Dogecoin, Shiba Inu, Floki Surge, Pushing Meme Coin Market Cap To $26.5B: 'FOMO Toward Assets Like These Are Caution Flags,' Santiment Warns

The combined market capitalization for the top 100 meme-themed cryptocurrencies on Monday experienced a surge, now standing at approximately $26.5 billion—an increase of 10% in the last 24 hours, thanks to Bitcoin's BTC/USD rally to $56,000.

What Happened: Data from Santiment, an on-chain analytics platform said, “Memecoins are gaining significant increased traction and market cap growth on an otherwise flat Tuesday. Keep an eye on trending tokens $PEPE (+63%), $FLOKI (+44%), and $WIF (+43%). #FOMO toward assets like these are caution flags for #crypto markets.”

Frog-themed meme coin Pepecoin PEPE/USD has experienced a sharp 23% increase over the last 24 hours, trading at $0.00000215. This spike represents an 80% gain from just a week prior, and Pepecoin’s value has not been this high since May 2023, as recorded by CoinGecko. 

Despite nearly doubling its market capitalization from $540 million to $900 million since its peak in May, Pepecoin presently ranks as the 102nd largest coin.

Amidst this surge, certain Pepecoin holders have taken the opportunity to realize profits. Today, six wallets reportedly sold approximately $4 million worth of PEPE on the cryptocurrency exchange Binance, yielding around $2 million in profit.

Similarly, meme coins inspired by the Shiba Inu dog have also increased. Dogwifhat WIF/USD has rallied 16% within a day, reaching a price point of $0.5634. BONK, a coin initially distributed to Solana developers before a value increase in December, has risen 16% in the past 24 hours.

See More: Dogecoin HODLERs Are Beating Shiba Inu With 57% Landing In Profits, IntoTheBlock Data Reveals

Why It Matters: The largest meme coins by market capitalization, Dogecoin DOGE/USD and self-proclaimed ‘Dogecoin Killer' Shiba Inu SHIB/USD saw an 8-12% surge in a single day on Tuesday.

It should be noted that Dogecoin has been vying to maintain its position within the top ranks of cryptocurrencies by market capitalization. As of now, it remains the tenth cryptocurrency with a $13.6 billion market cap.

Read Next: Here’s How Much You Should Invest In Shiba Inu Today For A $1M Payday If SHIB Hits 1 Cent?

Photo by Dennis Diatel on Shutterstock