Meme coins have taken the cryptocurrency market by storm, capturing investor attention with impressive gains. The rapid growth of meme coins like PEPE and PNUT has made them some of the best-performing digital assets. 

Their volatility, combined with strong social media traction, is shifting investor sentiment toward these high-risk, high-reward tokens.

Meme Coins Take Over The Crypto Market

Eight of the top ten best-performing cryptocurrencies in the past 24 hours are meme coins. While PEPE and PNUT lead with outstanding gains, other similar meme tokens have seen growth under 40%. 

Although relatively modest for meme coins, these returns still outperform many altcoins, highlighting the intense investor interest in this sector. The continued momentum surrounding these tokens signals a notable shift in the market’s focus from established assets to more speculative investments.

According to data from Santiment, the rise of meme coins reflects a significant shift in macro market trends driven by investor engagement. Social data reveals that these meme tokens, particularly the top six, now exhibit greater social dominance than Layer 1 tokens, showing a trend toward decentralized and community-driven assets. This strong presence highlights their cultural impact as investors increasingly turn away from Layer 2 tokens in favor of meme coins. 

“Historically high speculative asset social dominance typically indicates greed and emotional trading,” Santiment noted.

PNUT Price Prediction: Today’s Meme Coin Leader

In the past 24 hours, PNUT has skyrocketed by 348%, positioning it as the top-performing asset of the day and propelling it into the top 100 cryptocurrencies. This remarkable surge has attracted considerable attention across the market.

Currently valued at $2.07, PNUT’s rally could continue its upward trend, potentially surpassing today’s record high of $2.50 if the demand holds steady. Investor sentiment remains positive, fueling hopes for even greater gains as momentum drives the meme coin’s growth.

On the other hand, a wave of profit-taking could cause PNUT’s value to drop. This could possibly send PNUT back to around $1.20 or lower. Such a decline would dampen the bullish sentiment and potentially shift the market’s perspective on the meme coin.

Aaryamann Shrivastava is a technical and on-chain analyst at BeInCrypto, where he specializes in market reports on cryptocurrencies from diverse sectors, including Telegram Apps, liquid staking, Layer 1s, meme coins, artificial intelligence (AI), metaverse, internet of things (IoT), Ethereum ecosystem, and Bitcoin. Previously, he conducted market analysis and technical assessments of various altcoins at FXStreet and AMBCrypto, covering all aspects of the crypto industry, including...