Markets
Meme coins return to earn more in the flat cryptocurrency market
The meme coin sector continues to grow despite the lull in the cryptocurrency market, with Solana-based coins showing price increases.
Tokens in the meme coin sector once again showed rapid growth despite most cryptocurrency markets being flat.
According to data from CoinGeckoPepper (PEPPER), Floki (FLOKI), Dogecoin (DOGE) and Shiba Inu (SHIB) has topped the growth chart in the last 24 hours. The price of coins increased by 6% to 10%, leading the ranking of top earners.
Source: CoinGecko
Furthermore, Bonk (BONK) and Dogwifhat (WIFE) coins have shown significant growth, rising by 4.5% and 3.7% respectively over the past day.
Overall, the capitalization of the meme coin sector is also showing growth. In the previous 24 hours, the cryptocurrency market capitalization increased by 6.5% to $54.4 billion, while trading volumes approached $5 billion.
Meme coins remain a popular topic of discussion in the second quarter of this year following the shocking price increase of popular tokens like WIF in the first quarter.
Supposedly, the rise of the entire meme coin industry over the past 24 hours came amid news of a trader who Done a substantial profit on the KITTY meme token after waking up financial analyst Keith Gill’s X account, which sparked excitement among retail traders and Wall Street for GameStop’s 2020 stock price.
Analysts at Lookonchain noticed that one user spent $3,000 in Solana (SOL) to purchase 17.4 million KITTY shortly before Gill tweeted about his return. Shortly after, the price of the meme token increased by more than 8,000%. The trader then sold 12.8 million KITTY for $41,000, leaving 4.6 million KITTY on the balance sheet equal to $56,000.