Meme Coins Soar Despite Downturn in Overall Crypto Market

Dogwifhat WIF

Solana-based dogwifhat spearheaded a 24-hour rally among major memecoins, even as the total cryptocurrency market cap experienced a slight 0.2% decline. Notably, bitcoin and ether saw downturns of 0.3% and 2.5%, respectively, during this period.

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In the last 24 hours, the market cap of meme coins surged by more than 9%, surpassing the overall cryptocurrency market, which experienced a slight decline of just over 0.2% during the same timeframe.


Meme Coins Command 35% of Market Cap

The CoinGecko memecoin market capitalization category boasts a total market capitalization exceeding $66 billion, with the top five memecoins commanding approximately 35% of this value.

Among the top five memecoins, dogwifhat stands out with a remarkable rally in the last 24 hours, reaching an all-time high price. Currently trading at $3.18, dogwifhat has surged over 42% within this timeframe.

Other major memecoins have also experienced notable gains in the past 24 hours. Dogecoin, shiba inu, pepe, and floki witnessed increases of 7%, 2%, 14%, and 6%, respectively. In contrast, blue-chip cryptocurrencies like ether saw a decline of around 2.5% during the same period.

Musk’s Dogecoin Announcement Sparks Memecoin Rally

Elon Musk’s recent remarks about the potential integration of Dogecoin in Tesla’s payment system have ignited a surge in memecoin market activity. In a video uploaded on X.com, Musk expressed his openness to the idea of customers using Dogecoin to purchase Tesla cars. He highlighted the possibility during his visit to Tesla’s Giga factory in Berlin, emphasizing the current option to buy Tesla merchandise with Dogecoin and concluding with “Dogecoin to the moon.”

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Additionally, the memecoin market received another boost when it was revealed that the iconic Dogwifhat mascot, a Shiba Inu donning a hat, might soon grace the Las Vegas skyline. Following a successful community raise, where supporters contributed $650,000, the Dogwifhat logo is poised to appear in full LED on the Las Vegas Sphere for a week.

The fundraiser’s webpage indicates that the community’s response surpassed expectations, with contributions exceeding the initial fundraising target, reaching a total of $672,288.156 in USD coin (USDC).


Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.

 

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