The Rise of Memecoins: PEPE, Floki, Bonk and More Break Records with 3,000% Weekly Volume Increase
Memecoin Mania: Explosive surge in trading volume
Last week saw massive surges in trading volume for popular meme coins like PEPE, Floki, and Bonk, with some experiencing growth of over 3,000%. This memecoin craze has generated unprecedented interest and driven prices to new heights.
📈 #memecoinIn particular, stocks that were trending last week saw a surge in trading volume due to price surges and increased interest. on average, $SHIB, $PEPE, $FLOKIand $BONK Volume increased +3,000% last week. https://t.co/MMHxbMotu0 pic.twitter.com/AiIaEbgGIz
— Santiment (@santimentfeed) March 4, 2024
Memecoin Madness: Unprecedented Price Surge
Last week, popular memecoins including PEPE, Floki, and Bonk witnessed incredible price surges exceeding 500%. This price surge was accompanied by an exponential increase in trading volume, reflecting the growing public interest in these meme-inspired tokens.
Also Read: Pepe Coin’s Price Surge Creates $2 Million Profits for Traders
The Pepe token, which runs on the Ethereum blockchain, has surged a whopping 370% in the past week alone, reaching billions of dollars in trading volume. Reflecting the tremendous investor enthusiasm surrounding the token, its market capitalization doubled in just two days.
Based on Solana Bonk It has also witnessed a notable price surge of 190% in the past week, bringing it close to its all-time high (ATH) level. Similarly, Floki, another popular memecoin, caused a stir in the market with its price surging 350% on the weekly charts.
Consideration on the Memecoin phenomenon
The recent surge in Memecoin activity reflects a phenomenon observed during the 2021 bull market. Here, tokens like Dogecoin have received significant attention, thanks in part to endorsements from figures like Elon Musk.
Look…I’m glad you’re making money with memecoins. Really. But they’re not good for the space and morally I can’t trade them. Good for you though. It’s definitely a gold mine if you can ignore the ethical dilemma, but yeah.. not for me..
— vydamo.eth (@vydamo_) March 4, 2024
Although these memecoins offer the opportunity to earn significant profits in a short period of time, they also carry significant risks, with many investors experiencing significant losses. This volatility has led some in the cryptocurrency community to view meme coins negatively, considering their potential to distort perceptions of the broader cryptocurrency market.
Most notably, tokens that experience sharp rises during peak market activity are often the same tokens that experience sharp declines afterwards, with some meme coins losing more than 80% of their value at peak levels.