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Pepe, Floki, bonk and other Memecoins Surge 3,000% in Weekly Volume

 

Pepe’s price has surged by nearly 400% within the span of a week, with its market capitalization doubling over the past two days.

The recent surge in memecoins, including notable ones like Pepe, Floki, and Bonk, has sparked a frenzy in the market. These memecoins have experienced an astonishing rally, witnessing price increases of over 500% and an astounding surge of almost 3,000% in trading volume.

Memecoins trading volume. Source: Santiment

Data from Santiment reveals that Pepe (PEPE), Floki (FLOKI), Shiba Inu (SHIB), and Bonk (BONK) have all seen their trading volumes skyrocket by over 3,000% in the past week. This surge in interest and prices has propelled many memecoins to achieve new all-time highs (ATH).

Pepe, which operates on the Ethereum network, has seen its price soar by over 370% in the past week, currently trading at 0.00000682 with trading volume reaching into the billions. Despite being ranked 44th in terms of market capitalization, Pepe’s trading volume currently places it in the eighth position. Its market capitalization has surged from $1.5 billion to $3 billion in just two days.

Bonk, which is based on the Solana blockchain, has experienced a 190% surge in price over the past week, trading near its all-time high of 0.0000345. Floki has also seen a substantial increase of 350% in its weekly price charts, ranking 16th in terms of trading volume. These memecoins that have witnessed triple-digit growth over the past week are relatively newer compared to more established memecoins like Dogecoin (DOGE) and SHIB.

Even the leading memecoins from previous cycles have demonstrated bullish growth, with DOGE experiencing a 90% weekly gain and SHIB up by 175%.

The current memecoin frenzy resembles the bull run observed in 2021 when Dogecoin spearheaded the rally, partly fueled by endorsements from figures like Elon Musk.

While some investors have profited significantly from the volatility and rapid growth of memecoins, others have faced substantial losses. Certain veterans within the cryptocurrency space argue that memecoins reflect negatively on the overall crypto market.

It’s noteworthy that many memecoins that experience exponential growth during bull runs often undergo sharp declines afterward, with some losing over 80% of their peak value.

Wasif Shakir

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