Meme Coin Revival Following the Fed’s Rate Cut: Here Are the Top Performers

TL;DR

The meme coin market cap surged to nearly $45 billion, with certain cat-themed tokens standing among the best performers.Neiro (NEIRO) saw explosive growth, up 1,400% monthly, and has a market cap of $350 million. This growth was driven by major exchange listings and surpassing trading volumes of other leading memes.

Cat Memes Lead the Pack

The meme coin sector has witnessed a substantial resurgence in the past 24 hours, with its market capitalization rising to almost $45 billion. The revival aligns with the overall bullish condition of the cryptocurrency industry following the US Fed’s decision to cut interest rates for the first time in nearly four years.

The leading meme coins, Dogecoin (DOGE) and Shiba Inu (SHIB), are up 4% and 7%, respectively. Pepe (PEPE), Floki Inu (FLOKI), and dogwifhat (WIF), which round up the top 5 list, are also well in the green.

However, the main stage belongs to certain cat-themed meme coins. Popcat (POPCAT) saw its price soaring by 30% daily, whereas Mog Coin (MOG) spiked by 15%.

Cat in a Dogs World (MEW) should also be placed among the notable gainers. Its valuation jumped by 22% on a 24-hour scale after the leading South Korean crypto exchange Upbit allowed trading services with the token.

MEW Price, Source: CoinGecko

NEIRO Keeps Impressing

Another meme coin that we will touch upon is the recently-launched Neiro (NEIRO). Its price is up a whopping 1,400% monthly and 1,900% weekly, currently trading at around $0.0008418 (per CoinGecko’s data).

NEIRO Price, Source: CoinGecko

Its exponential growth started shortly after Binance introduced the NEIRO/USDT trading pair on its platform earlier this month. Shortly after, the Indonesian-based LBank Exchange also allowed users to deal with the coin. 

As of now, NEIRO’s market capitalization stands at $350 million, making it the 13th-largest in its realm. The X user TraderSZ predicted that the figure could rise to $500 million soon, while GGsOnly was even more optimistic, envisioning an increase toward the $1 billion milestone.

Meanwhile, NEIRO’s trading volume in the past 24 hours reached almost $700 million, thus surpassing SHIB ($393 million), WIF ($638 million), and FLOKI ($350 million). This development typically indicates increased market activity, where a large number of people buy and sell the asset. It could also be associated with better liquidity and potential volatility in the short term.