Memecoin Market Cap Blasts 14% as Wider Market Gains
The last 24 hours have seen high activity in the Bitcoin (BTC), altcoin, and memecoin markets. Memecoins saw sell-offs this week alongside cryptocurrencies but on-chain data points to a rebound in the last 24 hours.
The memecoin market cap has gained an impressive 14.2% in the past trading day following positive signals from macroeconomic factors restoring confidence in the market. The 14% jump takes the market capitalization up to $55.4 billion after trading volumes hit $10.7 billion.
Memecoins Record Staggering Gains
Sequel to the bolstering form in the market, overall strength appears positive although some investors sold certain assets to make a profit as the market traded sideways. On the leaderboard was Doge Eat Doge which recorded a 221.3% increase. Taylor Swift’s Cat and Solpaka ranked second and third with 147.5% and 129% respectively.
Among coins gaining community traction, Book of MEME soared 23.4% while Slerf posted 9% gains in the same trading window. Leading Dogecoin (DOGE) rose 15.3% with a $3.3 billion trading volume. This comes after the leading memecoin slipped 13.7% this week following wider liquidations.
On the other hand, Shiba Inu recorded 5.8% gains after huge 15% sell offs this week. Community popular PEPE and Dogwifhat posted 11.9% and 9.6% gains respectively, adding to huge gains in the market.
Both memecoins had traded in the red zone with 14.8% and 23.3% liquidations in the last seven days.
FOMC Meeting Boosts Market
The newfound drive in the market follows positive macroeconomic factors after the Federal Open Markets Committee (FOMC) meeting yesterday. Market participants perceived the decision to hold interest rates at present levels as a win coupled with plans to introduce cuts later this year.
“The Committee does not expect it will be appropriate to reduce the target range until it has gained greater confidence that inflation is moving sustainably toward 2 percent.”
Bitcoin price surged 12% amid the development boasting the cryptocurrency market out of the waters. The cryptocurrency market capitalization is up 5.46% at $2.54 trillion with all the top 20 assets in a 24-hour gain.
Dogecoin’s growth ranks highest in the top 20 assets signaling the surge of memecoins above other assets in the window.
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