- Memecoin market capitalization rose 20% over four days, totaling $64.2 billion
- Dogecoin leads with 6.5% gains in 24 hours, capturing 39% of memecoin market
- Trading volumes increase as new developments spark renewed interest in memecoins
Memecoin prices have surged in recent days, driving the market to a total valuation of $64.2 billion on October 30, according to data from CoinMarketCap. The market capitalization of this sector, known for tokens like Dogecoin (DOGE) and Shiba Inu (SHIB), jumped 20% since October 26, while the daily trading volume also spiked over 800%.
Dogecoin, the largest memecoin by market cap, posted the most notable gains, increasing 6.5% in the past 24 hours and 25% for the week. Other memecoins followed suit, with Shiba Inu rising 4% in daily gains. Dogecoin now accounts for nearly 39% of the memecoin market’s total valuation.
Source: CoinMarketCap
Increasing Interest and Expanding Trading Volumes
The rising interest in memecoins has been reflected in trading data since late August, with transaction flows across blockchains like Ethereum and Solana seeing growth. Recent statistics reveal that cumulative memecoin trading volume now stands at $52.4 billion. Although the figure is below its March peak of $997.7 million, the upward trend suggests renewed interest in the sector.
The market sentiment has also been fueled by new developments, such as advanced trading tools and speculation about a potential native token on Pump.fun, a Solana-based platform for memecoin creation. Such advancements have contributed to the bullish environment surrounding memecoins.
Crypto Liquidations Reflect Market Recovery
Futures market data from CoinGlass shows that recent crypto market movements led to over $184 million in liquidated leveraged positions within 24 hours. In the memecoin sector, DOGE shorts accounted for the largest portion of these liquidations at $7.7 million, followed by significant liquidations in WIF and SHIB short positions. Rising crypto prices typically result in liquidation of short derivative positions, adding buying pressure as demand outpaces short sellers. This dynamic has further contributed to the price momentum across memecoins.
