Memecoin index up nearly 10% as SHIB, DOGE and PEPE rally

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The Block2024/07/16 19:43

By:The Block

Quick Take The Block’s GMCI Meme Index showed a nearly 10% increase in the past 24 hours. The top heavyweights included Shiba Inu, Dogecoin and Pepe. Political memecoins also fluctuated after Trump survived an assassination attempt and announced his vice president.

The GMCI index for memecoins rose nearly 10% as top tokens like rose in the past 24 hours.

The highest gainer was Shiba Inu SHIB +5.33% ( SHIB ), which gained 5.36% to $0.000019 in the past day and now has more than a quarter of The Block's GMCI meme index weight .

Dogecoin DOGE +3.73% ( DOGE ) followed second with a weight of 23.3%, with the token seeing a 3.88% rise to $0.13. And Pepe PEPE +17.88% ( PEPE ) came third with a weight of 16.4%, increasing 19.55% to $0.000012 in the past day, according to The Block Prices.

Poltical memecoins

Political memecoins also saw a change in the past day. CoinGecko finds that Jeo Boden BODEN +14.39% , the purposely misspelled memecoin named for United States President Joe Biden, increased 4.1% to $0.035 in the past day. The MAGA ( TRUMP -3.97% ) token dropped 4.35% in the past 24 hours to $7.87 .

After Republican Presidential Candidate Donald Trump picked U.S. senator J.D. Vance, R-Ohio, to be his vice president, the memecoin MAGA VP fell about 56% to $0.1192 during the same time frame, according to the crypto price tracker CoinMarketCap.

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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