The memecoin market has been on fire in the past week, with top memecoins like Dogecoin, Shiba Inu, and Pepe experiencing explosive gains of triple-digit percentages. The total memecoin market cap has surged to $44 billion, with a trading volume of $17.6 billion in the past 24 hours.
Bitget’s Meme Zone has seen a significant increase in trading activity, with daily trading volume up by more than 480% compared to a few days ago. The number of daily trading users in the meme zone has also increased by 147%.
Several fundamental developments have taken place in leading memecoins. Shiba Inu erased a zero from its valuation and started a petition for a Shiba Inu ETF. The community also announced a major partnership with open-source cryptography company Zama. Dogecoin crossed the $0.10 mark and saw a surge in social sentiment, driving its market cap to $18 billion. Dogwifhat became the first memecoin to reach the $1 mark, fueling calls for exchange listings on Coinbase and Binance. Pepe saw rising numbers of social creators and surged to levels close to its all-time high.
Floki has achieved a total value locked of $105 million and emerged as the top trending asset on Stocktwits. DWF Labs announced plans to purchase $10 million in FLOKI tokens from the community treasury. Bonk announced token burns during the week, leading to a price surge.
The rise of memecoins can be attributed to the impressive rally of Bitcoin, with the king of crypto trading above the $60,000 mark. Bitget Research Chief Analyst Ryan Lee sees the meme sector’s upward trajectory as a spill-over effect from the rise of assets like Bitcoin and Ethereum. The deployment of memecoins on ETH and Solana chains has also contributed to their price appreciation.
While some investors see memecoins as valuable investments, others view them as crucial components for understanding the crypto sector. Memecoins continue to attract attention and drive speculation in the cryptocurrency market, with traders closely monitoring their performance and potential for future growth.
