Market capitalization of meme coins reaches $58 billion

Wow, meme coins are on fire! Their market capitalization soared by 8% to $58 billion.

Reports from CoinGecko show that investors can’t get enough of meme coins, making them a hot pick among traders. Surprisingly, meme coins have outpaced the overall crypto market growth in just 24 hours. The crypto market as a whole saw a 5.5% increase, while Bitcoin (BTC) performed well with a 6% boost.

The top five meme coins together make up a whopping 77% of this asset class’s value. Shockingly, only a few dozen coins have managed to surpass the $100 million mark in market capitalization.

Source: CoinGecko

Leading the pack is Dogecoin (DOGE) with a jaw-dropping market cap of $22.4 billion. In the last 24 hours, this asset has seen a trading volume of $1.5 billion.

Following closely is Shiba Inu (SHIB) with a market cap of $14.9 billion. Trading volume for SHIB over the past day crossed $938 million.

Taking the third spot is Pepe (PEPE) with a market cap of $4.4 billion. Trading activity for PEPE hit $1.5 billion today. On May 15, PEPE reached an all-time high of $0.00001161.

Recently, an unknown trader made a whopping $46 million when PEPE surpassed its previous record. This trader invested $3,000 to get 4.9 trillion PEPE and then sold 1.41 trillion tokens for $7.4 million.

Securing the fourth spot is Dogwifhat (WIF) with a market cap of $2.9 billion. FLOKI, holding $2.06 billion in market capitalization, rounds up the top five.

BONK token makes a notable appearance at sixth place on the CoinGecko charts, signaling a surge in popularity that has led to the creation of thousands of meme coins on the Solana network.

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