Meme coins are causing a stir in the crypto market as nearly $4 billion has been poured into the sector in the last 12 hours leading up to the U.S. Federal Reserve meeting. BENJI, MAGA, and DOG are among the meme tokens that have seen significant gains, with BENJI soaring by 36.9%, MAGA by 23.2%, and DOG by 22.1%.
On June 12, 2024, the meme coin economy experienced a surge of $3.89 billion within a 12-hour period, pushing the total market value from $57.98 billion to the current $61.87 billion. The top five meme tokens by market cap, including DOGE, SHIB, PEPE, WIF, and FLOKI, have all seen growth, with PEPE leading the way with an 11.2% increase.
Despite the overall positive trend, BENJI emerged as the top performer of the day, jumping by 36.9% in value against the U.S. dollar. Following closely behind were Base's KEYCAT with a 34.4% increase and NPC with a 31.4% rise.
Various other meme tokens like MAGA, DOG, WOJAK, BOB, GME, BODEN, and BABYDOGE also experienced double-digit growth. The global trade volume for meme coins alone reached approximately $7.48 billion. However, not all meme coins fared well, as ELON dropped by 18.2%, KOKO by 13.7%, and DOGINME by 12.9%.
Overall, the broader crypto market saw a 3.24% increase, reaching a total value of $2.53 trillion. The $7.48 billion in global meme coin trading accounted for 9.02% of the day's $82.9 billion in trading volume.
With the Federal Reserve meeting on the horizon, the influx of capital into meme coins indicates that traders may be looking for short-term gains from these volatile assets. The surge in trading volume reflects a growing interest and speculation in niche tokens.
What are your thoughts on the meme coin economy gaining $3.89 billion in the last 12 hours? Feel free to share your opinions in the comments section below.