Meme Coin Market Cap Explodes to $55B as Popcat, Moodeng, Neiro, and Mog Coin Surge

The meme coin market cap has surged to nearly $55 billion, driven by the explosive growth of tokens like Moo Deng, Popcat, Neiro, and Mog Coin.

Meme coins, a class of cryptocurrencies known for their amusing nature and lack of inherent value, have experienced a remarkable surge in recent months, driven by a trading frenzy among retail investors. As a result, these tokens have become some of the top gainers in the crypto market.

According to data from CoinGecko, meme coin market cap has surged to nearly $55 billion, largely thanks to the explosive growth of tokens like Moo Deng, Popcat, Neiro, and Mog Coin. These coins have soared in value as traders have shifted their attention away from Bitcoin, which has remained relatively stable recently.

While the broader crypto market has seen substantial gains, with many traders adjusting their positions, meme coins have emerged as clear winners. CoinGlass reports that over $200 million in liquidations have occurred over the past 24 hours, with 60% of those being short positions.

Interestingly, Bitcoin’s ability to find support at critical levels has played a role in the meme coin explosion. As BTC has held up key price points, it has provided a foundation for these tokens to amplify their moves in a positive market environment.

Despite Bitcoin’s relatively sideways trading activity, with cautious upward movement, meme coins have dominated the market. Coins like Popcat, Moodeng, Neiro, and Mog Coin have surged, grabbing the attention of traders.

Popcat, a Solana-based token, has seen a 40% rise in a week, largely driven by technical buying and a breakout from an ascending triangle pattern. Its market cap now stands at $1.4 billion, and as it approaches a key resistance level, traders are watching closely for the potential of further gains.

Moo Deng, a token inspired by the Thai zoo hippo, saw a 480% increase in 24 hours after Ethereum co-founder Vitalik Buterin mentioned it on social media.

Buterin sold 10 billion MOODENG tokens for 308.69 ETH (approximately $762,000), donating the proceeds to charity. His comment on meme coins being “maximally positive-sum for the world” has only served to increase the hype surrounding these tokens.

Moreover, Neiro and Mog Coin have gained significant traction in recent times, with Mog surging by 18% and Neiro by 50% in the last 24 hours, adding to the overall meme coin enthusiasm.

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