With the cryptocurrency market skyrocketing following the Consumer Price Index (CPI) announcement, the potential end of Ripple v. SEC's legal battle and the inauguration of the next US president, memes have once again stolen the spotlight. The sector capitalization added approximately 10% and targets the level of $120 billion.

Shiba Inu (SHIB) is up 12%, followed by DOGE, BONK, and PEPE

Shiba Inu (SHIB), the major dog-themed cryptocurrency, is among the drivers of the rally in the cryptocurrency market today. Shiba Inu (SHIB) price jumped nearly 12% and reached $0.00002426. The 15th largest altcoin has a capitalization of $14.5 billion.

Shiba Inu (SHIB) is not the only meme coin on the list of winners. Dogecoin (DOGE), the first meme cryptocurrency, adds more than 9% as DOGE price jumps more than $0.41. Dogecoin (DOGE)'s market capitalization rose by $6 billion overnight.

Pepe (PEPE), another large community-driven meme coin, rose to $0.00002004. With a market cap of $8.4 billion, the first frog-themed coin has returned to the top 30 cryptocurrencies list.

Within 24 hours, the price of Bonk (BONK) rose by 9.5%. Its price reached $0.00003162, while its capitalization targeted $2.5 billion.

Only today XRP and XLM top the cryptocurrencies in the red

Last but not least, Floki (FLOKI) stock is up 7.7%. FLOKI price reached $0.0001812 with a market cap targeting $1.8 billion.

Amid growing optimism in the altcoin sector, almost all of the top 100 cryptocurrencies are in the green zone. However, after an inspiring price rally, XRP and its competitor XLM fell by 0.2-0.3% each. In addition, Virtual Protocol (VIRTUALS), Hyperliquid (HYPE), and XDC Network (XDC) are losing value today.

Today, the market index is up 4.3%, while Bitcoin (BTC), the largest cryptocurrency, is trying to reclaim $105,000.