Nexus Erebus (NXR) Leads Meme Coin Market Rally With 503% Gains

The crypto market has shown a positive swing in sentiments with upward price movements across Bitcoin (BTC), altcoins, and meme coins.

Crypto market sentiments shifted positively on Monday with price increases observed in Bitcoin (BTC), altcoins, and meme coins. As anticipated, several meme coins outperformed the broader market, securing triple-digit gains at the beginning of the year.

According to digital asset analysts, the overall trend is likely to continue, influenced by macro factors, though corrections may be recorded in various assets.

At press time, the total crypto market cap stood at $3.5 trillion, indicating a 2.5% growth in the last 24 hours. Meanwhile, the total meme coin figure was up 14% in the same period as it soared to over $127 billion.

While bullish traders continued to drive trading activities, bear traders cautioned against sharp volatility in January.

Top Meme Coins Gainers

Based on data from CoinGecko, the following assets led the meme coin charts amid massive community participation.

Leading the pack was Nexus Erebus (NXR) with a 503% gain today to trade at 0.001682. The asset’s growth pattern was evident across multiple timeframes, showing resilience despite periods of price corrections.

Over the last week, NXR picked up an impressive 1292.5% performance, recovering from 307% gains in the last 30 days. With a market cap of over $1.6 million, the asset’s low figures attracted new users. In meme coins, crypto traders typically preferred early entries to gain an edge.

Highlighting the day’s massive inflows, MLG surged by 269%. The meme coin exchanged hands at $0.009225, taking its market capitalization to over $8.8 million. This week, MLG recorded 196% gains, complimenting a similar monthly figure. The asset’s growth was attributed to factors ranging from community participation to high volumes.

Trumpius Maximus (TRUMPIUS) picked up a 215% increase today to trade at $0.2685. Like other fast-rising meme coins, the asset posted huge wins in the short-term window.

Is a Meme Coin Frenzy On The Cards?

Anticipating a meme coin frenzy this year, several crypto users cited a string of market-moving factors. Meme coins were known to jump in line with broader market trends, necessitating a close monitoring of altcoin fundamentals.

Last year, the market witnessed two meme coin rallies after Bitcoin soared to new all-time highs. The first came following the approval of spot Bitcoin ETFs, while the second was recorded after the U.S. Presidential elections. Days after Donald Trump’s inauguration, crypto traders shifted their holdings. Recently, meme coin bulls also made large asset purchases, boosting sentiments.