Memecoins Are Back in Fashion as the Sector Witnesses a 13% Surge in Market Cap

The memecoin sector was one of the few spaces that was impacted heavily by the recent market drawdown. However, as the markets have recovered, so

Memecoins, a class of cryptocurrencies known for their association with internet memes and typically characterized by high volatility and substantial price movements, have once again demonstrated their capacity for remarkable gains.

According to data from CoinGecko, several prominent memecoins experienced double-digit price surges on June 23.

Leading the pack was Pepe [PEPE], an ERC-20 token on the Ethereum blockchain, which surged by an impressive 15.97% to trade at $0.0000112 at the time of writing.

This surge was accompanied by a broader uptick in the cryptocurrency market, with the total daily trading volume doubling to reach approximately $1.65 billion.

Pepe's market capitalization also soared by 23%, surpassing the $5 billion mark and securing its position as the 22nd largest cryptocurrency.

Moreover, the token's RSI (Relative Strength Index) a momentum indicator that measures the magnitude of recent price changes to evaluate whether an asset is overbought or oversol experienced a significant drop in the last few days, indicating that PEPE recently left the overbought territory.

Other memecoins also joined the rally, with Floki [FLOKI], a Solana-based memecoin, surging by 12.74% to trade at $0.0001765.

Its market capitalization approached $1.79 billion, while its daily trading volume amounted to $453 million.

Furthermore, Dogelon Mars [ELON] climbed by 14.04% to reach a price of $2.08. As the 44th largest cryptocurrency by market capitalization, ELON recorded a daily trading volume of $632 million.

Despite this gain, the dog based-themed meme coin was still down 55% from its all-time high of $4.85, which was attained on March 31.

The Chaikin Money Flow (CMF) for ELON also rose, indicating that the money flowing into WIF also increased.

Interestingly, BRETT, a meme coin that was launched just four months ago, also continued its rally, surging by 12% to trade at $0.1334.

Despite the price surges observed in these memecoins, an analysis of Santiment's data by AMBCrypto revealed that the overall social sentiment around these tokens had declined.

This decline was evident in the verring levels of Social Sentiment around FLOKI, PEPE, and WIF, which suggested that the number of negative comments around these tokens had outpaced the positive ones.

These surges in memecoins followed a rise in the largest crypto asset by market capitalization, Bitcoin [BTC], which had risen significantly over the past few days.

However, Bitcoin's market dominance saw a slight decrease of 0.26% to reach 52.63%, indicating heightened activity in the altcoin market.

The global cryptocurrency market capitalization also witnessed a modest increase of 1.6% to elevate to a total of $2.34 trillion.

Concurrently, the meme coin sector experienced a notable surge, rising nearly 13% in the past 24 hours, with the sector's market capitalization reaching $53.1 billion.

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