March 27, 2024
Memecoins Skyrocket with 3,000% Weekly Volume Surge
Latest Cryptocurrency News

Memecoins Skyrocket with 3,000% Weekly Volume Surge

The surge in memecoins has triggered a frenetic rally in trending tokens like Pepe, Floki, and Bonk, witnessing an extraordinary surge of over 500% in prices and an almost 3,000% spike in trading volume over the past week. Santiment data reveals that Pepe, Floki, Shiba Inu, and Bonk have all experienced a remarkable surge in volumes, exceeding 3,000% in the past week, correlating with the heightened public interest and substantial price movements, propelling many memecoins to achieve new all-time highs (ATH).

Pepe, an Ethereum-based memecoin, has particularly stood out, witnessing a staggering price surge of over 370% within the week, currently trading at 0.00000682, accompanied by a trading volume in the billions. Despite being ranked 44th in market cap, Pepe’s trading volume secures it the eighth position. Notably, Pepe’s market cap has swiftly doubled from $1.5 billion to $3 billion in just two days.

On the Solana blockchain, Bonk has experienced a robust 190% surge in price over the past week, hovering near its ATH of 0.0000345. Meanwhile, Floki, registering a 350% surge on weekly price charts, claims the 16th position in trading volume. These memecoins, demonstrating triple-digit growth, are relatively new in comparison to more established counterparts like Dogecoin (DOGE) and Shiba Inu (SHIB).

Even the stalwarts from the previous memecoin cycle, DOGE and SHIB, have shown bullish growth, with DOGE marking a 90% weekly gain and SHIB witnessing a substantial 175% increase.

The current memecoin frenzy echoes the dynamics of the 2021 bull run, reminiscent of Dogecoin’s leadership with support from Elon Musk. While the volatility in memecoin cycles has allowed some investors to reap substantial returns in a short time frame, others have faced significant losses. The propensity of memecoins to experience rapid growth during bull markets often results in sharp declines afterward, with some tokens losing over 80% of their peak value.

This surge in memecoins, characterized by soaring prices, heightened trading volumes, and increased social activity, remains a polarizing phenomenon within the crypto community. While some investors capitalize on the lucrative opportunities presented by memecoins, crypto veterans express concerns, viewing these tokens as potentially detrimental to the overall reputation of the crypto market. The cyclical nature of memecoins, marked by rapid gains and subsequent steep declines, underscores the speculative and volatile nature of this segment, prompting caution among investors.

Photo by Monstera Production

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