Meme coins have been seeing impressive gains as the crypto market records consecutive gains, with Dogecoin leading the pack.
According to data provided by CoinGecko, the total meme coin market cap increased by 18% in the past 24 hours, surpassing $94 billion. The sector’s daily trading volume also rallied to $51 billion, suggesting high interest from investors.
The meme coin rally started last week as the Republican candidate Donald Trump won the U.S. presidential elections.
Dogecoin (DOGE) is leading the category with a market cap of $41 billion, making it the sixth-largest digital asset — DOGE overtook XRP (XRP) and USD Coin (USDC) over the past week.
DOGE also emerged as the top gainer with a 24% surge in the past 24 hours. The leading meme coin is trading at $0.28 at the time of writing.
Moreover, Dogecoin even breached a three-year high of $0.301 earlier today.
SHIB, WIF, GOAT take advantage
Dogecoin’s rally brought positive sentiment to other meme coins as well.
Shiba Inu (SHIB) skyrocketed 40% after Shytoshi Kusama, its lead developer, suggested building a strategic crypto hub in the U.S. on Sunday, Nov. 10. The second-largest meme touched a five-month high of $0.0000278 following the announcement.
After a quick correction, SHIB gained upward momentum again, rising 12% over the past day. The asset is currently changing hands for $0.000025 with a market cap of $14.7 billion.
Dogwifhat (WIF) also saw a 20% rise in the last 24 hours and is trading at $3 at the reporting time. Its market cap is sitting at $3 billion, making it the fourth-largest meme coin.
Goatseus Maximus (GOAT), one of the youngest meme coins in the market, registered a 20% rally on Sunday as its market cap approached the $1 billion mark. However, the meme coin soon witnessed a price correction before hitting the milestone.
Despite the downfall, GOAT is still up 3.3% in the past 24 hours and is trading at $0.814 at the time of writing. Its market cap is hovering at $814 million with a daily trading volume of over $300 million.
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