This Meme Coin Stuns Crypto Markets with Massive Gains as Sector Bounces
Release: 2024/08/20 17:09 Reading: 776
Cat-Themed Meme Coins Drive Sector's Market Cap Above $40 Billion
Cat-themed meme coins have spearheaded a surge in the meme coin sector, propelling its market capitalization over $40 billion.
Triumph of Cat-Themed Memes
After a period of sluggishness, the meme coin sector has reignited, with its market capitalization exceeding $40 billion. Cat-themed meme coins like Popcat (POPCAT), Mog Coin (MOG), and Cat in a Dogs World (MEW) have been among the top performers. POPCAT has gained nearly 30% to reach $0.50, while MOG and MEW have experienced increases of around 14%.
Dog-Themed Memes Follow Suit
Dog-themed memes have also exhibited strong performance, albeit trailing behind their feline counterparts. Dogwifhat (WIF), the largest Solana-based meme coin and fourth-largest in the sector, has surged by 15% to approach $1.60. Floki Inu (FLOKI) and Bonk Inu (BONK) have also risen by 7% and 6%, respectively.
Resurgence of Leading Meme Coins
Dogecoin (DOGE) and Shiba Inu (SHIB), the top meme coins by market capitalization, have also experienced some recovery. DOGE's price has increased by 5%, and its market cap has surpassed $15 billion. SHIB, known as the "Dogecoin killer," has seen similar gains, with its market cap crossing $8 billion and positioning it as the 16th largest crypto asset.
Elon Musk's Potential Influence
Industry experts have speculated that the resurgence of the meme coin sector, particularly DOGE, may be linked to Elon Musk's recent interactions on Twitter. On August 20, Musk posted a picture of himself as the head of a fictional entity named "Department of Government Efficiency" (D.O.G.E.), reminiscent of the meme coin's abbreviation.
Musk has been an outspoken supporter of DOGE, frequently praising its merits. Historically, the meme coin's price has often rallied after such actions. In March, DOGE's valuation soared by almost 15% after Musk suggested Tesla might accept it as payment. Subsequently, Tesla officially integrated DOGE as a settlement option on its website, leading to another price spike.
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