Despite a subdued overall crypto market, meme coins are once again taking the spotlight, with Solana-based tokens leading the charge in price surges.

In a landscape where most cryptocurrency markets remain relatively stagnant, the meme coin sector is witnessing notable growth.

Data from CoinGecko reveals that tokens such as Pepe (PEPE), Floki (FLOKI), Dogecoin (DOGE), and Shiba Inu (SHIB) have emerged as top gainers over the past 24 hours. These coins have seen price increases ranging from 6% to 10%, propelling them to the forefront of the market's gainers list.

Additionally, other meme coins like Bonk (BONK) and Dogwifhat (WIF) have also demonstrated significant growth, with gains of 4.5% and 3.7% respectively within the same period.

The overall capitalization of the meme coin sector is also on the rise, with the crypto market cap experiencing a 6.5% increase in the past 24 hours, reaching a total of $54.4 billion. Trading volumes have surged to nearly $5 billion during this period.

Meme coins have remained a hot topic of discussion throughout the second quarter of the year, especially following the remarkable price surges of popular tokens like WIF during the first quarter.

The recent surge in the meme coin sector could be attributed to news of a trader making significant profits from the meme token KITTY after the resurgence of interest in the X account of financial analyst Keith Gill. Gill, who played a pivotal role in sparking enthusiasm among retail traders and Wall Street over the stock price of GameStop in 2020, saw his return trigger renewed interest in meme tokens.

According to Lookonchain analysts, a user invested $3,000 in Solana (SOL) to acquire 17.4 million KITTY tokens shortly before Gill's tweet about his return. Subsequently, the price of KITTY surged by over 8,000%. The trader capitalized on this surge by selling 12.8 million KITTY for $41,000, resulting in a balance sheet of 4.6 million KITTY valued at $56,000.