The memecoin craze has returned in full force, with several meme-themed cryptocurrencies seeing massive gains recently. Leading the pack is PepeCoin (PEPE), which has skyrocketed over 60% in the last 24 hours.

Pepe is a memecoin based on the popular Pepe the Frog meme. It was originally launched in 2013 but gained renewed interest this year as the memecoin market heated up again. The recent price surge has made Pepe one of the top trending coins today, according to CoinMarketCap.

Other memecoins seeing big gains include Wif, FLOKI, SHIBA and Bonk. All doing impressive numbers over the weekend.

The return of memecoin mania also reflects the powerful momentum of hype and virality in crypto. Memecoins often have very enthusiastic online communities that aggressively promote their coin, fueling massive rallies. While memecoin investments are highly risky due to the volatility, the potential for explosive short-term gains is enticing many retail investors.

The comeback of memecoin mania is also indicative of the current bullish sentiment in the crypto markets. With Bitcoin and Ethereum recovering strongly in 2024 so far, investors are more willing to speculate on altcoins in hopes of parabolic returns. This is pushing up memecoins along with the broader altcoin market.

The big question is: which memecoin will perform best going forward this year? Could we see Dogecoin reclaim its former glory as the king of memecoins? Or will newcomers like Pepe, FLOKI, WIF and Bonk continue to steal the spotlight? I'll like to hear your views...