MEME Coin Sector Rallies 20% Over Past Month, Market Cap Reaches $34B

Gate News message, April 23 — The MEME coin sector has surged nearly 20% over the past month, with its total market capitalization climbing to $34 billion, according to CoinMarketCap data cited by DL News. However, this remains approximately 75% below the sector's peak of nearly $140 billion in December 2024.

Analysts attribute the rally to improved risk appetite, rising on-chain speculation activity, and significant gains in several major tokens. Dogecoin continues to lead by market capitalization and trading volume but has declined 87% from its 2021 all-time high.

Recent regulatory developments have also shaped the sector's trajectory. The SEC and CFTC jointly proposed a five-category token classification framework, categorizing meme coins as collectibles. Additionally, Canary Capital has submitted an application for a Pepe ETF to the SEC.