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The meme coin market went ballistic as hype around a meme coin supercycle intensifies.
The lighthearted sector of the crypto industry saw its market capitalization surge over 21% in the past 24 hours.
Smaller-cap tokens led the charge with Act I The AI Prophecy (ACT) the best performer after its price soared more than 248%. Fartcoin (FARTCOIN) and Goatseus Maximus (GOAT) came in second and third place, respectively, after registering 24-hour gains of 73% and 35%.
Popcat Posts Best Performance While Meme Coin Leaders Lag Ahead Of Meme Coin Supercycle
Solana token Popcat (POPCAT) outperformed the rest of the top 10 largest meme coins by market cap. CoinGecko data shows that the crypto’s price pumped 18% to trade at $1.63 as of 2:45 a.m. EST.
#CMCNews: Popcat (POPCAT) continued its surge, up 11% in the last 24 hours, to outpace the leading memecoin, Dogecoin (DOGE).https://t.co/8XufdEmX0C
— CoinMarketCap (@CoinMarketCap) October 23, 2024
POPCAT’s strong performance comes as almost all of the top 10 largest meme coins by market cap suffered 24-hour losses, with leaders Dogecoin (DOGE) and Shiba Inu (SHIB) both printing minor 24-hour losses below 1%
Only Dogwifhat (WIF), Pepe (PEPE) and Bonk (BONK) registered gains. After POPCAT’s 18% surge, the next best performer was WIF with a 4% rise.
Is A Meme Coin Supercycle Underway?
The market’s pump in the past 24 hours comes amid much debate over whether a meme coin supercycle is underway. Discussion over this possibility intensified after investor and influencer Murad Mahmudov spoke on the topic at Token2049 in Singapore.
He argues that a meme coin supercycle, powered by social media hype and viral trends, is now underway and that it will bring a prolonged period of explosive growth.
Meme coins certainly are outperforming the broader crypto market right now. While meme coins surged in the past day, the rest of the crypto market underwent a slight correction.
Over the past 24 hours, the overall valuation of the digital asset space dropped more than 1%. Despite the pullback, the market cap remains above $2.41 trillion.
While Bitcoin (BTC) registered a marginal gain, altcoin leader Ethereum (ETH) slid over 2%. Almost all of the cryptos in the top 10 list followed ETH’s lead, and suffered losses as well. Only Solana (SOL) and Binance Coin (BNB) recorded 24-hour gains, with the prior’s price pumping more than 4%.
Best Way To Play The Meme Coin Supercycle
As investors position themselves to capitalize on a possible meme coin supercycle, some are turning to presales to find the next crypto to explode.
One of the hot favorities right now is Pepe Unchained (PEPU), which has just zoomed past $22 million in funds raised in one of the most successful ICOs of the year.
Another ICO that’s attracting a lot of attention is Crypto All-Stars (STARS), an innovative new project that is the first to enable investors to stake multiple top meme coins on one platform. It’s already raised more than $2.6 million.
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