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Memecoins Rebound 13% Following Uphill Crypto Momentum

Memecoins are gaining steam on the back of the wider market turnaround which has seen Bitcoin pierce through $70,000.
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Memecoins Rebound 13% Following Uphill Crypto Momentum

The cryptocurrency market has recorded massive gains today after digital assets, memecoins, and DeFi tokens saw a major uptick in prices. After days of reduced activities and low confidence, memecoins sparked into momentum at the start of the week. 

On-chain data shows cryptocurrency traders entering new positions as the market upsurges and gain strength. The memecoin market has been a major beneficiary of renewed investment inflows and confidence in digital assets.

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Memecoins Notch Gains 

The market capitalization of memecoins is up by 13% to 62.8 billion with a daily trading volume of $8.6 billion. Dogecoin (DOGE) is up 1.5% in the last 24 hours and 27.7% in the past seven days. Shiba Ainu and PEPE recorded larger gains of 5.5% and 8.1% in 24 hours and 11.2% and 21% respectively across last week. 

Catfish tops the memecoin leader board in the last 24 hours with a 143% price boost while el gato and Tombili the fat cat follow suit with 104% and 93% respectively.

As momentum builds around memecoins, the community on social media spaces has rallied behind these assets projecting further bullish pressure. Last week, memecoins where witnessed outflows after the wider market traded sideways. 

The reduced frenzy Solana memecoins also contributed to the decline in market capitalization with analysts pointing to further lows. Solana memecoins are up 15% with a market capitalization of $6.3 billion. Although lead dogwifhat is down 2.2%  BONK and SLERF are up 6% and 13% respectively within the same period. MYRO and POPCAT have soared 5.8% and 26% today. 

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Bitcoin Powers Past $70k

Bitcoin price has moved up above the $70k point after days of liquidations sparked by reduced investor strength. Last week crypto investment products saw outflows above $900 million from institutional funds. 

In a turn of events, Bitcoin has jumped 5.36% temporarily mining above $71,000 before recording a slight correction. Bitcoin price is up for many reasons including anticipation of the upcoming halving event as traders and miners position towards the perceived bullish phase. 

Other assets like Ethereum, BNB, and Solana are also up following the wider market rebound. While Ethereum is up 4.96%, BNB and Solana are up 3.3% and 3.6% respectively.

Read Also: Crypto Market Ignites Bullish Drive Today: Here’s Why

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David Pokima

David is a finance news contributor with 4 years of experience in Blockchain Technology and Cryptocurrencies. He is interested in learning about emerging technologies and has an eye for breaking news. Staying updated with trends, David reported in several niches including regulation, partnerships, crypto assets, stocks, NFTs, etc. Away from the financial markets, David goes cycling and horse riding.

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Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
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