Memecoins rally despite pullback in wider crypto market

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The Block2024/03/14 12:39

By:Brian McGleenon

Major memecoins have sustained a 24-hour rally, with the Solana-based dogwifhat leading the charge.The total cryptocurrency market cap fell 0.2% over the past day, with bitcoin and ether posting downturns of 0.3% and 2.5% respectively.

The meme coin market cap has increased by over 9% in the past 24 hours, significantly outperforming the rest of the cryptocurrency market, which posted a slight downturn of over 0.2% during the same period.

The top five memecoins by market capitalization in the CoinGecko memecoin market capitalization category account for around 35% of the total memecoin market capitalization of over $66 billion.

Of the top five memecoins , dogwifhat has posted the most impressive rally in the past 24 hours, reaching an all-time high price. The coin is trading at $3.18, up over 42% in the past 24 hours, The Block's Price Page shows .

Dogwifhat WIF +45.90% price hits an all-time high, leading a memecoin rally in the past 24 hours. Image: The Block.

Major memecoins such as dogecoin , shiba inu , pepe and floki increased by 7%, 2%, 14% and 6%, respectively, in the past 24 hours. In comparison, blue-chip cryptocurrencies such as ether decreased by around 2.5% during the same period, according to The Block's Prices Page .

Elon Musk hints at Tesla Dogecoin payments

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The rally in the memecoin sub-sector comes after a video posted on X.com showed Elon Musk discussing the possibility of customers being able to purchase Tesla cars with Dogecoin.

"When can you buy Tesla with Dogecoin? At some point, I think we should enable that," Musk said in a video uploaded by X user @dogeofficialceo. The Tesla CEO made the comments during a recent visit to the firm's Giga factor in Berlin. "You can buy Tesla merch with Doge, which is cool. So, Dogecoin to the moon," he added.

Another boost to memecoin market activity came after news that the Solana-based Dogwifhat mascot — a Shiba Inu wearing a hat — could grace the Las Vegas skyline following a successful $650,000 community raise. The Dogwifhat logo could now appear in full LED on the Las Vegas Sphere for a week.

According to the fundraiser's webpage, a call for community contributions has exceeded its fundraising target , hitting $672,288.156 in USD coin (USDC).

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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