Why are memecoins up today?
On October 30, memecoins like Dogecoin, Shiba Inu, and Dogwifhat surged as the broader cryptocurrency market saw gains, with market capitalization for memecoins rising 20% from $53.4 billion on October 26 to $64.2 billion. Daily trading volumes for this sector jumped over 800% during the same period. Dogecoin emerged as the top performer, increasing by 6.5% in 24 hours and 25% over the past week, commanding nearly 39% of the total memecoin market share. The activity in the memecoin market has been driven by increases in trading volume since late August, with transaction flows across all blockchains rising significantly. However, this volume remains below the peak seen in March. The increase in memecoin values aligns with a broader recovery in the cryptocurrency market, which has led to over $184 million in liquidated leveraged positions in the past 24 hours, putting upward pressure on prices. The overall rising interest in memecoins suggests potential continued growth in the sector.
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