Kofi Mensah As per data available on October 26, 2023, the meme coin sector has experienced a remarkable surge, with a nearly 10% increase against the U.S. dollar within the last 24 hours. The top five meme tokens, comprising dogecoin, shiba inu, pepe, floki, and baby doge coin, have demonstrated substantial gains ranging from 7% to well over 28% during this one-day period.
Meme Coins Exhibit a 10% Upsurge in Market Valuation
Thursday saw a surge in meme coin values against the dollar, propelling the overall market valuation of the meme coin sector to $16.8 billion, marking a substantial 9.9% uptick in the past 24 hours. Leading the charge in terms of market capitalization is dogecoin (DOGE), which recorded an 11% increase during the same timeframe. Following closely is shiba inu (SHIB), which exhibited a notable 7.8% gain over the course of 24 hours. DOGE boasted a robust $1.48 billion in global trade volume during this period, while SHIB observed approximately $428 million in trade volume.
Pepe (PEPE) demonstrated a solid 8.9% appreciation against the dollar, while floki (FLOKI) experienced a remarkable surge of 28.6% in the past 24 hours. The fifth-largest meme coin by market capitalization, baby doge coin (BABYDOGE), also joined the upward trend with a 7% increase in value over the last day. On the flip side, the sixth-largest meme token, bearing the rather extensive moniker “harrypotterobamasonic10inu,” encountered a minor 2.2% decline on Thursday, and dogelon mars (ELON) saw a marginal 1.7% uptick. Meanwhile, the token known as wall street memes (WSM) endured an 18.2% decline against the dollar.
Despite the meme coin market’s impressive $2.66 billion in global trade volume over the span of 24 hours, the lion’s share of this volume was contributed by DOGE and SHIB, accounting for approximately 71.42% of the day’s global trade activity. While the top five meme tokens displayed commendable 24-hour gains, the most notable performers in terms of percentage increases on this particular day were pepesol, strawberry elephant, and wassie, all of which registered gains ranging from 70% to a staggering 290%.
Your insights and perspectives on the developments in the meme coin market on Thursday are highly encouraged. Please feel free to share your thoughts and opinions on this matter in the comments section below.
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Frequently Asked Questions (FAQs) about Meme Coin Surge
Q: What caused the surge in meme coin values mentioned in the text?
A: The surge in meme coin values can be attributed to a combination of factors, including increased investor interest, positive sentiment in the cryptocurrency market, and trading activity driven by market dynamics.
Q: Which meme tokens recorded the highest percentage gains during the 24-hour period?
A: Among the top performers, dogecoin (DOGE) and shiba inu (SHIB) stood out, with DOGE registering an 11% increase, and SHIB showing a notable 7.8% gain within the 24-hour timeframe.
Q: What is the total market valuation of the meme coin sector mentioned in the article?
A: The market valuation of the entire meme coin sector reached $16.8 billion, marking a substantial 9.9% increase over the past 24 hours, as stated in the text.
Q: How much of the global trade volume in meme coins was attributed to DOGE and SHIB?
A: Approximately 71.42% of the day’s global trade volume in meme coins came from the two leading meme token assets, dogecoin (DOGE) and shiba inu (SHIB), as mentioned in the article.
Q: Which meme tokens saw the most significant percentage increases on the mentioned day?
A: Pepesol, strawberry elephant, and wassie were the notable performers, each experiencing gains ranging from 70% to a staggering 290% during the 24-hour period highlighted in the text.
More about Meme Coin Surge
- Crypto Market News
- Top Meme Tokens
- DOGE Coin
- SHIB Coin
- Market Valuation Data
- Global Trade Volume
- Pepesol, Strawberry Elephant, and Wassie Tokens
1 comment
these gains, so impressive! DOGE and SHIB rule the roost! but be carful, volatilty.