Meme coins outperform BTC and ETH in latest crypto rally

On July 21, bitcoin (btc) briefly surpassed $68,000 and caused price jumps across the cryptocurrency market. In this scenario, meme coins have stolen the spotlight by outperforming btc and ethereum (eth) over the past seven days.

Cat-themed meme coins were the ones that got the most boost from this move, rising 8.8% on average over the past 24 hours, but likely driven by a honeypot token.

Jacky (JACKY) is a token with the image of a black cat that was launched on July 5th via Moonshot, the meme coin launchpad developed by DEX Screener. Despite a lack of activity for a week, the token suddenly surged by over 160% in the past 24 hours. However, the transaction checker on DEX Screener shows that most of them are dust transactions, meaning liquidity was removed.

However, the Binance Smart Chain-based meme coin called Catcoin (CAT) is up 60% over the past 24 hours. CatSolHat (SOLCAT) also saw significant movement with a 76.6% increase over the period.

In addition, the hehe cat coin (JEJE) maintained its Last week's boost and recorded a daily growth of 50.2%. It is worth noting that during the past week, HEHE shot up by 216%.

The Solana meme coin ecosystem also saw significant average growth of 5%, thanks to a dog coin in a pool. The doginapool (DIP) token increased by 263% in the past 24 hours, approaching $4 million in market cap and surpassing $1 million in volume.

The meme coin narrative has outperformed btc and eth over the past week. Meme-related tokens have a 5% lead over the period compared to btc and 9.3% over eth.

However, meme coins were unable to outperform Solana (SOL) over the past seven days, falling 3% behind SOL’s growth.

Earlier this week, meme coins significantly outperformed major cryptocurrencies like bitcoin, ethereum, and Solana, rising 12% as traders moved their assets into more speculative instruments.