Trending memecoins, including Pepe, Floki, Bonk, and others, have experienced a tremendous rally over the past week due to the memecoin fervor. The price and trading volume of memecoins has increased by more than 500% and nearly 3,000%, respectively.
Santiment-disclosed data indicates that the average volume of Pepe, Floki (FLOKI), Shiba Inu, and Bonk (BONK) has increased by more than 3,000% over the past week, as prices and public interest have fluctuated substantially, with several memecoins reaching new all-time highs.
In addition to increased trading volume and price, memecoins have experienced an enormous surge in social activity.
Proposed Ethereum-based In the previous week, the price of Pepe increased by more than 373 percent. It is trading at 0.00000682 with a volume in the billions at the time of writing.
At present, the trading volume of Pepe places the token in eighth place despite its market capitalization ranking of 44th. Pepe’s market capitalization has doubled from $1.5 billion to $3 billion in just two days.
In the past week, the price of Bonk, which is Solana-based, has increased by 190% and is currently trading near its ATH of 0.0000345. Positioned sixteenth in trading volume, Floki has experienced a 350% increase on the weekly price charts.
Triple-digit growth memecoins over the past week is comparatively new compared to Dogecoin and SHIB, which are more established memecoins.
Those leading memecoins from the previous cycle also exhibited bullish development, with DOGE and SHIB increasing by 175% and 90% weekly, respectively.
The memecoin frenzy is comparable to the previous bull run in 2021, which Dogecoin spearheaded with Elon Musk’s support.
Memecoin price volatility and cycles have enabled some investors to realize a substantial return on their investments in a brief period. Many others, however, frequently lose a fortune. Certain crypto industry veterans hold the view that memecoins have a negative impact on the entire cryptocurrency market.
Most memecoins that experience meteoric growth during bull runs are among the tokens with the steepest subsequent declines, with some losing more than 80% of their peak value.
