Over the past few weeks, meme coins, which are cryptocurrency tokens inspired by internet memes or trends, have significantly increased in popularity. Despite being known for their volatility, popular meme coins like Myro (MYRO), FLOKI (FLOKI), JasmyCOin (JASMY), and Pepe (PEPE) have consistently shown gains and have been among the best-performing coins in the crypto market.
The entire crypto sector has been experiencing positive momentum, especially after the approval of Ether spot ETFs in the United States, increased institutional adoption of Bitcoin, and the anticipation of a crypto bull run. As a result, various altcoin sectors have attracted investors’ interest with price recoveries, upward trends, and new record highs.
Pepe (PEPE) Flips Uniswap in Market Cap
According to CoinMarketCap data, the Pepe meme coin has surpassed the Uniswap (UNI) token, the native token of the largest Ethereum DEX, on the leaderboard. The meme coin has a market cap of approximately $7 billion, ranking above Uniswap, which has a market cap of around $6.63 billion.
Pepe (PEPE) Price Chart (Coinmarketcap.com)
On Monday morning Pepe (PEPE) also momentarily surpassed Polygon (MATIC). MATIC’s market cap slid slightly lower than Pepe’s after the latter hit a new all-time high of $0.00001718 this morning. However, Polygon has reclaimed its position, leading the Pepe meme coin by just around $200 million.
Pepe has become one of the best-performing coins over the past weeks, recording a 75% profit and 139% increase since last month. As per CMC data, Pepe is the third-largest meme coin in the market and has become the 19th-largest coin by market capitalization.
MYRO, FLOKI, JASMY, and other memecoins record impressive gains
The price of Myro has skyrocketed by more than 52% in the past week, with a 4% gain in the last 24 hours, and is currently trading at $0.262. This remarkable surge is a clear indication of the growing confidence among investors in this relatively new meme coin.
MYRO price has been performing well in the past few days, contributing to a monthly performance that is firmly in positive territory. As a result, Myro’s price has risen by more than 77% over the past month.
Other popular meme coins such as FLOKI, JASMY, BONK, and WIF are among the top gainers in the last 24 hours. Looking at the daily charts, FLOKI (FLOKI) has surged by over 20%, JasmyCoin by 9.65%, and Bonk (BONK) by more than 5%. These impressive performances raise the question of why meme coins are experiencing such significant increases.
Why are Memecoins surging?
The FLOKI team recently announced that the 5th largest meme coin is currently trending on the Binance exchange as the hottest meme coin in the world. It has outperformed all other meme-driven crypto tokens. This impressive performance followed a token burn event, the recent listing of $FLOKI perpetual futures on Coinbase, and the release of its staking Launchpad v2.0.
Although there is no direct reason for the surge in the prices of these meme coins, several possible explanations exist.
One theory is that retail investors often play a significant role in memecoin markets and return to the space after a period of dormancy. Additionally, some analysts believe that the altcoin market, which includes all other cryptocurrencies besides Bitcoin (BTC), is poised for massive growth in the coming weeks.
Notably, meme coins like DOGE, SHIB, Pepe, dogfight (WIF), and others are expected to be key players in this growth. As earlier reported by BanklessTimes, if this trend continues, we could witness the value of the altcoin market triple in a matter of weeks.
