PEPE, Floki, Bonk and other memecoins recorded a 3,000% increase in weekly volume.
The memecoin frenzy has seen trending memecoins such as PEPE, Floki, Bonk and others record huge rallies over the past week. These memecoins have recorded over 500% increase in price and almost 3,000% increase in transaction volume.
According to data shared by Sentiment, on average, Pepe, Floki, Shib, and Bonk saw a volume increase of more than 3,000% in the past week. Volume, demand and prices have moved significantly, with many new memecoins recording new all-time highs.
#Memecoins, especially trending last week, saw trading volume increase due to rising prices and increased public interest. On average, $SHIB, $PEPE, $FLOKI, and $BONK saw a volume increase of +3,000% last week. pic.twitter.com/AiIaEbgGIz
— Santiment (@santimentfeed) March 4, 2024
Along with the increase in transaction volume and price, these meme tokens have experienced a significant increase in social activity.
Ethereum-based Pepe has seen a price increase of more than 370% in the past week, trading at 0.00000682 billion. While the token ranks 44th by market cap, Pepe's trading volume is currently the eighth largest. Pepe's market cap doubled from $1.5 billion to $3 billion in two days.
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Solana-based Bonk saw a 190% price increase last week, trading at an ATH of 0.0000345. Another trending memecoin, Floki, recorded a 350% increase in the 16th largest trade on the weekly price charts. Most of the ones that posted triple digit growth last week are relatively new compared to more established memecoins like Dogecoin and Shiba Inu.
The leading memecoins from the previous cycle have also seen significant growth, with Dogecoin posting a 90% weekly gain, Shiba Inu up 175%.
The memecoin frenzy is similar to the last bull run in 2021 when Dogecoin led the bull rally with support from Elon Musk.
Every frenzy and price volatility of memecoin has helped some investors to recoup their investment in a short period of time. However, many others often lose wealth. Many crypto veterans believe that these signs reflect poorly on the crypto market as a whole.
Look..I'm really glad you guys are making money on memecoins. But they're not good for space and morally I can't bring myself to trade them. Good for you, really, it's definitely a goldmine if you ignore the ethical dials but yeah… not for me.
— vydamo.eth (@vydamo_) March 4, 2024
Many of the memecoins that saw mammoth growth during the peak of the bull run are among the tokens to record steep declines. Some memecoins have lost more than 80% from their peak value.
