Dog-themed token Floki (FLOKI) surged by 12%, marking the highest gain among the top 50 tokens by market capitalization, while Pepe (PEPE) saw a 5% leap to reach a new all-time high.
The cryptocurrency markets remained relatively stable over the last 24 hours, with only a few meme coins witnessing significant returns, influenced in part by the recent rally in GameStop’s (GME) share price earlier this week.
Bitcoin (BTC) experienced a modest increase of just over 1%, while Ethereum (ETH) saw a slight decrease of 0.5%. However, BNB Chain’s BNB and Solana’s SOL both dipped by as much as 3% during the same period, according to CoinGecko data.
Floki, inspired by dogs, saw a notable surge of 12%, outperforming other top tokens in terms of market capitalization. Additionally, Pepe recorded a 5% jump, reaching an all-time high.
The rally in meme tokens began earlier in the week following Keith Gill’s return to social media, reigniting risk appetite among traders. Gill, known for his role in the GameStop stock short squeeze in 2021, indirectly sparked optimism among investors with his recent online activity.
Although Gill’s influence contributed to the surge in meme stocks and tokens, some traders believe that the overall market sentiment for Bitcoin and major cryptocurrencies appears weak despite the excitement surrounding meme coins.
“While equities experience a meme frenzy, stock indices show positivity, and the dollar weakens, cryptocurrencies seem unaffected,” remarked Alex Kuptsikevich, Senior Market Analyst at FxPro.