Meme Coins Market Cap Surges 14% Amid Broader Market Expansion
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Meme coins have seen substantial gains in the last 24 hours, driven by positive user sentiments toward digital assets.
In the past 24 hours, there has been significant activity in the Bitcoin (BTC), altcoin, and memecoin markets. While memecoins experienced sell-offs earlier this week along with cryptocurrencies, on-chain data indicates a rebound in the last 24 hours.
In the past trading day, the memecoin market cap has surged by a notable 14.2%, driven by positive signals from macroeconomic factors that have restored confidence in the market. This significant 14% increase has propelled the market capitalization to $55.4 billion, with trading volumes reaching $10.7 billion.
Meme Coins Achieve Remarkable Growth
Following the strengthening trend in the market, overall sentiment appears positive, although some investors opted to sell certain assets for profit as the market traded sideways.
Topping the leaderboard was Doge Eat Doge, which saw a staggering 221.3% increase, followed by Taylor Swift’s Cat and Solpaka with gains of 147.5% and 129%, respectively.
Among the coins gaining traction within the community, Book of MEME surged by 23.4%, while Slerf posted a 9% increase during the same trading window. 
Leading memecoin Dogecoin (DOGE) experienced a rise of 15.3%, accompanied by a $3.3 billion trading volume. This follows a 13.7% decline earlier in the week due to broader liquidations.
Conversely, Shiba Inu saw a 5.8% increase after experiencing significant 15% sell-offs earlier in the week. Community favorites PEPE and Dogwifhat also posted gains of 11.9% and 9.6%, respectively, contributing to the overall significant gains in the market.
Both meme coins had experienced losses, with liquidations of 14.8% and 23.3% respectively over the past seven days.
FOMC Meeting Energizes Market
The market’s renewed momentum stems from favorable macroeconomic factors following yesterday’s Federal Open Markets Committee (FOMC) meeting. Market participants view the decision to maintain interest rates at current levels as a positive outcome, especially in conjunction with plans to implement cuts later this year.
Amid recent developments, Bitcoin’s price has surged by 12%, lifting the cryptocurrency market out of its slump. The cryptocurrency market capitalization has increased by 5.46% to $2.54 trillion, with all of the top 20 assets experiencing gains over the past 24 hours.
Notably, Dogecoin’s growth stands out among the top 20 assets, indicating the dominance of meme coins over other assets within this timeframe.
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