

Despite the fact that most cryptocurrency markets were flat, tokens in the meme coin category once again demonstrated strong growth.

Pepe (PEPE), Floki (FLOKI), Dogecoin (DOGE), and Shiba Inu (SHIB) led the growth chart for the previous 24 hours, according to CoinGecko data. Coins led the top gainers rating, rising in price from 6% to 10%.

Furthermore, during the previous day, the values of Dogwifhat (WIF) and Bonk (BONK) coins increased significantly, by 3.7% and 4.5%, respectively.

The sector’s total market capitalization for meme coins is rising as well. The cryptocurrency market capitalization rose by 6.5% to $54.4 billion during the course of the last day, with trade volumes approaching $5 billion.

After the startling price spikes of well-known tokens like WIF in the first quarter of this year, meme coins are still a hot topic of conversation in the second quarter.

The news of a trader who made a sizable profit on the meme token KITTY after waking up the X account of financial analyst Keith Gill, who sparked excitement among Wall Street and retail traders over the stock price of GameStop in 2020, is likely what caused the entire meme coin sector to soar over the course of the last 24 hours.

A user bought 17.4 million KITTY for $3,000 in Solana (SOL) just before Gill tweeted about his return, according to Lookonchain experts. Not too long after, the meme token’s value shot up by over 8,000%. The trader then made a $41,000 sale of 12.8 million KITTY, leaving 4.6 million KITTY, or $56,000, on the balance sheet.

Disclaimer : This article was created for informational purposes only and should not be taken as investment advice. An asset’s past performance does not predict its future returns. Before making an investment, please conduct your own research, as digital assets like cryptocurrencies are highly risky and volatile financial instruments.

Author: Puskar Pande

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