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Bitcoin ($BTC) briefly surpassed $68,000 on July 21st and sparked price leaps across the crypto market. In this landscape, meme coins have stolen the limelight by outperforming $BTC and Ethereum ($ETH) over the past seven days.
Cat-themed meme coins got the most steam out of this movement, leaping 8.8% on average over the past 24 hours but likely propelled by a honey pot token.
Jacky (JACKY) is a token with a picture of a black cat that was launched on July 5th through Moonshot, the meme coin launchpad developed by DEX Screener. Despite the lack of activity for a week, the token suddenly spiked over 160% in the last 24 hours. However, the transactions checker on DEX Screener shows that most of them are dust transactions, which means that liquidity was removed.
JACKY’s latest transactions. Image: DEX Screener
Nevertheless, the meme coin based on the Binance Smart Chain titled Catcoin (CAT) jumped 60% over the past 24 hours. CatSolHat (SOLCAT) also made a significant movement with a 76.6% spike in the period.
Moreover, the cat-coin hehe (HEHE) kept its last week’s momentum and registered a 50.2% daily growth. Notably, over the past week, HEHE soared 216%.
The Solana meme coin ecosystem also saw a significant 5% average growth, thanks to a coin of a dog in a pool. The doginapool (DIP) token jumped 263% over the past 24 hours, inching closer to $4 million in market cap and surpassing $1 million in volume.
The meme coin narrative has been outperforming $BTC and $ETH over the past week. Meme-related tokens have a 5% lead in the period when compared to $BTC, and 9.3% when compared to $ETH.
However, meme coins couldn’t surpass the performance shown by Solana ($SOL) in the last seven days, staying 3% below $SOL’s growth.
Earlier this week, meme coins significantly outperformed major cryptocurrencies like Bitcoin, Ethereum, and Solana, rising by 12% due to traders shifting their assets towards more speculative instruments.
In March, meme coins including $PEPE, Dogecoin, and BONK prominently rose, with $PEPE surging by 35.6% amid broader crypto market gains.
Also in March, $PEPE led a meme coin rally coinciding with Ethereum nearing $4K, achieving up to 26% gains.
In May, meme coins saw a 10% increase in market cap, notably outperforming the broader crypto market, driven by their speculative appeal to fast money traders.
Later in May, Ethereum-based meme coins surged by up to 161%, fueled by speculation surrounding the potential approval of a spot Ethereum ETF.