3 Meme Coins Outperforming Ethereum In May 2024

3 Meme Coins Outperforming Ethereum in May 2024

Following the recent market crash that jolted the cryptocurrency world, there has been a significant change in the market dynamics. With Ethereum (ETH) hovering around $2,915.90, experiencing declines of 1.76%, 4.93%, and 5.68% in the last day, week, and month, respectively, investors are seeking refuge in alternative investments.

The crypto sphere was shaken by the recent market crash, causing traditional assets and cryptocurrencies to suffer in its wake. However, amidst such turmoil, memecoins have emerged as unexpected saviors, defying market norms and surpassing even well-established giants like Ethereum. Pepe Coin (PEPE), Floki Inu (FLOKI), and GameStop (GME) are among the rising stars in the crypto world, capturing attention with their rapid growth and causing a stir in the industry.

What is the Reason Behind the Surge of Meme Coins?

The revival of meme coins gained significant momentum following the GameStop rally on Wall Street, a phenomenon that sent shockwaves through financial markets. The GME stock price surged after Keith Gill, also known as TheRoaringKitty, tweeted for the first time in three years, having been associated with Gamestop.

Following the rally, the meme coin sector experienced a substantial increase of 34% in daily trading volume, resulting in a significant addition of $5 billion to investors' wealth. This sudden change of circumstances thrust memecoins into the limelight, igniting a wave of newfound interest and investment frenzy.

Top 3 Memecoins Outperforming Ethereum

PEPE, FLOKI, and Gamestop (GME) have emerged as the best-performing meme coins today, outpacing ETH.

1. Pepe Coin (PEPE)

PEPE, named after the iconic internet meme, has been making waves in the crypto world with its impressive performance. Currently trading at $0.00001092, PEPE's price has surged by 22.69% in the past 24 hours and 33.84% over the past week.

With a market capitalization of $4.6 billion and a trading volume of $2.4 billion in the last 24 hours, PEPE is proving to be a force to be reckoned with. Its circulating supply stands at 420,689,899,999,995 PEPE, indicating strong investor interest in this memecoin.

2. FLOKI

Taking inspiration from Dogecoin's price achievements and its Shiba Inu mascot, FLOKI has captivated investors with its dog-inspired branding. FLOKI is currently valued at $0.0001949, with a modest 10.83% increase in the past day and a consistent 9.66% growth in the previous week.

Boasting a market capitalization of $1.86 billion and a trading volume of $497.6 million over the past 24 hours, FLOKI is establishing itself in the memecoin market. The circulating supply of 9,556,698,553,895 FLOKI reflects growing interest from both traders and investors.

3. GameStop (GME)

Following the infamous GameStop rally on Wall Street, GameStop Corp. (GME) has boldly entered the realm of memecoins. Priced at $0.01178 at present, GME has experienced a remarkable 290.97% rise in the last day and an astounding 1588.16% growth in the past week.

GME has gained popularity among meme enthusiasts due to its market capitalization of $81.1 million and trading volume of $177.2 million in the past day. The circulating supply of this memecoin has yet to be determined, but the excitement surrounding it is undeniable.

Conclusion

While Ethereum faces challenges in the aftermath of the recent market downturn, meme coins like PEPE, FLOKI, and GameStop are seizing the moment to shine. These meme coins are captivating traders and investors worldwide with their unique themes, viral marketing, and rapid value surges.

Although the future of memecoins remains uncertain, it is evident that memes are a powerful force in the ever-evolving world of cryptocurrency. It will be fascinating to observe the performance of these meme coins in the coming weeks and months as the market recovers and readjusts.