The meme coin sector has experienced a surge in recent days, leading to a rally that pushed the market cap above $40 billion. This growth can be attributed to the increase in popularity of cat-themed meme coins such as Popcat (POPCAT), Mog Coin (MOG), and Cat in a Dogs World (MEW). These assets have seen impressive gains, with POPCAT reaching $0.50, up nearly 30% on a daily scale. Additionally, dog-themed meme coins like dogwifhat (WIF) have also performed well, with a 15% increase in the past 24 hours, nearing $1.60. Floki Inu (FLOKI) and Bonk Inu (BONK) have also experienced spikes of 7% and 6% respectively.
Among the leading meme coins in terms of market capitalization are Dogecoin (DOGE) and Shiba Inu (SHIB). DOGE’s price is up 5% and its market cap has exceeded $15 billion. SHIB, often referred to as the “Dogecoin killer,” has witnessed similar gains, with its market cap crossing $8 billion. This surge has positioned SHIB as the 16th biggest asset in the entire crypto sector, right below Avalanche (AVAX), whose capitalization currently stands at around $8.8 billion.
The revival in the meme coin sector coincides with a broader uptrend in the entire cryptocurrency market. Bitcoin (BTC) has surpassed $61,000, Ethereum (ETH) is inching toward $2,700, and Binance Coin (BNB) has jumped by 7% daily. Speculations are rife that the resurgence of meme coins, especially Dogecoin, could be attributed to Elon Musk’s recent interactions. Musk, a known supporter of Dogecoin, has often praised its merits and endorsed it on social media platforms, leading to price upticks in the past. In mid-March, DOGE’s valuation spiked by almost 15% after Musk hinted at Tesla accepting it as a payment method. Two months later, the EV giant officially integrated Dogecoin as a settlement option on its website, further boosting its price.
The rise of meme coins, particularly cat-themed and dog-themed meme coins, has contributed to the sector’s market cap surpassing $40 billion. The resurgence of Dogecoin and Shiba Inu, along with the broader uptrend in the cryptocurrency market, indicates a positive trend for meme coins. However, investors should exercise caution and conduct thorough research before investing in these volatile assets. As the market continues to evolve, staying informed and being mindful of market trends and influencers like Elon Musk is crucial for making informed investment decisions in the meme coin sector.