Summary:
The memecoin market surged by 12.37% in the last 24 hours, reaching a market cap of $49.6 billion.
Pepe led the gains with over 14% growth and a trading volume exceeding $1 billion.
Dogecoin and Shiba Inu also rebounded strongly, ending weeks of decline.
Dogwifhat and Bonk, both Solana-based memecoins, saw significant spikes of 11.8% and 6.67% respectively.
The memecoin boom is attributed to the broader market's recovery and investors seeking short-term speculative rewards.
The memecoin market experienced a significant surge on Tuesday, with Pepe, Dogecoin, and Shiba Inu leading the charge. The overall market cap of memecoins jumped 12.37% to $49.6 billion in the past 24 hours. Pepe was the top performer, gaining over 14% and exceeding $1 billion in trading volume. Dogecoin and Shiba Inu also saw strong rebounds, snapping weeks of downward trends. Dogwifhat and Bonk, both based on the Solana blockchain, also experienced significant gains. This memecoin boom coincides with the broader market's recovery from recent losses, attracting investors seeking short-term speculative returns. The memecoin market's rapid growth highlights the evolving investment landscape, where short-term gains are increasingly prioritized over long-term value.
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