Memecoins rally despite pullback in wider crypto market

Markets • March 14, 2024, 8:37AM EDT

Published 1 minute earlier on

Quick Take

Major memecoins have sustained a 24-hour rally, with the Solana-based dogwifhat leading the charge.
The total cryptocurrency market cap fell 0.2% over the past day, with bitcoin and ether posting downturns of 0.3% and 2.5% respectively.

The meme coin market cap has increased by over 9% in the past 24 hours, significantly outperforming the rest of the cryptocurrency market, which posted a slight downturn of over 0.2% during the same period.

The top five memecoins by market capitalization in the CoinGecko memecoin market capitalization category account for around 35% of the total memecoin market capitalization of over $66 billion.

Of the top five memecoins, dogwifhat has posted the most impressive rally in the past 24 hours, reaching an all-time high price. The coin is trading at $3.18, up over 42% in the past 24 hours, The Block's Price Page shows.

Dogwifhat WIF -0.53% price hits an all-time high, leading a memecoin rally in the past 24 hours. Image: The Block.

Major memecoins such as dogecoin, shiba inu, pepe and floki increased by 7%, 2%, 14% and 6%, respectively, in the past 24 hours. In comparison, blue-chip cryptocurrencies such as ether decreased by around 2.5% during the same period, according to The Block's Prices Page.

Elon Musk hints at Tesla Dogecoin payments

The rally in the memecoin sub-sector comes after a video posted on X.com showed Elon Musk discussing the possibility of customers being able to purchase Tesla cars with Dogecoin.

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"When can you buy Tesla with Dogecoin? At some point, I think we should enable that," Musk said in a video uploaded by X user @dogeofficialceo. The Tesla CEO made the comments during a recent visit to the firm's Giga factor in Berlin. "You can buy Tesla merch with Doge, which is cool. So, Dogecoin to the moon," he added.

Another boost to memecoin market activity came after news that the Solana-based Dogwifhat mascot — a Shiba Inu wearing a hat — could grace the Las Vegas skyline following a successful $650,000 community raise. The Dogwifhat logo could now appear in full LED on the Las Vegas Sphere for a week.

According to the fundraiser's webpage, a call for community contributions has exceeded its fundraising target, hitting $672,288.156 in USD coin (USDC).

Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.

About Author

Brian McGleenon is a UK-based markets reporter for The Block. He has worked as a financial journalist and producer for multiple news outlets over the years, such as Fuji Television, The Independent, Yahoo Finance, The Evening Standard, and The Daily Express. Brian is also a screenwriter and producer with one feature film produced and one in development with Northern Ireland Screen. Apart from web3 and cryptocurrency developments, he is also interested in geopolitics, environmental issues, artificial intelligence, and longevity research. Get in touch via email [email protected].