The meme coin sector has experienced another significant surge as Bitcoin soared past its previous all-time high, reaching $73.6K. This March, a noticeable trend has emerged: the profits from Bitcoin’s upswing quickly flow into speculative, less liquid assets.
Over the last seven days, the collective value of the top 100 coins has climbed by 8.5%. Leading this upward trend are Dogecoin, Shiba Inu, PEPE, and WIF, each notching notable gains that have drawn investor and enthusiast attention.
Santiment, a platform with on-chain and social metrics for cryptocurrencies, shared an X post providing the latest insights on the meme coin market, highlighting the resilience and significant growth of meme coins amid Bitcoin’s rally.
Dogecoin (DOGE) and Shiba Inu (SHIB) remain the most prominent names in the meme coin space. At the same time, emerging contenders like Pepe (PEPE) and Dogwhit (WIF) have showcased significant price increases. This indicates a broadening of the market as newer names begin to make their mark alongside established ones.
The market capitalization for meme coins has surged to an impressive $59.6 billion. Despite a 55.31% drop in the 7-day trading volume, it still reached approximately $7.8 billion. These statistics underscore the volatile yet dynamic essence of the meme coin market, pointing to an unpredictable but intriguing future path.
In another development, meme cryptocurrencies have exhibited remarkable performance in recent weeks. The trading volumes have escalated, reaching a peak that hasn’t been seen for several years, approaching the $80 billion mark.
The crypto market data provider Kaiko shared an insightful thread recently, incorporating the recent surge in meme token trading volumes, highlighting the remarkable performance of the Meme coins.
SHIB outperformed all, registering trading volumes at a staggering $31 billion last week. It outshone DOGE, the usual frontrunner, which saw volumes of $23 billion. This surge placed SHIB ahead of even the well-established non-meme altcoins, such as SOL.
An examination of trading data stretching from September 2023 to March 2024 reveals a sustained period of modest trading volumes. However, a significant uplift in activity was noted in March 2024. The trade volumes ballooned, indicating a heightened enthusiasm for trading activities involving meme tokens. A breakdown of the volume reveals that DOGE and SHIB’ were at the forefront, particularly in March, with WIF and PEPE trailing behind them in terms of trade volume.
