Meme Coins Heat Up With Massive Gains, But This One Steals the Show

TL;DR

• One trending cat-themed meme coin soared to a three-month high amid the overall rally of the crypto market and other reasons.
• Dogecoin, Shiba Inu, PEPE, and others also posted solid gains, while the niche added around $4 billion in value in just one day.

This Meme Goes Vertical

The cryptocurrency market has recorded a notable surge in the past 24 hours, with Bitcoin (BTC) inching closer to the psychological level of $100,000. Most leading altcoins are also well in the green, while the meme coin niche is full of top performers.

An example is the Ethereum-based Mog Coin (MOG), whose valuation exploded by 40% for the day, rising to its highest level since the beginning of February. Its market capitalization exceeded $350 million, placing it among the 15 largest meme coins.

Besides the overall revival of the cryptocurrency sector, there seems to be another factor fueling MOG’s latest rally. Some influential figures have recently supported the emerging “mog/acc” movement, representing a blend of meme culture and tech futurism. The shiny “mog glasses” have become a visual signature of the trend and are also featured on the logo of the MOG meme coin.

Popular individuals who added such an accessory to their profile pictures on X include Garry Tan, the President and CEO of Y Combinator, and Elon Musk, one of the wealthiest people on the planet. 

“Mog/acc means your brain power turns into real prosperity in the real world,” Tan recently stated on the social media platform.

The cat-themed meme coin MOG saw the light of day in the summer of 2023, but made the headlines in December last year when it reached an all-time high. The recent resurgence has infused significant enthusiasm across its community, with one X user claiming that a new peak “is not a matter of if but instead when.”

How Аre the Other Memes Doing?

One will find it quite challenging to spot a meme coin in the red zone for the day. Dogecoin (DOGE) – the undisputed leader of the realm – is up 6%, currently trading well above $0.18.

Its biggest rival – Shiba Inu (SHIB) – has risen by 5%, while Pepe (PEPE), Official Trump (TRUMP), Bonk (BONK), Pudgy Penguins (PENGU), dogwifhat (WIF), and many more have recorded double-digit increases.

The sector’s market cap has spiked by 8% in 24 hours, and as of this writing, it stands at almost $61 billion. This represents serious progress compared to the sub-$45 billion level witnessed last month, but remains far from the peak towards the end of 2024, when the capitalization exploded above $120 billion.