- Meme coins rebounded strongly after a brief crypto market decline.
- Dogecoin (DOGE) led the recovery, rising 6.7% in 24 hours and over 18% for the week to $0.20.
- Presidential-themed Solana tokens, TRUMP and MELANIA, saw larger gains of 10.3% and 32.5% respectively.
- The launch of PUMP, a Solana-based meme coin, fueled greater meme token activity, reaching a $2.2 billion market cap.
- Ethereum-based meme coins Shiba Inu (SHIB) and Pepe (PEPE) also posted gains of 7.9% and 11% in the last day.
Meme coins experienced a significant surge following a one-day downturn across cryptocurrency markets. Dogecoin (DOGE) led the increase, rising 6.7% over the past 24 hours and marking an 18% gain for the week, bringing its price to $0.20.
According to trading data, Dogecoin ranked second in meme coin trading volume, with over $5.7 billion traded in the last day, trailing only the Ethereum-based Pepe (PEPE). Other top meme coins also posted sizable increases, with Shiba Inu (SHIB) up 7.9% and PEPE climbing 11%.
Official Solana presidential tokens, TRUMP and MELANIA, saw the largest daily moves, gaining 10.3% and 32.5%. These moves outpaced the broader meme coin sector, which rose 6.8% in the same period, according to CoinGecko.
The launch of PUMP, a token from the Solana meme coin platform Pump.fun, further energized the sector. After raising $600 million in an initial coin offering and starting trading on Monday, PUMP soared to a $2.2 billion market cap, ranking it 57th among all cryptocurrencies, per CoinGecko.
Several other tokens linked to Pump.fun, including Unicorn Fart Dust (UFD), Michi (MICHI), and Just a Chill Guy (CHILLGUY), each increased more than 10% in the past 24 hours. The Solana-based meme coin BONK posted a 20% jump and has gained over 69% during the month, benefiting from its own launchpad and the increased activity on Solana.
Though much of the meme coin momentum remains on the Solana network, the ongoing rise in Ethereum’s value has contributed to gains in Ethereum-based meme coins as well. SPX6900 (SPX), a meme token referencing the S&P 500, rose nearly 25% in the last day to a record price of $1.89. Despite this, its market cap—just under $1.9 billion—remains well below the combined $52.56 trillion total of S&P 500 companies.
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