Why Memecoin Price Are Skyrocketing Today?

With the escalation of the demand for utility-based tokens in late 2024, the Memecoin price took a toll. Nearly $44 billion from market cap was lost in just a three-week span, but now the interest is resurfacing, with a massive boost in DOGE, SHIB, and other meme-themed cryptos. Notably, the multi-billionaire Elon Musk has something to do with this.

DOGE, SHIB, FLOKI & Other Memecoin Price Skyrocketing

In a surprising manner, the Memecoin price witnessed a significant uptrend today per CoinMarketCap. Starting with the biggest meme-themed token, Dogecoin (DOGE) price surged 6% today, hitting $0.173. Shiba Inu is also following with 3% today. With a 101% up trading volume, SHIB currently trades at $0.00001179.

Notably, the biggest gainer of the day is the BUILDon (B) with 28% gains, followed by Floki with a 14% rally and SPX6900 with a 12% surge. Other Solana meme coins like BONK, TRUMP, and even Pepe coin are up significantly.

However, the same surge is not distributed in the broader market, signaling the dominance of meme cryptos today.

Why is the Memecoin Price Up Today?

The biggest reason behind today’s pump is the launch of Elon Musk’s ‘America Party.’ With his popularity in the crypto space and association with trending meme coins like DOGE, there’s a bullish demand for these tokens. Moreover, his hints of keeping his party crypto-friendly, especially around Bitcoin, the crypto market is booming today.

Besides, the positive impact of Donald Trump’s BBB bill is visible. Upcoming developments in the crypto week and bills pushing the market further.

Amidst Dogecoin’s breakout above the key $0.17 resistance mark, the bullish sentiments are affecting the entire category. Moreover, the AI meme-cryptocurrencies are flourishing with renewed hype and development in the AI industry.

Recently, Grayscale launched a new index, tracking 24 AI tokens. More importantly, it revealed that this category has grown 3× from 2023 and has more potential to go.

🚨 The AI Crypto Boom Is Here: But Still Tiny

Grayscale just formally launched its Artificial Intelligence Crypto Sector Index, now tracking 24 tokens with a combined market cap of $15B — up 3x from 2023.

But here’s the kicker: that’s still less than 1% of Bitcoin’s market… pic.twitter.com/EtzM8xejI0

— Jungle Inc Crypto News (@jungleincxrp) July 7, 2025

Last but not least, the capital rotation is another prominent factor for the surge in these cryptos. As the market conditions improve, investors’ risk-taking increases and results in a rise in capital inflow in various categories, including meme coins.

Pooja Khardia

Pooja Khardia is a seasoned crypto content writer with 6+ years of experience in writing, including in blockchain, cryptocurrency, DeFi, and digital finance reporting. In her adventure journey, she is currently working with CoinGape Media and leading their Trending Section.

Here, she uses her expertise to deliver analytics, market insights, price predictions, and information on what’s trending in the crypto space, aiming to keep the crypto and web3 community updated with market trends and important insights.

Known for a user-centric and straightforward writing style, Pooja is passionate about making crypto easy and accessible. Her writing blends market research with storytelling, helping readers stay ahead in a fast-paced industry.

When not behind the keyboard, Pooja embraces her creative side through drawing and crafting. Connect with Pooja on LinkedIn or X.