DOGE, SHIB, PEPE and WIF lead the charge

As Bitcoin hits another milestone of $73.6K, meme coins also had a “big day”.

After posting a top 100 Mem Coins last week, on-chain data suggests that profits are quickly flowing into speculative assets.

Meme Coin Mania in the midst of the Bitcoin Bull Run

The OG meme coin – Dogecoin (DOGE) – rose over 23% in the same period to $0.188. The token has gained roughly 10% in the last 24 hours alone.

Amid a general market rally, Tesla CEO Elon Musk mentioned Dogecoin as a possible payment option for such vehicles during a public speech at the Tesla manufacturing plant in Berlin. This statement by Musk further increased the value of the asset.

Next up is Shiba Inu (SHIB), which rose to $0.0000338 after a weekly gain of nearly 8%. Despite a slight decline earlier this month, SHIB's trading volume has seen a significant increase, indicating an increase in interest. This increase in transaction activity has led to a narrowing of the market capitalization gap between SHIB and its rival DOGE.

PEPE, the third-largest meme coin by market value according to CoinMarketCap, rose 51.17% last week. As whales took profits earlier this week, the latest price action extended the monthly gain to about 825%.

Solana-based DogwhipHat (YFF) has stood out as one of the top performers among meme coins this year. The price of this viral token rose to $3.25 thanks to the efforts of its supporters, who raised more than $700,000 to promote the token logo at the Spare, a popular entertainment venue in Las Vegas, Nevada.

FLOKI – the fifth largest meme coin – has gained almost 130% in the past week. What could have contributed to the dramatic price increase could have been FlokiDao's decision to burn more than 190 billion tokens. This move effectively reduces the supply of FLOKI in circulation, which may cause prices to rise due to shortages until demand remains stable or high.

The original Solana meme coin Bonk (BONK) was the sixth-largest of the group, seeing a 24% weekly gain. It was recently awarded the Meme Coin of the Year by CoinMarketCap and has risen over 706% in the past year.

Lesser known meme coins shine

Among the top 20 meme coins, Lady Meme Coin (LADYS) was another key player with a whopping 450% gain in the last week alone.

Lesser-known meme coins such as MongCoin (MONG), Bad Idea AI (BAD) and Wen (WEN) rode a broader bullish trend, rising 94.02%, 72.06% and 13.53% in the same period.

🤣 #Memecoins had another big day as #Bitcoin's #AllTimeHigh topped $73.6K. With every increase in $BTC in March, profits seem to be quickly distributed to speculative assets with low liquidity. Track #memecoin metrics on this useful watchlist: pic.twitter.com/9bl4L2TVbm

— Santiment (@santimentfeed) March 13, 2024