The world of cryptocurrency is witnessing an extraordinary rally, especially among the so-called memecoins like Shiba Inu, PEPE, Floki, and BONK. These digital assets, often inspired by internet memes and popular culture, are not just about humor and virality anymore; they’re posting serious gains and drawing significant investor interest.
MEMECOIN MANIA TAKES OVER
Astronomical Volume Growth
According to the analytics platform Santiment, these specific memecoins have seen their average trading volume skyrocket by over 3,000% in the past week alone. This surge in trading activity is attributed to a combination of price increases and a growing interest from the crowd. Santiment suggests that the combination of rising trading and social volumes can be a critical indicator of volatility and potential price reversals for any asset class, memecoins included.
PEPE: The Ethereum Sensation
PEPE, an Ethereum-based memecoin, has seen a remarkable ascent, climbing over 370% in the past week. Its trading volume reached the billions, making it the eighth most traded token by volume. Despite being ranked 44th in market cap, PEPE’s market value doubled from $1.5 billion to $3 billion in just two days.
Bonk’s Impressive Leap on Solana
On the Solana blockchain, Bonk has also made headlines with its price soaring by 190% in the last week, nearing its all-time high of $0.0000345. The token has captured the attention of investors and traders alike, marking a significant milestone in its journey.
Floki and the Top Memecoins’ Rally
Floki, another prominent memecoin, charted a 350% rise on the weekly price index, securing the 16th spot in trading volume. Meanwhile, leading memecurrencies like Dogecoin and Shiba Inu have also enjoyed significant gains, with weekly increases of 91% and 176%, respectively.
Bitcoin (BTCUSD) is currently trading at $65123.53 (4:02 pm Monday, 4 March 2024 (GMT+5) Time in Pakistan).
THE BIGGER PICTURE
This memecoin rally is part of a broader surge in the cryptocurrency market, highlighted by Bitcoin’s climb to $65,000, eyeing its all-time highs of $69,000. The total market capitalization of the top 100 memecoins has increased by 30%, reaching an impressive $52 billion, with their single-day trading volume hitting $17 billion.
