Meme coin market cap nears $72 billion... up 30% this month

JOON HYOUNG LEE

Summary

The market capitalization of meme coins has reportedly increased by about 29% this month, reaching approximately $72 billion.
The 24-hour trading volume of meme coins has surpassed $18 billion, marking an all-time high.
The rise in the price of Ethereum (ETH) has been identified as a major reason for the increase in meme coin prices.

The market capitalization of meme coins has increased by nearly $17 billion this month.

Cointelegraph, citing CoinMarketCap data on the 17th (local time), reported that the meme coin market cap was approximately $72 billion as of the day. This marks an increase of $17 billion (29%) compared to the end of last month ($55 billion). Cointelegraph also noted, "On this day, the 24-hour trading volume of meme coins surpassed $18 billion, setting an all-time high."

The meme coin with the highest price increase this week was BONK. According to Cointelegraph, the price of BONK surged by approximately 72% just this week. Pudgy Penguins (PENGU) and Floki (FLOKI) also saw increases of 45% and 58%, respectively.

The upward trend of Ethereum (ETH) is cited as a major factor driving meme coin prices higher. As of 7:15 p.m. that day, Ethereum was trading at $3,466.34 on CoinMarketCap, up 9.83% from the previous day. This is about a 25% increase compared to one week ago.