Weekly volume for PEPE, Floki, Bonk, and other memecoins surges by 3,000%.
Pepe’s market capitalization has quadrupled in the last two days, and the token’s price has increased by about 400% over the last week.
Trending memecoins like PEPE, Floki, Bonk, and others have seen a significant surge in value over the last week due to the memecoin fever. These memecoins have seen a rise in trade volume of about 3,000% and a price increase of over 500%.
📈 #Memecoins, particularly those that have been trending over the past week, have skyrocketed in trading volume due to surging prices and increased crowd interest. On average, $SHIB, $PEPE, $FLOKI, and $BONK has seen volume rise +3,000% in the past week. https://t.co/MMHxbMotu0 pic.twitter.com/AiIaEbgGIz
— Santiment (@santimentfeed) March 4, 2024
Data released by Santiment indicates that within the last week, volume has increased by almost 3,000% on average for Pepe, Floki, Shib, and Bonk. Volume has caused a major shift in both price and public attention, with several new memecoins setting new all-time highs.
Not only have trade volume and price increased, but these meme tokens have seen a sharp rise in social engagement as well.
Ethereum-driven In the last week, Pepe’s price has increased by nearly 370%; it is now trading at 0.00000682 with billions of trades. In terms of market capitalization, Pepe is ranked 44th, but its trading volume is now the ninth highest. In only two days, Pepe’s market capitalization increased from $1.5 billion to $3 billion.
Over the last week, the Solana-based Bonk has had a 190% price increase and is now trading close to the ATH of 0.0000345. Another memecoin that is now booming, Floki, has had a 350% increase in weekly price charts and the 16th greatest trading volume. The majority of memecoins that have seen triple-digit growth in the last week are relatively new in comparison to more well-known ones like Dogecoin and Shiba Inu.
The top memecoins from the previous cycle also exhibited bullish growth: Dogecoin had a weekly rise of 90%, while Shiba Inu saw a 175% increase.
The recent bull run in 2021, which Dogecoin spearheaded with Elon Musk’s support, is comparable to the memecoin mania.
Some investors have benefited from the memecoin frenzy’s cycles and price volatility, which have allowed them to quickly earn substantial returns on their investments. But a lot of other people often lose a fortune. Experts in the cryptocurrency space feel that these tokens are a bad representation of the market as a whole.
Look..I'm glad you guys are making money on memecoins I really am. But they are just not good for the space and morally I can't bring myself to trade them. Good for you though, really, if you can ignore the ethical dillemas it's definitely a gold mine but yeah.. not for me..
— vydamo (@vydamo_) March 4, 2024
The majority of memecoins that had tremendous gain at the height of the bull market are also among the tokens that see the steepest decrease. Compared to their peak, some memecoins have lost more than 80% of their value.
