Meme coin market sees major gains

The meme coin sector has experienced a notable resurgence, with its market capitalisation reaching $120 billion in the past 24 hours.  

This growth comes amid a broader recovery in the cryptocurrency market, which saw its total market cap exceed $3.6 trillion, buoyed by significant gains from major assets like Bitcoin (CRYPTO:BTC) and XRP (CRYPTO:XRP).  

In the meme coin arena, Dogecoin (CRYPTO:DOGE) remains the leading token, rising by 5%, while its rival Shiba Inu (CRYPTO:SHIB) has increased by 4%.  

However, several lesser-known tokens have outperformed these giants. Dogwifhat (CRYPTO:WIF) surged by 15%, and Peanut the Squirrel (CRYPTO:PNUT) saw a rise of approximately 10%.  

Another standout is Toshi (CRYPTO:TOSHI), which gained over 100% on January 15 after being added to Coinbase's roadmap section.

Currently, TOSHI holds a market cap of nearly $130 million but still has a way to go to break into the top ten meme coins.  

The recent uptick in meme coins is also linked to Trump-themed tokens, which have gained traction amid anticipation surrounding Donald Trump’s upcoming inauguration as the 47th President of the United States.  

MAGA (CRYPTO:TRUMP) has climbed by 9%, while MAGA Hat (CRYPTO:MAGA) experienced a significant increase of 17%.

Other related tokens such as Dark MAGA (CRYPTO:DMAGA) and MAGA: Fight for Trump (CRYPTO:TRUMPCOIN) have also shown impressive gains.  

This surge in meme coins is likely influenced by the excitement surrounding Trump's inauguration set for January 20.