June 3, 2024 11:42 PM | 2 min read
Memecoins outstripped gains made by market powerhouses yet again, as DOG•GO•TO•THE•MOON and Floki made advances during the day.
What Happened: DOG was the best-performing cryptocurrency in the last 24 hours, with more than 20% gains. The Bitcoin (CRYPTO: BTC)-based coin registered a 127% spike in trading volumes to nearly $82 million.
DOG has more than doubled in value over the past week, moving closer to the coveted $1 billion market capitalization.
| Cryptocurrency | Gains +/- | Price (Recorded at 10:45 p.m. EDT) |
| DOG•GO•TO•THE•MOON (CRYPTO: DOG) | +24.24% | $0.00933 |
| Floki (CRYPTO: FLOKI) | +3.90% | $0.0002662 |
The senior canine coin, FLOKI, also inched higher. The Ethereum (CRYPTO: ETH)-based coin’s trading volume surged 160% to $834 million in the last 24 hours, surpassing that of Shiba Inu (CRYTO: SHIB)
Floki was the second-best performer among memecoins, with more than $1 billion in market cap in the last month, with gains of 41%.
Social analytics firm LunarCrush urged people to keep the coin on their radar due to its positive price movement, surging volume, and rising social engagement.
Why It Matters: The rally in the coins as mentioned above comes amid the sluggish market performance of blue-chip currencies like Bitcoin and Ethereum, which failed to sustain the gains made earlier in the day.
Memecoins, which are generally easier on the pockets, have historically attracted retail investors during bull markets. The last bull cycle of 2021 was a breakthrough moment for this sector, with Dogecoin (CRYPTO: DOGE) and Shiba Inu shooting to their record highs.
Photo by Igor Faun on Shutterstock
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