Solana-based meme coin upstart dogwifhat (WIF) has managed to outperform both Dogecoin (DOGE) and Shiba Inu (SHIB) by daily trading volume, according to data provided by CoinGecko. 

Over the past 24 hours, WIF has recorded nearly $600 million in trading volume. 

Pepe (PEPE), another prominent meme coin, is in second place with $518 million worth of trading volume over the same period of time. 

For comparison, DOGE, the undisputed meme coin sector leader, is only in third place with $424 million. 

Shiba Inu, the second-biggest meme coin with a market cap of $10.2 billion, is only in sixth place with a relatively modest trading volume of $172 million. In fact, it has fallen below Bonk (BONK) and Floki Inu (Floki Inu). The two aforementioned meme coins have recorded $208 million and $191 million worth of trading volume, respectively. 

The figures show that traders show more interest in less established meme coins compared to the current market leaders. 

The meme coin revival

Overall, the entire meme coin sector is in the green, with some prominent meme coins (such as WIF and Bonk) recording double-digit price gains.

On Sunday, Murad Mahmudov, a well-known financial analyst, suggested that the meme coin could be in the process of building a massive descending wedge on higher time frames.   

In the meantime, PeiPei (PEIPEI) has found itself among the leaders of the meme coin sector with its trading volume approaching the $150 million mark. The relatively obscure altcoin is up as much as much 37% over the past 24 hours, becoming one of the best-performing cryptocurrencies in the top 10.