Memecoins lifted Sunday as the broader cryptocurrency market staged a spirited recovery from Friday's lows.
What happened: Cat-themed cryptocurrency, Popcat, led the rally, with gains upwards of 6.5% in the last 24 hours. The Solana SOL/USD-based coin registered a 51% spike in trading volumes to $57 million.
Despite a 5.72% decline over the month, POPCAT has been a bumper investment in the cryptocurrency market this year, returning a whopping 6515% year-to-date.
| Cryptocurrency | Gains +/- | Price (Recorded at 11:55 p.m. EDT) |
| Popcat (POPCAT) | +6.58% | $0.5376 |
| Brett (Based) (BRETT) | +4.89% | $0.07281 |
| Pepe PEPE/USD | +3.14% | $0.00007033 |
Brett, the memecoin based on Layer-2 network Base, notched up gains close to 5% in the 24 hours. Inspired by the character Brett from Matt Furie’s Boys’ Club comic series, the token erased losses from Friday with the latest uptick.
Ethereum ETH/USD-based Pepe also popped over 3%, with a 41% jump in trades in the last 24 hours. In fact, the frog-themed token was the most traded memecoin in the 24-hour period, eclipsing the trading volume for Dogecoin DOGE/USD and Shiba Inu SHIB/USD.
The total memecoin market capitalization rose from $35.63 billion to $36.50, indicating a rise of 2.4%.
Why It Matters: The rally came amid a wider market uptick, with Bitcoin BTC/USD and Ethereum ETH/USD advancing to the north.
The spike came after Bitcoin plummeted below $53,000 on Friday due to investors’ concerns about a weakening labor market.
The global market cap stood at $1.95 trillion, following a jump of 1.26% in the last 24 hours.
Price Action: At the time of writing, Bitcoin was exchanging hands at $55,116.82, up 1.43% in the last 24 hours, according to data from Benzinga Pro.
Image via Shutterstock
Read Next:
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
