TL;DR
- The meme coin sector surged in the past 24 hours, with its market cap touching 120 billion. DOGE and SHIB are well in the green, but some of their rivals have outperformed them in terms of daily gains.
- Trump-themed coins, including MAGA and MAGA HAT, also rallied amid hype surrounding the Republican’s upcoming inauguration.
A Green Day for the Memes
As an analyst, I’ve observed a significant rebound in the cryptocurrency sector over the last 24 hours, following a challenging start to the week. This surge has propelled the global market capitalization of cryptocurrencies beyond $3.6 trillion. Key players such as Bitcoin (BTC), Ripple (XRP), and other prominent assets have all posted impressive gains in this timeframe.
The meme coin market is showing a positive trend as well. Over the past day, its total market capitalization increased by approximately 6.5%, bringing it back to $120 billion. Notably, Dogecoin (DOGE) has gained 5% in this period, while Shiba Inu (SHIB), its main competitor, has risen by 4%.
The mood in the meme coin sector is looking optimistic. Over a daily timeframe, the total market value of these coins increased by around 6.5%, hitting $120 billion once more. Leading the pack is Dogecoin (DOGE), which has climbed 5%, with its main competitor, Shiba Inu (SHIB), following closely behind at a 4% surge.
Among the top performers, we find Dog-with-a-hat (WIF) experiencing a 15% surge over the last 24 hours, along with Peanut the Squirrel (PNUT), which saw a similar increase of around 10%. Notable mentions also go to Toshi (TOSHI), Fartcoin (FARTCOIN), Popcat (POPCAT), MEOW, Zerebro (ZEREBRO), and several others.
On January 15, TOSHI became headline news due to a staggering 100% increase in its valuation. This significant rise occurred shortly following Coinbase’s decision to include the asset on their roadmap.
The cat-themed coin must pass specific requirements before it can be officially listed on a U.S. stock exchange. It’s worth mentioning that this action might trigger another price surge. Currently, TOSHI has a market capitalization close to $130 million, keeping it from the top 10 in the meme coin sector.
Trump-Themed Memes are on the Rise, too
The surge in the cryptocurrency market lately has also favorably influenced meme coins linked to the forthcoming U.S. President, Donald Trump.
Trump-related assets, such as MAGA, have experienced a 9% increase on a daily basis, with MAGA Hat seeing a 17% rise. Meanwhile, lesser-known tokens like Dark MAGA (DMAGA) and Fight for Trump (TRUMPCOIN), among others, have shown even more significant surges in value.
It’s noteworthy that their strong performance may also be connected to the excitement generated by Trump becoming America’s 47th President during his inauguration. The power transfer is set for January 20th, and it remains to be seen if those memes will continue thriving afterwards or if we’ll witness a common “sell-the-news” situation.
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2025-01-16 17:26