Meme coins market cap hits $58b

The market capitalization of meme coins increased by 8% and hit $58 billion.

According to CoinGecko, meme coins are popular among investors and traders. The meme coin segment has outpaced the overall crypto asset market in growth over the past 24 hours. The crypto industry’s total market capitalization increased by 5.5%, while Bitcoin (BTC) showed an increase of 6%.

The five largest meme coins by capital account for 77% of the total value of this asset class. At the same time, only three dozen coins by market capitalization exceed the $100 million mark.

Source: CoinGecko

The undisputed leader in this indicator is Dogecoin (DOGE), which has a market cap of $22.4 billion. Over the past 24 hours, the asset’s trading volume has amounted to $1.5 billion.

Shiba Inu (SHIB) is second in market cap with an indicator of $14.9 billion. The trading volume for this meme coin in 24 hours exceeded $938 million.

Pepe (PEPE) sat in third place with a market cap of $4.4 billion at press time. This asset’s trading turnover amounted to $1.5 billion over the past day. On May 15, the PEPE token reached its all-time high at $0.00001161.

Recently, an unknown trader earned more than $46 million following the coin’s move past its previous all-time high. The trader spent $3,000 to acquire 4.9 trillion PEPE; soon after, the trader sold 1.41 trillion tokens for $7.4 million.

The Dogwifhat (WIF) meme coin, with a market capitalization of $2.9 billion, is in fourth place. The FLOKI asset, with $2.06 billion, completes the top five in this indicator.

The BONK token, whose surge in popularity is cited as one of the main reasons for the emergence of thousands of different meme coins on the Solana network, ranks sixth on the CoinGecko dashboard.