- Memecoins like Pepe, Floki, Bonk saw huge price/volume surges in past week, reflecting bullish crypto sentiment
- Trading volumes for top memecoins rose over 3,000% on average; Pepe and Bonk led charge with 370% and 190% weekly gains
- Frenzy reminiscent of 2021 memecoin mania led by Dogecoin; extreme volatility can produce big wins/losses over short timeframes
The past week has seen a memecoin frenzy, with trending memecoins like Pepe, Floki, Bonk and others recording huge rallies in price and trading volume. This renewed interest in memecoins reflects the current bullish sentiment in the crypto market.
Memecoin Trading Volumes Surge Over 3,000%
According to data from Santiment, on average, Pepe, Floki, Shiba Inu, and Bonk have seen their trading volumes rise over 3,000% in the past week. Along with the surge in volume, memecoin prices have also moved significantly, with many hitting new all-time highs (ATH).
Pepe and Bonk Lead the Charge
Ethereum-based Pepe has seen its price increase over 370% in the past week. At the time of writing, it trades at $0.000000682. While Pepe ranks 44th in market cap, its trading volume currently places it eighth. In just two days, Pepe’s market cap doubled from $1.5 billion to $3 billion.
Solana-based Bonk has seen a 190% weekly price increase, trading near its ATH of $0.00000345. Floki has recorded a 350% surge on the weekly price charts, ranking 16th in trading volume. The leading memecoins from last cycle, Dogecoin and Shiba Inu, also showed bullish growth.
The Broader Memecoin Landscape
The memecoins seeing triple-digit growth are relatively new compared to more established ones like Dogecoin and Shiba Inu. Dogecoin recorded a 90% weekly gain, while SHIB is up 175%.
This frenzy is reminiscent of the 2021 bull run when Dogecoin led the rally with backing from Elon Musk. While memecoin cycles can produce hefty short-term gains, many investors also lose fortunes on the extreme volatility.
Conclusion
The past week’s memecoin mania reflects the current bullish sentiment in crypto markets. However, the extreme volatility of memecoins can produce big wins and losses over short timeframes. As always, thorough research and prudent position sizing are key for navigating speculative assets like memecoins.
