Meme coins are back at it with significant gains throughout the past 24 hours. The market is recovering, in general, but some meme coins are undoubtedly performing better than the rest.

Shiba Inu (SHIB) is up a whopping 13% over the past 24 hours, trading at slightly below $0.0003. The cryptocurrency remains down some 10% on the weekly chart, outlining the considerable volatility it has experienced over the past few days. That said, SHIB is performing better than DOGE, which is up only 5.7% over the past day.

And yet, the Solana-based meme coin Dogwifhat (WIF) is the best performer in the meme coin market today.

The cryptocurrency exploded by some 30% over the past 24 hours. It is currently trading at around $3. This didnt happen on its own, however. The surge coincided with a photo that Elon Musk posted on Twitter.

pic.twitter.com/ISL9LJboSF

Notably, its his dog and a couple of others celebrating its birthday and wearing a hat. Apparently, thats all it needs for the market to go soaring up, despite the fact that theres no obvious relationship between the photo and meme thats becoming increasingly popular.

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Tags: Shiba Inu (SHIB)