The recent craze surrounding memecoins has resulted in a significant surge in the value of popular memecoins like Pepe, Floki, Bonk, and others. Over the past week, these memecoins have experienced a price increase of more than 500% and a staggering surge of nearly 3,000% in trading volume.
Data provided by Santiment reveals that Pepe, Floki, Shiba Inu, and Bonk have all witnessed a remarkable increase in trading volume, surpassing 3,000% in the past week. This surge in volume is a result of the growing public interest and the substantial movement in prices. Many memecoins have even reached new all-time highs.
Not only have these memecoins seen a surge in trading volume and prices, but they have also experienced a significant rise in social activity.
Pepe, an Ethereum-based memecoin, has seen its price rise by over 370% in the past week. Currently trading at 0.00000682 with billions in volume, Pepe holds the eighth position in terms of trading volume, despite being ranked 44th in terms of market capitalization. Pepe’s market cap has doubled from $1.5 billion to $3 billion in just two days.
Bonk, a memecoin based on the Solana blockchain, has also witnessed a price surge of 190% in the past week, trading close to its all-time high of 0.0000345. Floki, another memecoin, has recorded a 350% increase in price on the weekly charts and ranks 16th in terms of trading volume. These memecoins that have experienced triple-digit growth in the past week are relatively new compared to more established memecoins like Dogecoin and Shiba Inu.
Even the leading memecoins from the previous cycle have shown bullish growth, with Dogecoin recording a 90% weekly gain and Shiba Inu up by 175%.
This memecoin frenzy bears resemblance to the bull run in 2021, where Dogecoin led the rally with the support of Elon Musk.
While memecoin cycles and their price volatility have allowed some investors to make substantial profits in a short span of time, many others have suffered significant losses. Some experienced crypto investors believe that memecoins reflect negatively on the overall crypto market.
It is worth noting that most memecoins that experience massive growth during bull runs also tend to suffer sharp declines afterward, with some losing more than 80% of their value from their peak.