Are meme coins winning right now?

Memecoins are showing some interesting movements in the crypto market, and one particular memecoin, Floki Inu (FLOKI), has been taking the lead.

When the recent crypto market rally began, FLOKI initially remained stagnant, much like other meme coins. However, things took a different turn recently.

On Thursday, FLOKI broke out of its trading range and embarked on a significant green rally. In the past week alone, the meme coin's price surged by over 116%.

In the last 24 hours, FLOKI's price increased by 24.7%, making it the top gainer in the crypto market during that period. This impressive performance puts it ahead of other notable cryptocurrencies like NEO and INJ.

Pepe Coin (PEPE) is another meme coin that has been performing well. While it followed the market recovery slightly faster than the rest, its rally hasn't fizzled out.

In the last 24 hours, PEPE remained in the green, with a seven-day increase of 86%. It managed to return to its August high of $0.00000121 after a previous drop of over 50%, regaining its status as the third-largest meme coin with a market cap exceeding $500 million.

Baby DogeCoin (BABYDOGE) has also surprised investors with its performance, taking a slightly more low-key route. Nonetheless, it has seen a noteworthy increase.

Over the past week, BABYDOGE's gains reached 42.3%, with daily gains of 14.3% and a 4.6% increase in the last hour at the time of writing. This indicates sustained interest in the meme coin, potentially allowing it to maintain its gains more effectively.

Dogecoin (DOGE) and Shiba Inu (SHIB) have also responded to the market trend, but to a lesser extent when compared to their smaller meme counterparts. DOGE has recorded seven-day gains of 19.1%, while SHIB has seen a 13.9% increase in the same period.

Notably, these two largest meme coins are the only ones in the report experiencing a daily decline, with DOGE down 1.1% and SHIB down 0.4%.