The cryptocurrency market is experiencing a surge in momentum, with the global market capitalization reaching $2.56 trillion, a 1.69% increase in the past 24 hours and a remarkable 118% rise over the last year. According to Coinmarketcap, the top three gainers of the day are Floki (FLOKI), Pepe (PEPE), and Ethena (ENA), showcasing impressive double-digit surges that defy the downtrend.

Floki Inu (FLOKI), inspired by the popular Shiba Inu meme coin, has seen a significant surge, trading at $0.00021 with a 0.97% increase in the past 24 hours. With a trading volume of $2.82M, Floki has expanded its ecosystem beyond the meme coin, incorporating gaming and NFT collections. The FLOKI DAO has also decided to burn 15.24 billion tokens, with an overwhelming 99.84% of votes in favor of the burn proposal.

Pepe (PEPE), named after the internet meme character Pepe Frog, has also risen substantially, trading at $0.00001002 with a 0.62% increase in a day. With a trading volume of $8.65M, Pepe continues to attract investor interest, contributing to its significant price movements. Despite market declines, PEPE has recently outperformed other cryptocurrencies, reaching a new ATH of $0.00001156.

Ethena (ETH), a synthetic dollar built on Ethereum, is another notable gainer, trading at $0.7936 with an impressive 12.50% increase within 24 hours. With a trading volume of $3.49M, Ethena has gained recognition for its creative approach within the crypto market, employing blockchain technology to offer financial products. Its performance indicates investor confidence and interest, attracting new investors as new developments are made on-chain.