Meme coins have outpaced top crypto assets as bulls set sights on renewed upticks. This inflow comes after the market reacted to a Donald Trump win. While flows remain dominant and are getting the attention of more crypto enthusiasts, some users opine that volatility is the major problem of meme coins. An accumulation of this has led to questions about the sustainability of these highs around crypto circles.
Meme Coins Soars Above Market
A look at crypto charts shows meme coins moving in a similar direction to other assets but way faster. The meme coin market cap has soared above $110 billion in the past 24 hours, while daily volumes skyrocketed to $28.3 billion. Top meme coins like Dogecoin and Shiba Inu are up 84% and 28%, respectively.
High-flying PEPE, WIF, and POPCAT attracted bullish momentum, with the community rallying behind these assets. Apart from SHIB, all the top 10 meme coins by market capitalization are up to double-digit gains. BONK and FLOKI have rallied 18.2% and 14% respectively. Leading the wider charts is WAGMI, with a 1,150% surge, while TSLA6900 and ElonRWA have 100X numbers in the same period
Amid the market buzz, two categories of meme tokens dominating the scene are Elon-themed and political-themed coins. The former is due to the time Elon Musk played in supporting Donald Trump, which saw Tesla’s stock surge. Political coins modeled after Trump have also seen significant inflows in the last 7 days.
Will It Sustain?
The double-digit growth has led to increased participation and greater community optimism. This comes from the US elections, projected to drive market growth. Several market commentators opine a favorable turnaround for crypto, but should sentiments decline, a correction might occur.
Crypto analysts have warned of investments in newer meme tokens stressing established coins. Bitcoin enthusiast BakiXBT shared the same narrative on X.
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