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Meme Coins Outperform BTC and ETH in Latest Crypto Rally
Main conclusions
- Cat-themed meme coins saw average gains of 8.8% in 24 hours, outperforming BTC and ETH.
- Meme-related tokens outperformed BTC by 5% and ETH by 9.3% last week.
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Bitcoin (BTC) briefly surpassed $68,000 on July 21, sparking price surges across the cryptocurrency market. In this scenario, meme coins stole the spotlight by outperforming BTC and Ethereum (ETH) over the past seven days.
Cat-themed meme coins have gained the most traction from this move, rising 8.8% on average over the past 24 hours, but likely driven by a token honey pot.
Jacky (JACKY) is a token featuring a black cat that was launched on July 5 by Moonshot, the meme coin launchpad powered by DEX Screener. Despite a week of lack of activity, the token has suddenly surged by over 160% in the last 24 hours. However, the transaction checker on DEX Screener shows that most of them are dust transactions, meaning liquidity has been removed.
However, the Binance Smart Chain-based meme coin titled Catcoin (CAT) has jumped 60% in the last 24 hours. CatSolHat (SOLCAT) has also made a significant move with a 76.6% spike in the period.
Additionally, the cat coin hehe (HEHE) has maintained its the moment of last week and recorded a daily growth of 50.2%. Notably, last week, HEHE rose by 216%.
The Solana meme coin ecosystem has also seen a significant 5% average growth, thanks to a dog coin in a pool. The doginapool token (DIP) has jumped 263% in the past 24 hours, approaching $4 million in market cap and surpassing $1 million in volume.
The meme coin narrative has been outperforming BTC and ETH over the past week. The meme-related tokens have a 5% lead over the period when compared to BTC, and a 9.3% lead when compared to ETH.
However, the meme coins failed to outperform Solana (SOL) over the past seven days, lagging 3% behind SOL’s growth.
Earlier this week, meme coins significantly outperformed major cryptocurrencies such as Bitcoin, Ethereum and Solana, rising 12% as traders shifted their assets into more speculative instruments.
In March, meme coins including PEPE, Dogecoin, and BONK rallied significantly, with PEPE rising 35.6% amid broader gains in the cryptocurrency market.
Also in March, PEPE led a meme coin rally coinciding with Ethereum approaching $4,000, achieving gains of up to 26%.
In May, meme coins saw a 10% increase in market value, notably outperforming the broader cryptocurrency market, driven by their speculative appeal to quick-money traders.
Later in May, Ethereum-based meme coins surged as much as 161%, fueled by speculation surrounding the possible approval of an Ethereum ETF in the offing.
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