Memecoins Record 3,000% Surge in Weekly Volume
04 Mar, 2024 ● Coin news
The recent surge in popularity of memecoins, including PEPE, Floki, Bonk, and others, has led to a significant rally in their prices over the past week.
These memecoins have experienced price increases of over 500%, accompanied by a nearly 3,000% surge in trading volume.
Data from Santiment reveals that on average, Pepe, Floki, Shib, and Bonk have witnessed trading volume spikes of over 3,000% in the past week.
This surge in volume has corresponded with considerable public interest and price movements, with many new memecoins reaching new all-time highs.
In addition to the increase in trading volume and prices, these meme tokens have also seen a substantial rise in social media activity.
For example, Pepe, which is Ethereum-based, has seen its price soar by over 370% in the past week, currently trading at 0.00000682 with billions in trading volume.
Despite being ranked 44th in terms of market capitalization, Pepe's trading volume now ranks eighth largest. Its market cap has doubled from $1.5 billion to $3 billion within just two days.
Similarly, Bonk, which is based on Solana, has experienced a 190% price surge over the past week, trading near its all-time high of 0.0000345.
Floki, another popular memecoin, has seen a 350% surge in its weekly price charts and ranks 16th in terms of trading volume.
Most of these memecoins experiencing triple-digit growth in the past week are relatively new compared to more established ones like Dogecoin and Shiba Inu.
Even the leading memecoins from previous cycles have shown bullish growth, with Dogecoin posting a 90% weekly gain and Shiba Inu up by 175%.
The current frenzy around memecoins resembles the bull run seen in 2021, when Dogecoin spearheaded the rally with the support of Elon Musk.
While some investors have managed to capitalize on the price volatility of memecoins and make substantial returns in a short period, many others have suffered significant losses.
Many cryptocurrency veterans view these tokens unfavorably, considering them a poor reflection on the overall crypto market.
It's worth noting that most memecoins that experience massive growth during the peak of a bull run also tend to suffer the sharpest declines afterward, with some losing over 80% of their value from their peak.
Sources:
https://cointelegraph.com/news/pepe-floki-bonk-memecoins-3000-surge
https://www.tradingview.com/symbols/BONKUSDT/
