Following the recent market crash that jolted the cryptocurrency world, there has been a significant change in the market dynamics. With Ethereum (ETH) staying at $2,915.90, experiencing declines of 1.76%, 4.93%, and 5.68% in the last day, week, and month, investors are looking for safety in other investments. The crypto sphere was shaken by the recent market crash, causing traditional assets and cryptocurrencies to suffer in the aftermath. Nevertheless, in the midst of such turmoil, memecoins have risen as unexpected saviors, going against market norms and surpassing even well-known giants such as Ethereum. Pepe Coin (PEPE), Floki Inu (FLOKI), and GameStop (GME) are some of the emerging stars in the crypto world, grabbing attention with their rapid growth and causing a stir in the industry.

What is the reason behind the surge of Meme Coins?

The revival of meme coins gained notable momentum following the GameStop rally on Wall Street, a phenomenon that caused a stir in financial markets. The GME stock price surged  after Keith Gill, also known as TheRoaringKitty, tweeted for the first time, after three years, and having been associated with Gamestop.

Following the rally, the meme coin industry experienced a huge increase of 34% in daily trading volume, resulting in a significant addition of $5 billion to investors’ wealth. This sudden change of circumstances brought memecoins into the spotlight, igniting a wave of new interest and investment madness.

Top 3 Memecoins Outperforming Ethereum

PEPE, FLOKI and Gamestop (GME) have emerged as best performing meme coins today, outperforming ETH.

1. Pepe Coin (PEPE)

PEPE, named after the famous internet meme, has been making waves in the crypto world with its performance. Currently trading at $0.00001092, PEPE price has seen a surge of 22.69% in the past 24 hours, and a 33.84% increase over the past week.

With a market cap of $4.6 billion and a trading volume of $2.4 billion in the last 24 hours, PEPE is proving to be a force to be reckoned with. Its circulating supply stands at 420,689,899,999,995 PEPE, indicating a strong investor interest in this memecoin.

2. FLOKI

Taking cues from Dogecoin price achievements and its Shiba Inu mascot, FLOKI has intrigued investors with its dog-inspired branding. FLOKI is now valued at $0.0001949, with a slight 10.83% rise in the last day and a consistent 9.66% jump in the previous week. Having a market capitalization of $1.86 billion and a trading volume of $497.6 million over the past 24 hours, FLOKI is establishing itself in the memecoin market. The circulating supply of 9,556,698,553,895 FLOKI shows increasing interest from both traders and investors.

3. GameStop (GME)

Following the infamous GameStop rally on Wall Street, GameStop Corp. (GME) has entered the realm of memecoins in a daring manner. Priced at $0.01178 now, GME has experienced a 290.97% rise in the last day and a1588.16% growth in the past week.

GME has become popular among fans of memes due to its market cap of $81.1 million and trading volume of $177.2 million in the past day. The circulating supply of this memecoin has not been established yet, but the excitement surrounding it is undeniable.

Conclusion

While Ethereum is facing challenges after a recent market downturn, meme coins such as PEPE, FLOKI, and GameStop are taking advantage of the moment to stand out. These meme coins are captivating traders and investors globally with their unique themes, viral marketing, and fast value surges. Although the future success of memecoins is unknown, it is evident that memes are influential in the constantly changing world of cryptocurrency. It will be interesting to observe the performance of these memes coins in the coming weeks and months as the market recovers and adjusts.

The post 3 Meme Coins Outperforming Ethereum In May 2024 appeared first on CoinGape.

---

Filed under: News - @ January 1, 1970 12:00 am