The meme coin market experienced a significant surge on Tuesday, reaching a market capitalization of $27.2 billion within less than 24 hours. This surge, driven primarily by PEPE and other popular assets, follows Bitcoin’s recent peak above $60,000.
PEPE Leads the Charge with Dramatic Price Uptick
PEPE, a beloved meme coin among traders, saw a remarkable price uptick, peaking at $0.0000033 on Tuesday at 3:00 PM EST. Currently trading at $0.0000031, PEPE has surged by 180% in the last seven days and 40% in the past 24 hours.
Data from Coinglass reveals a surge in the Open Interest (OI)-Weighted Funding Rate for PEPE, rising from 0.0169% to 0.12% before retracing to 0.06%. This upswing indicates a growing willingness among traders to pay higher fees for holding long positions, anticipating further bullish price movements.
FLOKI , DOGE, and WIF Experience Significant Gains
FLOKI and dogwifhat (WIF) also saw notable increases on Tuesday, with gains of 23% and 31% respectively. These meme coins garnered attention from traders due to their explosive performance earlier in the week, accompanied by significant trading volumes across various exchanges, including decentralized exchanges (DEXs).
Dogecoin (DOGE), which had largely remained stagnant for several weeks, recorded a 10% surge on Tuesday, currently trading at $0.12. The renewed interest in meme coins is likely fueled by the recent uptrend observed in Bitcoin and other leading cryptocurrencies like Ethereum. Additionally, traders capitalizing on substantial gains within the Solana ecosystem contribute to the fear of missing out (FOMO) among those seeking similar opportunities.
