
Memecoins roared back into momentum on Wednesday amid a broader rally supported by encouraging inflation data and Donald Trump's pro-cryptocurrency moves.
What happened: The unconventional Fartcoin surged over 27% in the last 24 hours to emerge as the biggest meme coin gainer.
The Solana (CRYPTO: SOL)-based token amassed a market capitalization of $1.24 billion at the time of writing, with trading volumes jumping 26% in the last 24 hours.
Fartcoin was followed by dogwifhat, another popular community-driven Solana meme coin, based on a meme featuring a dog wearing a hat.
The billion-dollar-valued cryptocurrency pumped 11%, while its trading volume jumped 75%.
PENGU, the official coin of the popular non-fungible token collection Pudgy Penguins, gained 9.76% to a market capitalization of $2.16 billion.
Cryptocurrency | Gains +/- | Price (Recorded at 10:45 p.m. ET) |
Fartcoin (FARTCOIN) | +27.22% | $1.25 |
dogwifhat (CRYPTO: WIF) | +11.55% | $1.71 |
Pudgy Penguins (PENGU) | +9.76% | $0.03448 |
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Meme coin heavyweights like Dogecoin (CRYPTO: DOGE) and Shiba Inu (CRYPTO: SHIB) also gained momentum, rising 3.63% and 2.58%, respectively.
Ethereum (CRYPTO: ETH)-based frog-themed coin Pepe (CRYPTO: PEPE) jumped 6%, while cat-themed Popcat, one of 2024's biggest gainers, rallied 7.88% in the last 24 hours.
The total meme coin market capitalization rose 4.83% to $106.94 billion, while the overall volume surged 27.81% to $10.74 billion.
The upsurge followed slower-than-expected growth in core inflation, seen as a net positive for risk-on assets. Additionally, a report raised hopes for clear cryptocurrency regulations under new SEC leadership in the Trump administration.
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