Memecoin Market Cap Jumps 14% with Wider Market Rise

Memecoin market cap jumps 14% with wider market rise

Memecoin market cap jumps 14% with wider market rise

Memecoins, along with other cryptocurrencies, experienced sell-offs this week, but there has been a resurgence in the past twenty-four hours.

The markets for Bitcoin (BTC), altcoinsband memecoins have all experienced a significant amount of activity during the past twenty-four hours.

However, on-chain data indicates that there has been a resurgence in the recent twenty-four hours—Memecoins, along with other cryptocurrencies, experienced sell-offs this week.

Following the release of encouraging signals from macroeconomic factors that restored trust in the market, the market capitalization of memecoin has increased by an astonishing 14.2% over the previous trading day.

The increase of 14% brings the market capitalization to $55.4 billion, which is a significant increase after trading volumes reached $10.7 billion. The overall strength seems to be that some investors sold particular assets to earn a profit while the market moved sideways.

Memecoins see significant gains

This is a sequel to the strengthening that occurred in the market. In the top spot on the list was Doge Eat Doge, which had a 221.3% gain in ranking.

Two of Taylor Swift’s songs, Cat and Solpaka, came in second and third place, respectively, with 147.5% and 129% of the vote. In terms of coins gaining momentum in the community, Book of MEME experienced a surge of 23.4%, while Slerf saw a gain of 9% during the same trading timeframe.

Dogecoin (DOGE), the leading cryptocurrency, was up 15.3% with a trading volume of $3.3 billion.

After further liquidations, the leading memecoin experienced a decline of 13.7% this week, which led to this development.In contrast, Shiba Inu saw gains of 5.8% after experiencing significant declines of 15% throughout this week.

Memecoin Market Cap Jumps 14% with Wider Market Rise

In addition to the enormous gains made in the market, the community-favorite PEPE and Dogwifhat also showed increases of 11.9% and 9.6%, respectively.

The previous seven days saw the liquidation of 14.8% and 23.3% of the total value of both memecoins, respectively. Because of favorable macroeconomic considerations that emerged after yesterday’s meeting of the Federal Open Market Committee (FOMC), the market has recently shown a renewed sense of momentum.

Participants in the market viewed the decision to maintain interest rates at their current levels as a victory, especially when combined with implementing rate reductions later this year.

“The Committee does not anticipate that it will be appropriate to reduce the target range until it has gained greater confidence that inflation is moving sustainably toward 2 percent,” the statement reads.

The price of bitcoin increased by twelve percent due to the news that the cryptocurrency market had emerged from the depths. The market value of cryptocurrencies has increased by 5.46 percent, reaching $2.54 trillion, with all of the top 20 assets experiencing a gain in the past 24 hours.

Memecoins are gaining ground over other assets in the market, as seen by Dogecoin’s rise, which ranks fastest among the top 20 assets. Additionally, the Securities and Exchange Commission is looking into Ethereum’s security designation on cryptocurrency exchanges. 

Read Previous

BRICS: Central Banks Prepare for US Dollar Collapse

Read Next

Solana, Ethereum Unite to Combat SEC Security Claims