This Meme coin surprises crypto markets with massive gains as the sector rebounds

TL;DR

Cat-themed meme coins surged, leading a meme coin rally that pushed the sector’s market cap past $40 billion. Dogecoin (DOGE) also headed north, potentially boosted by Elon Musk’s recent Dogecoin-related post. Cat-themed memes lead the pack

After an extended period of underperformance, the meme coin sector has once again headed north. Its market cap topped $40 billion several hours ago, with many assets posting impressive gains.

Some of the top performers include cat meme coins like Popcat (POPCAT), Mog Coin (MOG), and Cat in a Dogs World (MEW). POPCAT has risen nearly 30% on a daily basis to $0.50, while the others saw gains of around 14%.

POPCAT Price, Source: CoinGecko

Dog-themed memes have also done fairly well, although they lag behind cat rivals. The largest Solana-based meme coin and the fourth largest in the entire niche, dogwifhat (WIF), is up 15% in the last 24 hours to close to $1.60. Floki Inu (FLOKI) is up 7%, while Bonk Inu (BONK) is up 6%.

The top meme coins in terms of total market cap, Dogecoin (DOGE) and Shiba Inu (SHIB), have also seen some resurgence. The price of the former has increased by 5%, while its market capitalization exceeded 15 billion dollars.

Self-proclaimed Dogecoin Killer – SHIB – witnessed similar gains. Its market capitalization exceeded $8 billion, positioning the asset as the 16th largest in the entire crypto sector. The 15th place belongs to Avalanche (AVAX), whose capitalization is currently around $8.8 billion.

It’s worth noting that the revival of the meme coin cohort coincides with a broader bullish trend across the entire cryptocurrency market. Bitcoin (BTC) broke above $61,000, Ethereum (ETH) is moving towards $2,700, while Binance Coin (BNB) is up 7% on the day.

Musk’s potential influence

Numerous industry participants speculated that the resurgence of the meme coin sector, particularly Dogecoin (DOGE), might have some connection to one of Elon Musk’s latest interactions at X.

Today (August 20), the Tesla CEO posted an image depicting him as the head of an imaginary American entity called the “Department of Government Efficiency” or DOGE (quite similar to the currency abbreviation of biggest meme).

Musk is known as a staunch supporter of Dogecoin, praising its merits and endorsing it on the social media platform several times. The price of the asset often heads north after such actions.

In mid-March, DOGE’s valuation jumped nearly 15% after Musk said Tesla could accept the token as a payment method.

Two months later, the electric vehicle giant officially integrated it as a clearance option on its website, which was followed by another price hike.

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