Cryptocurrency markets have seen minimal change over the past 24 hours, with major cryptocurrencies such as Bitcoin and Ethereum experiencing some volatility, according to CoinGecko data. Bitcoin rose just over 1%, while Ethereum fell 0.5%. Meanwhile, BNB on the BNB chain and Solana’s Sol recorded a 3% decline.
The cryptocurrency landscape saw significant activity among meme coins, which surged earlier this week as shares of GameStop (NYSE:GME) continued to rise. Dog-themed Floki led the gains among major tokens, up 12%, while Pepe rose 5% to a new all-time high.
The meme coin rally was fueled in part by social media posts from well-known retail trader Keith Gill, who previously influenced massive short selling of GameStop’s stock in 2021. His recent posts drew his @ and led to a surge in meme stocks and tokens. TheRoaringKitty persona.
Meanwhile, the joke GameStop token on the Solana blockchain reached a market capitalization of $100 million, rising 700% in just one week.
As pointed out by Alex Kuptsikevich, senior market analyst at FxPro, despite this rise among meme tokens, the broader cryptocurrency market appears weak, with no significant support from a bullish equity trend or a weak dollar.
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