The memecoin space was the best-performing crypto category today as Bitcoin (BTC) price surged to a range high of about $112,806. According to market data from CoinGecko, the memecoin industry gained nearly 10% during the past 24 hours, thus pushing its market cap above $79.5 billion.
What Were the Best Performing Memecoin Projects
Dogecoin (DOGE) led the wider memecoin space with a 7.4% pump during the past 24 hours to trade about $0.239 on Monday during the mid North American session. Pudgy Penguins (PENGU) rallied over 17% during the last 24 hours to trade about $0.034 at the time of this writing.
Solana (SOL)-based Bonk (BONK) rallied over 13% to trade about $0.00002317 at the time of this report. Other best-performing memecoin projects today include SPX6900 (SPX), Floki (FLOKI), Fartcoin (FARTCOIN), and Useless Coin (USELESS).
Why Did Memes Outshine Today?
Institutional Support
The memecoin space outshined other crypto categories today largely due to the rising support from institutional investors. For instance, the leading memecoin launchpad on the Solana network, Pump.fun, announced a strategic partnership with MEXC exchange to list a new coin from the Pump ecosystem every Monday, starting with Trencher Broadcasting Company (TBC).
Earlier on Monday, Coinbase Global announced the support of SPX memecoin. Meanwhile, several memecoins – led by DOGE, and PENGU – are likely to get a spot ETF approval in the near future.
Anticipated Altseason Ahead
The memecoin space outshined other categories partially due to rising crypto speculation by FOMO traders. As Coinpedia reported, the rising odds of a Fed rate cut on September 17 have increased hopes for an altseason before the end of this year.
Furthermore, the ETH/BTC pair has already singled out a rising capital rotation from Bitcoin to Ethereum.
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