Ethereum
3 Meme Coins Outperforming Ethereum in May 2024
Following the recent stock market crash that shook the world of cryptocurrencies, market dynamics have changed significantly. With Ethereum (ETH) remaining at $2,915.90, experiencing declines of 1.76%, 4.93%, and 5.68% over the past few days, weeks, and months, investors are looking for safety in other investments. The crypto sphere was shaken by the recent stock market crash, subsequently causing traditional assets and cryptocurrencies to suffer. Nevertheless, amid such turmoil, memecoins have become unexpected saviors, going against market norms and even surpassing well-known giants such as Ethereum. Pepe Coin (PEPE), Floki Inu (FLOKI) and Stoppage of play (GME) are among the emerging stars in the crypto world, attracting attention with their rapid growth and causing a stir in the industry.
What is the reason for the rise of Meme Coins?
The revival of meme coins gained notable momentum after the GameStop Rally on Wall Street, a phenomenon that caused a sensation on the financial markets. GME stock price surged after Keith Gill, also known as TheRoaringKitty, tweeted for the first time, after three years, and after being associated with Gamestop.
Following the rally, the meme coin industry saw a whopping 34% increase in daily trading volume, resulting in a significant $5 billion addition to investors’ wealth. This sudden change in circumstances thrust memecoins into the spotlight, sparking a wave of new interest and investment madness.
Top 3 Memecoins outperforming Ethereum
PEPE, FLOKI and Gamestop (GME) have become the best performing meme coins today, surpassing ETH.
1. Pepe Coin (PEPE)
PEPE, named after the famous internet meme, has been making waves in the crypto world with its performance. Currently trading at $0.00001092, PEPE price saw a 22.69% surge over the past 24 hours and a 33.84% increase over the past week.
With a market capitalization of $4.6 billion and a trading volume of $2.4 billion in the last 24 hours, PEPE is proving to be a force to be reckoned with. Its circulating supply stands at 420,689,899,999,995 PEPE, indicating strong investor interest in this memecoin.
2. FLOKI
To be inspired by Dogecoin Price achievements and Shiba Inu mascot, FLOKI intrigued investors with its dog-inspired brand image. FLOKI is now valued at $0.0001949, with a slight rise of 10.83% in the last day and a steady jump of 9.66% in the previous week. With a market capitalization of $1.86 billion and a trading volume of $497.6 million in the last 24 hours, FLOKI is establishing itself in the memecoin market. The circulating supply of 9,556,698,553,895 FLOKI shows growing interest from traders and investors.
3. GameStop (GME)
Following the infamous GameStop rally on Wall Street, GameStop Corp. (GME) entered the memecoin space in a bold way. At the current price of $0.01178, GME saw a rise of 290.97% over the past day and a growth of 1,588.16% over the past week.
GME has become popular among meme fans due to its market capitalization of $81.1 million and trading volume of $177.2 million over the past day. The circulating supply of this memecoin has not yet been established, but the excitement surrounding it is undeniable.
Conclusion
As Ethereum faces challenges after a recent market downturn, meme coins such as PEPE, FLOKI, and GameStop are taking advantage of the moment to stand out. These coins captivate traders and investors around the world with their unique themes, viral marketing and rapid increases in value. Although the future success of memecoins is unknown, it is evident that memes are influential in the ever-changing world of cryptocurrency. It will be interesting to watch how these meme coins perform in the coming weeks and months as the market recovers and adjusts.