The market cap of memecoins has increased by over 10% in the past 24 hours — outperforming the rest of the cryptocurrency market.

The top five memecoins by market capitalization in the CoinGecko memecoin market capitalization category account for around 77% of the total memecoin market capitalization of over $58 billion. Of the top five memecoins, shiba inu has posted a notable rally in the past 24 hours. The token is trading over 7% during that time frame, and 12% in the past week, The Block's Price Page shows.

Major memecoins such as dogecoin, pepe and floki increased by 6%, 28% and 24%, respectively, in the past week. In comparison, leading cryptocurrencies bitcoin and ether increased by around 8% and 0.3%, respectively, according to The Block's Prices Page.

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