Meme coins market cap hits $58b

The market capitalization of meme coins surged by 8%, reaching a staggering $58 billion.

According to CoinGecko, meme coins have gained immense popularity among investors and traders. Notably, the meme coin segment has outpaced the overall crypto asset market in growth over the past 24 hours. While the crypto industry's total market capitalization increased by 5.5%, Bitcoin (BTC) experienced a 6% increase.

The top five meme coins by market capitalization account for a significant 77% of the total value of this asset class. However, only three dozen coins exceed the $100 million mark in market capitalization.

Source: CoinGecko

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Dogecoin (DOGE) reigns supreme as the undisputed leader in this sector, boasting a market cap of $22.4 billion. Over the past 24 hours, DOGE's trading volume has reached an impressive $1.5 billion.

Shiba Inu (SHIB) ranks second with a market cap of $14.9 billion, closely followed by Pepe (PEPE) with a market cap of $4.4 billion at press time. PEPE's trading turnover amounted to $1.5 billion over the past day. Notably, on May 15, the PEPE token soared to its all-time high of $0.00001161.

A recent surge in PEPE's price led an unknown trader to earn a remarkable $46 million. With an initial investment of $3,000, the trader acquired 4.9 trillion PEPE tokens. Shortly after, they sold 1.41 trillion tokens for $7.4 million, leaving them with a substantial profit.

Earned more than $46M on $PEPE with only $3K, a gain of 15,718x!😱This super big winner sold 255B $PEPE($2.3M) for profits again after the price of $PEPE increased.He spent only $3K to buy 4.9T $PEPE($56M currently) on Apr 15, 2023, and sold 1.41T $PEPE for $7.4M, with 3.5T… pic.twitter.com/VKGxmK9gCt

— Lookonchain (@lookonchain) May 15, 2024

Dogwifhat (WIF) and FLOKI round out the top five meme coins, with market capitalizations of $2.9 billion and $2.06 billion, respectively.

The BONK token, which played a significant role in the proliferation of meme coins on the Solana network, ranks sixth on CoinGecko's dashboard.

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