Pepe, an Ethereum-based meme coin, gained 24% in the last 24 hours and is currently trading at $0.00001187. During the same time period, daily trading volume of crypto assets doubled to around $1.65 billion. On the other hand, its market value increased by 23% to over $5 billion and became the 22nd largest cryptocurrency.

Floki, a dog-themed meme coin on the Solana blockchain, also experienced a 21% price increase in the last 24 hours. The market value of the crypto asset, currently traded at $0.0001872, approaches $1.79 billion, while its daily trading volume hovers around $453 million.

Dogwifhat also experienced a 22% jump and is currently trading at $2.14 at the time of writing. This coin, which is the 44th largest cryptocurrency in terms of market value, has a daily transaction volume of $632 million.

At the time of publication, WIF’s market cap was pegged at $2.15 billion, retaining its place as the 44th largest crypto asset. This dog-themed meme coin (also Solana-based) is still down 55% from its all-time high of $4.85 reached on March 31.

Launched four months ago, meme coin BRETT was still up 21% and trading at $0.147, according to price data from crypto.news. During the same period, daily trading volume for this meme coin inspired by illustrator Matt Furie’s “Boy’s Club” comic book was $56.6 million, nearly doubling the previous day.

The overall rise in all these meme coins follows the rise in Bitcoin, the largest crypto asset by market cap. Bitcoin rose 3% to $64,900 on Tuesday. The 24-hour lowest and highest levels were recorded as $64,988 and $62,359, respectively.

Despite this rise, Bitcoin’s market dominance fell by 0.26% to 53.64%, indicating intensified activity in the altcoin market. The global cryptocurrency market market value also increased by 1.6% to a total of $2.34 trillion.

At the same time, the meme coin industry has also experienced a significant increase, rising almost 13% in the last 24 hours. The market value of the sector reached 53.1 billion dollars.

The big jump in the meme coin market is often attributed to Bitcoin’s performance due to its impact on the broader cryptocurrency market. When Bitcoin performs well, it often leads to increased investor confidence and interest in alternative coins (altcoins), including meme coins. This phenomenon can create a positive feedback loop in which rising prices attract more investors and push prices even higher.

Among other popular meme coin players, Bonk (BONK) and Shiba Inu (SHIB) gained 10% and 6% respectively in the last 24 hours. Meanwhile, Dogecoin (DOGE) recorded a modest gain of 4% in the same time frame.