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Meme Coins Become Top Gainers Again in Crypto Stable Market
The meme coin sector continues to grow despite the lull in the crypto market, with Solana-based coins seeing price increases.
Tokens in the meme coin sector have again shown rapid growth despite most cryptocurrency markets being stable.
According to data from CoinGeckoPepe (PEPE), Floki (FLOKI), Dogecoin (DOGE) and Shiba Inu (SHIB) led the growth chart in the last 24 hours. The price of coins rose from 6% to 10%, leading the ranking of the biggest gainers.
Source: CoinGecko
Additionally, Bonk (BONADO) and Dogwifhat (WIF) currencies showed significant growth, rising 4.5% and 3.7%, respectively, in the last day.
Overall, the capitalization of the meme coin sector is also growing. In the last 24 hours, the market value of cryptocurrencies increased by 6.5% to reach $54.4 billion, while trading volumes approached $5 billion.
Meme coins continue to be a popular topic of discussion in the second quarter of this year, following the impressive price increases of popular tokens like WIF in the first quarter.
Presumably, the rise of the entire meme coin sector in the last 24 hours occurred amid news of a trader who done a substantial profit on the KITTY meme token after sparking financial analyst Keith Gill’s X account, which sparked excitement among retail traders and Wall Street about GameStop’s 2020 stock price.
Analysts at Lookonchain noted that a user spent $3,000 on Solana (SOL) to buy 17.4 million KITTY shortly before Gill tweeted about his return. Soon after, the meme token’s price increased by more than 8,000%. The trader then sold 12.8 million KITTY for $41,000, leaving 4.6 million KITTY equivalent to $56,000 on the balance sheet.