Memecoin Market Explodes Tuesday, Resulting in Significant Gains for Both Mainstream and Smaller Cap Coins

The overall market cap of meme coins surged by 12.37% to an impressive $49.6 billion in the last 24 hours, led **resoundingly** by blue-chip Ethereum ETH/USD-based coins

Memecoin markets saw a surge on Tuesday, with both mainstream and smaller-cap coins clocking significant gains. Over the last 24 hours, the total market cap of memecoins increased by 12.37% to reach **$49.6 billion. Among these tokens, blue-chip Ethereum (CRYPTO: ETH)-based coins, such as Pepe, Dogecoin, and Shiba Inu, led the gains. The memecoin with the highest performance in the last 24 hours was Frog-themed PEPE, which saw gains of over 14%. It was also the most traded meme token, with a volume surpassing $1 billion. Among the heavyweights, Dogecoin and Shiba Inu also saw strong rebounds, snapping weeks of downward price action. In addition to the big names, Solana (CRYPTO: SOL)-based dog wifhat (CRYPTO: WIF) and Bonk (CRYPTO: BONK) also saw healthy spikes of 11.8% and 6.67%, respectively. The rally also led to increased social interactions, such as likes, comments, and reposts, for most of these memecoins, according to social analytics firm Lunar Crush. The memecoin boom coincides with the broader market's recovery from recent losses. This category of cryptocurrencies, which are themed around popular memes and are much cheaper to buy than blue-chip currencies like Bitcoin (CRYPTO: BTC) and Ethereum**, continues to attract large numbers of investors. Recently, a cryptocurrency analyst discussed how the narrative surrounding investment has shifted from long-term value to short-term rewards on speculative meme currencies in 2024.

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