PEPE, Floki, Bonk, and other memecoins record 3,000% surge in weekly volume
The memecoin frenzy has seen trending memecoins such as PEPE, Floki, Bonk, and others record a massive rally over the past week. These memecoins have recorded over 500% price surge and a nearly 3,000% surge in trading volume.
According to data shared by Santiment, On average, Pepe, Floki, Shib and Bonk have seen volume rise over 3,000% in the past week. With volume, the public interest and the prices have moved significantly, with many new memecoins recording their new all-time highs.
#Memecoins, particularly those that have been trending over the past week, have skyrocketed in trading volume due to surging prices and increased crowd interest. On average, $SHIB, $PEPE, $FLOKI, and $BONK has seen volume rise +3,000% in the past week. pic.twitter.com/AiIaEbgGIz
— Santiment (@santimentfeed) March 4, 2024
Along with trading volume and price surge, these meme tokens have also registered a massive surge in social activity.
Ethereum-based Pepe has seen a price increase of over 370% in the past week, trading at 0.00000682 with trading volume in billions. While the token is ranked 44th in terms of market cap, the trading volume of Pepe is currently the eighth largest. Pepe’s market cap has doubled from $1.5 billion to $3 billion within two days.
Related: Trader gambles $226K on Solana memecoin, hits $1.69M in 5 days
Solana-based Bonk has seen a 190% price surge over the past week, trading near ATH of 0.0000345. Floki, another trending memecoin, has recorded a 350% surge in weekly price charts with the 16th largest trading volume. Most that have recorded triple-digit growth over the past week are relatively new compared to more established memecoins such as Dogecoin and Shiba Inu.
Those leading memecoins from the past cycle also showed bullish growth, with Dogecoin recording a 90% weekly gain, while Shiba Inu is up 175%.
The memecoin frenzy is similar to the last bull run in 2021 when Dogecoin led the bull rally with the backing of Elon Musk.
Each cycle of the memecoin frenzy and its price volatility has helped some investors to make a hefty return on their investment in a short period. However, many others often lose a fortune. Many crypto veterans believe these tokens reflect poorly on the crypto market in general.
Look..I’m glad you guys are making money on memecoins I really am. But they are just not good for the space and morally I can’t bring myself to trade them. Good for you though, really, if you can ignore the ethical dillemas it’s definitely a gold mine but yeah.. not for me..
— vydamo.eth (@vydamo_) March 4, 2024
Most memecoins that have seen mammoth growth during the peak of the bull run are also among the tokens that record the sharpest decline. Some memecoins have lost over 80% of their value from their peak.
