The memecoin market exploded on the first sign of a broader market recovery Tuesday, resulting in significant gains for both mainstream and smaller cap coins.

What Happened: The overall market cap of memecoins surged 12.37% to $49.6 billion in the last 24 hours, led handsomely by blue-chip Ethereum (CRYPTO: ETH)-based coins like Pepe, Dogecoin, and Shiba Inu.

Frog-themed PEPE was the best-performing memecoin in the last 24 hours, logging gains of more than 14%. The token was also the most traded among meme tokens, with a volume exceeding $1 billion.

Heavyweights like Dogecoin and Shiba Inu also rebounded strongly, snapping weeks of downward price action. 

Apart from the bigwigs, Solana (CRYPTO: SOL)-based dogwifhat (CRYPTO: WIF) and Bonk (CRYPTO: BONK) recorded healthy spikes of 11.8% and 6.67% respectively. 

Due to the rally, social interactions, i.e, likes, comments, and reposts for most of these memecoins surged, according to social analytics firm LunarCrush.

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Why It Matters: The memecoin boom coincides with the broader market’s recovery from recent losses. 

This category of cryptocurrencies, themed around popular memes, and much cheaper to buy than blue-chip currencies like Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH), continues to attract degens in droves.

A cryptocurrency analyst recently discussed how the narrative surrounding investment has switched from long-term value to short-term rewards on speculative meme currencies in 2024.

Photo by Kanchanara on Unsplash

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