Memecoins have gathered huge attention, and the memecoin market capitalization has been $55.61 billion as of this writing. However, Pepe (PEPE), a popular memecoin, grew over 16% and reached $0.00001049.
The possible reason behind the surged trading volume and prices of Pepe is the injection of huge funds, as leading moguls began holding massive PEPE in their wallets.
Market observer asserts that the spike in Pepe and Mog, a cat-themed cultural coin seems to be clearly backed by the X post of Arthur Hayes.
In the post, he wrote “It’s time for a memecoin breakout. I respect my MOTHER, I MOG like no one else, but I can’t neglect PEPE.” The on-chain analyst firm SpotOnChain also confirmed the purchase of 24.39 billion PEPE valued at over $252k when writing.
It is crucial to note that before the purchase of Pepe, Hayes deposited 1 million in USDC, a stablecoin and 4th most traded in the market.
Memecoins Market Updates
Earlier this week DWF Labs and GraFun announced a strategic partnership for the betterment 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 memecoin even have partnerships with sports personalities, celebrities, Soccer teams, and cricket teams. It is claimed that this type of promotional tactic was first leveraged by FTX, now a bankrupt centralized exchange.
The intraday topper list of memecoins is led by LandWolf (WOLF) trading at $0.003172 with a surge of 92% followed by Byte (BYTE) at $0.00001482, Floki (FLOKI) $0.00017 surging 14.24%.
The number of memecoins in the crypto market is over 2900; so to identify a legitimate project is quite a tough task. Doge Killer is trading at $364.21 which makes it the most valuable memecoin in terms of price followed by PUPS (PUPS) at $6.68, and PepeCoin (PEPECOIN) at $3.47.
However, the position of most traded memecoin is held by one of the oldest memecoin Dogecoin with an intraday trading volume of $$1,467,069,120. Doge’s trading volume grew over 49% in the past 24 hours and its market capitalization reached $18.00 billion.
Other News Updates
Christian Angermayer, a known crypto investor and the founder of Apeiron Investment Group left England and moved to Lugano. The decision to relocate seems to be influenced by heavy taxes on cryptocurrency in the UK.
GrayScale’s Bitcoin ETF has been struggling hard to lose its grip over the market in the past 24 hours it saw an outflow of $7.73 million. IBIT by BlackRock has gathered huge attention and has seen the highest inflow since its launch.
Crypto Market Price Updates
Until publishing the cryptocurrency market capitalization was $2.30 trillion with a surge of 1.98% in the past 24 hours. At the same time, the fear and greed index by CoinMarketCap was at 54 reflecting neutral sentiment in the vast market.
Strong bulls dominance pulled Bitcoin prices above 65k, as of writing it was at $65,413 surging 1.25% intraday and 3.21% in a week. Its market capitalization grew 1.52% reaching $1,292,837,374,765 and trading volume at $38,474,478,210 after surging 45.61%.
