Meme coins are on fire again, with legacy tokens and newer ones joining rallies accompanying Bitcoin’s push toward its recent highs. As Bitcoin price trades above $103,000, retail speculation has surged back to one of crypto’s most unpredictable corners: the meme sector.
One of the standout performers is GOAT, which trades on Raydium via Solana. Over the last 24 hours, the GOAT coin increased by 57.82% and is now priced at $0.2242, with a market cap of $224.1 million.
The 15-minute candlestick view shows consolidation between $0.12 and $0.14 on May 11, followed by a textbook parabolic rise. Starting around 06:00 UTC on May 12, the price broke out of a flat trading range with increasing volume, peaking at $0.26 before retracing to current levels around $0.2241.
Volume in the last 24 hours has exceeded $20.2M, with a near-equal balance between buy ($10.4M) and sell ($9.7M) pressure. This indicates healthy market participation rather than speculation. Over 50,000 transactions have occurred, with 25,156 buys vs. 25,098 sells, showcasing strong two-way activity.
The rally in the GOAT meme coin may be driven by broader meme hype and its relative novelty. As the #17 trending token on Raydium, GOAT is gaining visibility, which is translating into increased capital inflows.
Legacy Meme Coins See New Life
Alongside GOAT, classic names like PEPE, FLOKI, and WIF are leading.
PEPE rose by 14.6% to surpass $6B in market cap. Despite being nearly two years old, PEPE remains a liquidity magnet that continues to benefit from widespread CEX listings and strong meme branding.
FLOKI also rose by 14.4%, climbing to a market cap of $1.13 billion. Its sustained relevance is tied to aggressive marketing, ecosystem expansion, and recent staking-related updates.
WIF (dogwifhat), one of the Solana-based meme coins gaining traction in early 2024, surged by 39.4% to reach $1.2 billion. WIF is riding a wave of interest in canine-themed coins and the strength of Solana-based DeFi. Other top gainers include MOODENG at 118%, PNUT at 27.5%, MEW at 27.3%, and POPCAT at 18.7%. There’s also CHILLYGUY at 39% and TOSHI at 42%.
Bitcoin’s Strength Powers the Surge
Bitcoin itself is driving this rally, currently trading above $103K. Historically, meme coins lag Bitcoin’s initial pump but explode once traders rotate profits into more volatile assets.
Indeed, this behavior appears to be repeating. With Bitcoin footing above $100k, capital flows into smaller-cap, community-driven tokens, especially those with historical branding like PEPE and FLOKI.
Despite the enthusiasm, questions remain. Meme coin rallies can be fast and brutal, with sharp retracements as common as explosive gains. GOAT’s sharp retrace from $0.26 to $0.2241 within hours is a reminder that volatility cuts both ways.
Still, the trend is hard to ignore. Liquidity is flowing, a risk-on sentiment is returning, and meme coins, like it or not, are once again leading the charge.
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