thecryptobasic.com
The cryptocurrency market is currently witnessing a recovery from its dip in the recent past, particularly within the memecoin sector.
On-chain data and market behaviors indicate a bullish outlook for these unique digital assets. Per CoinMarketCap data, the total market capitalization for memecoins has grown to approximately $38.55 billion, marking a 2.25% increase.
This uptick is complemented by a robust trading volume of $3.92 billion, up 21.72% and signaling strong investor engagement and optimistic market sentiment.
Top 100 Memecoins
Amid this market recovery, memecoin analyst Murad Mahmudov highlighted to his 128,000 followers on social media the potential for expansion within this niche. At the reporting time, of the 100 largest cryptocurrencies, only 7 are memecoins.
According to Mahmudov, the number of memecoins ranked among the top 100 cryptocurrencies is poised to increase significantly, from 7 to over 25. Currently, established players like Dogecoin and Shiba Inu are not only leading the pack but also showcasing steady market performance.
Dogecoin, ranked ninth, has seen a 5.25% increase over the past week, reaching a market cap of over $15.28 billion. Meanwhile, Shiba Inu holds the 13th spot with a market cap of $8.08 billion despite a slight decrease of 1.46%. Other memecoins in the spotlight include Pepe, Dogwifhat, Bonk, Floki, and Brett (Based), each presenting varying degrees of market fluctuations but maintaining positions within the top 100.
Imminent Top 100 Contenders
Beyond the established memecoins, newer entrants like DJT and Book of Meme (BOME) are generating interest. BOME, in particular, has seen a staggering 3,000% increase in value since its launch on March 22, 2024, riding the wave of the Solana ecosystem’s growing popularity. BOME seeks to transform web3 dynamics by merging meme-based content with decentralized storage technologies.
Additionally, POPCAT and Neiro Ethereum are showing promising signs. POPCAT has recorded a notable 117% increase in value within two weeks, while Neiro Ethereum, amid a temporary market downturn, is anticipated to experience a rebound.
MAGA (TRUMP), a memecoin designed purely for entertainment purposes and not officially linked to Donald Trump, features elements that mirror his public persona. This association means that fluctuations in his political activities, especially with potential election outcomes, could significantly impact the coin’s market value.