The memecoin mania continued unabated on Tuesday, with several leading currencies posting double-digit increases and outperforming the rest of the cryptocurrency market.
What Happened: Pepe extended its winning streak, hitting a fresh all-time high and jumping to the 21st spot in the top cryptocurrencies by market cap list. The coin, themed around the popular webcomic character, has more than doubled since the beginning of the month.
The Ethereum (CRYPTO: ETH)-based token was the seventh-most traded cryptocurrency in the last 24 hours, surpassing meme powerhouses like Dogecoin (CRYPTO: DOGE) and Shiba Inu (CRYPTO: SHIB).
Solana (CRYPTO: SOL)-linked coin, Floki, surged as well, rapidly moving toward its all-time high of $0.0002964. At the time of writing, the coin was 6X higher than it was at the beginning of 2024.
Why It Matters: The continued climb highlighted robust demand for memecoins, even as the hype around some of the market’s blue-chip currencies was rising due to spot ETFs.
Both PEPE and FLOKI witnessed a surge in large transaction volume over the last 24 hours, according to IntoTheBlock, reflecting strong participation from whales. Daily active addresses also spiked 16.87% and 10.86% for PEPE and FLOKI respectively.
That said, the market was anticipating a correction, as a number of bullish long bets for the two assets dipped in comparison to bearish short positions in the last 24 hours, according to Coinglass.
Photo by Matt Benzero on Shutterstock
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