Meme coins become top gainers again in flat crypto market

The meme coin sector continues to grow against a lull in the crypto market, with Solana-based coins showing price increases.

Tokens in the meme coin sector again showed rapid growth despite most cryptocurrency markets being flat.

According to data from CoinGecko, Pepe (PEPE), Floki (FLOKI), Dogecoin (DOGE), and Shiba Inu (SHIB) topped the growth chart over the past 24 hours. Coins rose in price from 6% to 10%, leading the top gainers rating.

In addition, Bonk (BONK) and Dogwifhat (WIF) coins showed significant growth, rising by 4.5% and 3.7%, respectively, over the past day.

Overall, capitalization of the meme coin sector is also showing growth. In the previous 24 hours, the crypto market cap has increased by 6.5%, reaching $54.4 billion, while trading volumes approached $5 billion.

Meme coins remain a popular topic of discussion in the second quarter of this year following the staggering price increases of popular tokens such as WIF in the first quarter.

Presumably, the rise of the entire meme coin sector over the past 24 hours came amid news of a trader who made a substantial profit on the meme token KITTY after awakening the X account of financial analyst Keith Gill, who sparked enthusiasm between retail traders and Wall Street over the stock price of GameStop in 2020.

Lookonchain analysts noted that a user spent $3,000 in Solana (SOL) to purchase 17.4 million KITTY shortly before Gill tweeted about his return. Soon after, the price of the meme token increased by more than 8,000%. The trader then sold 12.8 million KITTY for $41,000, leaving 4.6 million KITTY equaling $56,000 on the balance sheet.