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Memecoins Rally as Positive Volatility Returns to the Cryptocurrency Market

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Jul 16, 2024 pm 10:34 PM

Frog-themed Pepe was the best-performing cryptocurrency in the last 24 hours, with gains upwards of 25%.

Memecoins Rally as Positive Volatility Returns to the Cryptocurrency Market

A wave of optimism in the cryptocurrency market on Monday saw memecoins leading the rally, with several coins from the sector clocking double-digit gains and emerging as the biggest gainers.

Pepe, the frog-themed memecoin, was the best-performing cryptocurrency in the last 24 hours, with gains of over 25%. Its trading volume also surged by 90% to $1.5 billion, making it the most-traded memecoin over the last 24 hours.

Solana (SOL) SOL/USD-based dogwifhat was the second-highest gainer on the day, followed by Ethereum (ETH) ETH/USD-based Floki. Both dog-themed coins recorded healthy upticks in 24-hour trading volumes.

Additionally, blue-chip memecoins in the market also registered significant spikes. Shiba Inu (SHIB) SHIB/USD jumped by over 10% to $0.00001988, while pioneer Dogecoin (DOGE) DOGE/USD soared by 7% to $0.1261.

See Also: Floki's 20% Gains Race Past Dogecoin, Shiba Inu And It Could ‘Pump Hard Over The Coming Months,’ Trader Predicts

The memecoin bull run comes amid positive momentum in the cryptocurrency market following the failed assassination attempt on pro-cryptocurrency presidential nominee Donald Trump.

Moreover, dovish comments by Federal Reserve Chair Jerome Powell helped accelerate investments in this highly speculative and risky category of financial instruments.

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