Meme coins outshine BTC and ETH in latest crypto rally -

Meme coins outshine BTC and ETH in latest crypto rally

Jul 22, 2024Jeremy ParkinsonCryptocurrency, No picture0

Key Takeaways

Cat-themed meme coins averaged 8.8% gains in 24 hours, outperforming BTC and ETH.
Meme-related tokens outpaced BTC by 5% and ETH by 9.3% over the past week.

Bitcoin (BTC) briefly surpassed $68,000 on July 21st and sparked price leaps across the crypto market. In this landscape, meme coins have stolen the limelight by outperforming BTC and Ethereum (ETH) over the past seven days.Cat-themed meme coins got the most steam out of this movement, leaping 8.8% on average over the past 24 hours but likely propelled by a honey pot token.Jacky (JACKY) is a token with a picture of a black cat that was launched on July 5th through Moonshot, the meme coin launchpad developed by DEX Screener. Despite the lack of activity for a week, the token suddenly spiked over 160% in the last 24 hours. However, the transactions checker on DEX Screener shows that most of them are dust transactions, which means that liquidity was removed.

JACKY’s latest transactions. Image: DEX Screener

Nevertheless, the meme coin based on the Binance Smart Chain titled Catcoin (CAT) jumped 60% over the past 24 hours. CatSolHat (SOLCAT) also made a significant movement with a 76.6% spike in the period.Moreover, the cat-coin hehe (HEHE) kept its last week’s momentum and registered a 50.2% daily growth. Notably, over the past week, HEHE soared 216%.The Solana meme coin ecosystem also saw a significant 5% average growth, thanks to a coin of a dog in a pool. The doginapool (DIP) token jumped 263% over the past 24 hours, inching closer to $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. Meme-related tokens have a 5% lead in the period when compared to BTC, and 9.3% when compared to ETH.However, meme coins couldn’t surpass the performance shown by Solana (SOL) in the last seven days, staying 3% below SOL’s growth.Earlier this week, meme coins significantly outperformed major cryptocurrencies like Bitcoin, Ethereum, and Solana, rising by 12% due to traders shifting their assets towards more speculative instruments.

In March, meme coins including PEPE, Dogecoin, and BONK prominently rose, with PEPE surging by 35.6% amid broader crypto market gains.Also in March, PEPE led a meme coin rally coinciding with Ethereum nearing $4K, achieving up to 26% gains.In May, meme coins saw a 10% increase in market cap, notably outperforming the broader crypto market, driven by their speculative appeal to fast money traders.Later in May, Ethereum-based meme coins surged by up to 161%, fueled by speculation surrounding the potential approval of a spot Ethereum ETF.