Cryptocurrency markets have continued their upward trajectory, marked by significant inflows into meme tokens like FLOKI and DOGE. This surge follows a recovery in intraday trading, with top cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH), and Solana (SOL) also seeing gains. The overall market cap has risen above $2.56 trillion, while meme tokens have collectively surpassed $66.3 billion.
What Drives the Upward Momentum in FLOKI?
Excluding Trump-themed MAGA tokens, leading meme tokens have entered the top ten in the bullish zone. FLOKI and DOGE have spearheaded these gains among the top 10 meme tokens by market cap. In the last 24 hours, FLOKI surged by 12.8%, reversing some of its weekly losses. Despite a 1.7% outflow over the past week due to a broader market downturn, FLOKI has seen a 43.2% increase in monthly inflows. This contributed to its long-term bullish trend, with a 12-year rise of 744%, pushing its market cap to $2.6 billion and daily trading volume exceeding $613 million. FLOKI is currently trading at $0.0002711.
How Are Other Altcoins Performing?
DOGE, the ninth-largest meme token by market cap, has seen a 27.9% gain, outperforming most tokens. Its market cap stands at $945 million, with weekly inflows up by 125% and monthly inflows by 215%. Although some tokens experienced minor corrections, the market’s overall trend has been positive. Bitcoin and Solana recorded increases of 1.25% and 1.88%, respectively. BNB saw significant gains, with a 4% price rise and a 70.3% increase in trading volumes, reaching a price of $634. Meme coins like Brett, BONK, and dogwhifhat surged, while Dogecoin, Shiba Inu, and PEPE saw slight losses.
Key Takeaways for Investors
Investors can derive the following valuable insights:
- FLOKI and DOGE are leading gains among meme tokens.
- FLOKI’s long-term growth remains strong despite short-term volatility.
- DOGE has outperformed most meme tokens in recent gains.
- Bitcoin, Ethereum, and Solana are also showing positive trends.
- BNB has achieved a notable increase in both price and trading volume.
The overall positive momentum in the cryptocurrency market, particularly in meme tokens, offers promising opportunities for investors. However, market participants should be aware of potential corrections and monitor trends closely.