Meme coins, such as Pepe, Bonk, and Floki, have made a significant impact on trading volume, resulting in a staggering 3000% surge in interest. While all meme coins have experienced a period of greatness with remarkable price increases, Pepe stands out among the rest.
These meme coins have made a grand entrance into the ongoing broad market rally, which has brought Bitcoin closer to its all-time high price of $69k. CoinMarketCap reports that the meme ecosystem now boasts a total market cap of $51 billion, with a 24-hour trading volume of $17 billion. Santiment data confirms that Pepe, Floki, Shiba Inu, and Bonk have all experienced trading volume surges of over 3000% in the past week. The main driving factors behind this explosive movement are the increase in public interest and the general rise in prices.
Dogecoin, according to various market data, has witnessed an 18% surge in the past 24 hours, currently trading at $0.161355. In the past week, the asset has seen an 89% increase. Shiba Inu has also surpassed several other cryptocurrencies in terms of market cap, with an 18% price movement in the last 24 hours and a current trading price of $0.000026. Pepe, on the other hand, has surged by 28% in the last 24 hours and is trading at $0.000007. Over the past seven days, the meme coin has experienced a remarkable surge of 394%. With its trading volume in the billions and a market cap of $2,977,798,854, Pepe now ranks as the 41st largest crypto. Just two days ago, its market cap was around $1.5 billion. This turnaround is quite intriguing, especially considering that 70% of asset holders were discouraged not too long ago, as reported by Crypto News Flash.
Moving on to other meme coins, BONK, a Solana-based meme coin, has surged by 32% in just 24 hours, extending its weekly return to 182% and trading at $0.000033. Floki has also experienced a surge of 314% in the last seven days and currently holds the 16th spot in terms of trading volume. It is worth noting that the newly introduced meme coins are the ones achieving triple-digit growth, but this does not overshadow the impressive performance of established ones like Dogecoin and Shiba Inu. According to one analyst, Doge could reach $0.11, as previously reviewed by Crypto News Flash.
When it comes to meme performance, a crypto analyst known as CryptoGodJohn believes that Pepe will undoubtedly surpass its all-time high price. In this case, any consolidation would present a buying opportunity for the asset. Another analyst, MaxBecauseBTC, seems to agree with this sentiment, stating that “$PEPE has the highest probability of being this cycle’s ‘Why didn’t I buy it’ bag.” They emphasize that while other meme coins may also experience pumps, Pepe will outperform them. The data supports this claim, and as a chartist, MaxBecauseBTC relies solely on the data without any emotional bias.
Several analysts speculate that the anticipation surrounding the Bitcoin halving event in April could be the main catalyst for potential rallies in the broader market.