Memecoin index up nearly 10% as SHIB, DOGE and PEPE rally

Ecosystems•July 16, 2024, 3:27PM EDT
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Memecoin index up nearly 10% as SHIB, DOGE and PEPE rally

Quick Take

  • The Block’s GMCI Meme Index showed a nearly 10% increase in the past 24 hours. 
  • The top heavyweights included Shiba Inu, Dogecoin and Pepe. 
  • Political memecoins also fluctuated after Trump survived an assassination attempt and announced his vice president.  
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The GMCI index for memecoins rose nearly 10% as top tokens like rose in the past 24 hours. 

The highest gainer was Shiba Inu (SHIB), which gained 5.36% to $0.000019 in the past day and now has more than a quarter of The Block's GMCI meme index weight.

Dogecoin (DOGE) followed second with a weight of 23.3%, with the token seeing a 3.88% rise to $0.13. And Pepe (PEPE) came third with a weight of 16.4%, increasing 19.55% to $0.000012 in the past day, according to The Block Prices. 

Poltical memecoins

Political memecoins also saw a change in the past day. CoinGecko finds that Jeo Boden, the purposely misspelled memecoin named for United States President Joe Biden, increased 4.1% to $0.035 in the past day. The MAGA (TRUMP) token dropped 4.35% in the past 24 hours to $7.87.

After Republican Presidential Candidate Donald Trump picked U.S. senator J.D. Vance, R-Ohio, to be his vice president, the memecoin MAGA VP fell about 56% to $0.1192 during the same time frame, according to the crypto price tracker CoinMarketCap.