Why Did These Four Meme Coins Increase by Double Digits in the Past Day?
Meme coins have been at the forefront of the 2024 bull run, with many rising by double-triple-quadruple digits over the past few months. However, this trend changed in mid-March when the crypto market was halted and many pulled back hard.
Another change is on the horizon, this time in a more positive way, as four of the best-performing assets among the top 100 altcoins today come from the meme coin world.
CryptoPotato It had previously reported that Bitcoin reached $65,000 and most of the larger altcoins were up around 6-7%.
However, Shiba Inu was the best performer among larger altcoins, rising more than 18% in one day. This meant that the second largest meme coin rose to 12th place in terms of market cap, with a price tag of over $0.000027.
However, smaller cap meme coins appear to generate more gains. bonk stole the show with a 41% surge that took the solana-based token to over $0.000021.
FLOKI was also today’s second-biggest gainer, up 25%. Next in line is pepe, which increased by 20%.
The overall market value of all meme coins increased by 11.5% in the past day and approached $57 billion on CoinGecko.
These gains come at a particularly interesting time, considering that the Bitcoin network experienced its highly anticipated fourth halving the day before. Although this cycle is quite different and there are warnings that the effects of the halving are waning, generally this event has historically been associated with the beginning of a bull run for all crypto assets.
However, after the completion of the halving, the biggest gainers, at least for now, appear to be meme coins.
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