- Increase in Memecoin Market Capital
- Strategic Partnerships and Promotions of Memecoins
- Current Crypto and Memecoin Market Overview
In recent days, the memecoin Pepe (PEPE) has garnered significant attention, increasing its value by over 16% and reaching $0.00001049. This article examines the possible reasons behind this rise and the influence of key figures in the cryptocurrency market.
Increase in Memecoin Market Capital
One possible reason for the surge in trading volume and prices of Pepe is the injection of large funds, as leading moguls began holding massive PEPE in their wallets. Market observers assert that the spike in Pepe and Mog, a cat-themed cultural coin, seems to be clearly backed by Arthur Hayes' post on X.
Strategic Partnerships and Promotions of Memecoins
Earlier this week, DWF Labs and GraFun announced a strategic partnership for the enhancement and advancement of the memecoin market. On September 17, 2024, BabyDoge Coin joined hands with Sundog, a memecoin based on the Tron blockchain. Dozens of leading memecoins have partnerships with sports personalities, celebrities, soccer teams, and cricket teams. It is claimed that this type of promotional tactic was first leveraged by the now-bankrupt centralized exchange FTX.
Current Crypto and Memecoin Market Overview
The number of memecoins in the crypto market is over 2900, making it quite a task to identify a legitimate project. Doge Killer is trading at $364.21, making it the most valuable memecoin in terms of price, followed by PUPS ($6.68) and PepeCoin ($3.47). However, the position of the most traded memecoin is held by one of the oldest memecoins, Dogecoin, with an intraday trading volume of $1,467,069,120. Dogecoin's trading volume grew over 49% in the past 24 hours, and its market capitalization reached $18.00 billion.
The total cryptocurrency market capitalization is currently $2.30 trillion, with a 1.98% increase in the past 24 hours. Among the popular memecoins are LandWolf (WOLF), Byte (BYTE), and Floki (FLOKI), which are showing significant growth. Investors and analysts continue to monitor market developments, paying attention to key coins and the influence of major figures on their dynamics.
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