The meme coin sector has defied broader market trends, posting a substantial 7.7% increase in total market capitalization over the past 24 hours.
According to CoinGecko data, the meme coin market cap now stands at $54.6 billion, with a robust 24-hour trading volume of $10,446,848,546.
While meme coin giants Dogecoin and Shiba Inu showed modest gains of 2-3%, it’s the lesser-known tokens that are stealing the spotlight and driving this unexpected rally.
The less popular meme coins surge
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Leading the charge is MOO DENG, a relatively new token that has skyrocketed by an eye-watering 511.7% in just 24 hours. With a price of $0.0002435 and a trading volume of $41,708,049, MOO DENG is the top gainer in the last 24 hours.
Not far behind is Neiro (NEIRO), posting a 52.3% gain and boasting the highest trading volume among the top gainers at $1,235,489,806.
Other notable performers include Jen-Hsun Huang (JHH) with a 54.7% increase, mini (MINI) up 50.3%, and littlemanyu (MANYU) surging 62.3%. Another meme coin called Keyboard Cat joined the party with a 46.8% gain.
This unexpected meme coin rally comes at a time when the broader cryptocurrency market has been relatively stagnant. The surge in these smaller, more volatile tokens suggests a possible shift in investor sentiment, with traders seeking high-risk, high-reward opportunities in the meme coin space.
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However, it’s crucial to approach this trend with caution. The astronomical gains seen in tokens like ETHEREUM IS GOOD (up 1386%) and Bingus The Cat (up 1066.4%) are particularly concerning. This is because such rapid increases are often followed by equally dramatic crashes.
