The craze surrounding memecoins has sparked a major rally in popular ones like Pepe, Floki, Bonk, and others, resulting in an astounding surge in price and trading volume. According to data provided by Santiment, Pepe, Floki, Shiba Inu, and Bonk have experienced a remarkable increase in trading volume, reaching over 3,000% in the past week. As a result, public interest and prices have skyrocketed, with numerous memecoins achieving new all-time highs.
In addition to the surge in trading volume and price, these memecoins have also witnessed a significant surge in social media activity. Ethereum-based Pepe, for example, has seen its price surge by over 370% in the past week, currently trading at 0.00000682 with billions in volume. Despite being ranked 44th in terms of market capitalization, Pepe’s trading volume places it in the top eight. In just two days, Pepe’s market cap has doubled from $1.5 billion to $3 billion.
Bonk, which is based on the Solana blockchain, has experienced a 190% price surge over the past week, trading close to its all-time high of 0.0000345. Floki, on the other hand, has recorded a 350% surge in price on the weekly charts and ranks 16th in terms of trading volume. These memecoins, which have experienced triple-digit growth, are relatively new compared to more established ones 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 175%. This memecoin frenzy is reminiscent of the bull run in 2021, when Dogecoin led the rally with support from Elon Musk.
While memecoin cycles and their price volatility have allowed some investors to make substantial profits in a short period of time, many others have suffered significant losses. Some cryptocurrency veterans 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 undergo sharp declines afterward, with some losing over 80% of their value from their peak.