Meme Cryptocurrencies Outperform Top 100 Benchmark Amid Market Recovery

According to U.Today, meme cryptocurrencies are experiencing a surge, outperforming the top 100 benchmark as digital assets recover from a volatile weekend. Pepe (PEPE), a popular meme coin on Ethereum (ETH) and Arbitrum (ARB), nearly achieved double-digit gains. On May 13, 2024, among the top 100 cryptocurrencies by market capitalization, the largest meme coins showed the best 24-hour performance. PEPE led the pack with almost 10% growth. Floki (FLOKI), another well-known dog-themed cryptocurrency, showed a similar growth rate, while Shiba Inu (SHIB) increased by 7.4% overnight. Dogecoin (DOGE), the largest meme cryptocurrency by capitalization and the only 'dog coin' among the top 10 biggest cryptocurrencies, rose by 5.6%, pushing its capitalization beyond $21 billion. Other notable performers include Bonk (BONK) and Dogwifhat (WIF), which surged by 6.7% and 3.6% respectively. In contrast, over the weekend, all large meme coins underperformed compared to the market's benchmark. However, the overall crypto market added only 1.7% overnight, while Bitcoin (BTC), the largest cryptocurrency, jumped by 2.7%. In the altcoin segment, areas associated with meme coins showed significant growth rates in 24 hours. Cat-themed coins, only surpassed by AI cryptocurrencies, added 14.5% in 24 hours, driven by local rallies of POPCAT, MOG, and other minor cat coins. According to CoinGecko data, meme coins and dog-themed coins are the fourth and fifth fastest-growing segments.