- Memecoins surge, with market capitalization up 13% to $62.8 billion and a daily trading volume of $8.6 billion, riding on Bitcoin’s rally.
- Memecoins like WIF, DOGE, PEPE, and BONK are surging alongside Bitcoin’s rise, offering investors whimsical opportunities in the crypto market.
The past week has witnessed a notable surge in the market capitalization of memecoins, reflecting a 13% increase to $62.8 billion. This surge is accompanied by a robust daily trading volume of $8.6 billion. Memecoins, known for their meme-inspired origins, are garnering attention and investment, riding the wave of Bitcoin’s remarkable rally.
DOGE and Shiba Inu Riding on the Wave
Dogecoin (DOGE) leads the charge, which has increased 5% over the last day, is currently trading at $0.18, and has experienced a noteworthy 35% growth over the previous week. Shiba Inu is not far behind, with gains of 5.73% over the last 24 hours and a remarkable rise of 15.9% over the previous week.
During the last three months, there has been significant growth in Dogecoin and Shiba Inu, with gains of 86% and 156%, respectively. However, their present market share might limit their ability to grow. For example, if Dogecoin’s price were to increase 100 times, it would have to rise to $17.19, giving it a market cap of $2.4 trillion, almost equal to the present worth of the whole crypto industry.
WIF Lead in Memecoin Frenzy
DogWifHat (WIF) features an adorable dog with a hat as its mascot. WIF’s value has increased dramatically, causing investors to speculate. In just one week, WIF’s market capitalization increased by 18.75% to over $2.9 billion, solidifying its place in the top 100 cryptocurrencies.
WIF, now trading at $2.93, has shown an incredible rate over the last 30 days, with a whopping 697% rise. Several reasons have contributed to WIF’s recent price spike, including its popularity among individual traders looking for the next big meme coin and anticipation over its anticipated use in NFTs and metaverse projects.
PEPE and BONK Follow-Suit
Pepecoin and Bonk (BONK) have also made waves in the memecoin market. Pepecoin, priced at $0.000008262, has increased by over 10% in the last 24 hours. With a 518% increase in value over the past month, Pepecoin stands out as one of the top performers in the memecoin space.
Meanwhile, Bonk (BONK) has seen a 13% surge in its price, currently trading at $0.00002628. Over the last 30 days, BONK has experienced a price increase of over 150%, driven by recent developments such as its listing on BitMEX and an enticing airdrop campaign for users.
The recent uptick in memecoin prices has garnered significant attention on social media platforms, where enthusiastic communities rally behind these assets. Memecoins are currently experiencing an optimistic sentiment because of the increase in community support, further accelerating their market rise.
Analyst Insights
With interest in memecoins growing, seasoned cryptocurrency investor Bitcoin China has provided insights into possible investment prospects. Bitcoin China highlights several memecoins that can potentially deliver substantial returns, including Dogecoin, Shiba Inu, Bonk, Pepe, Bome, Dogwifhat, Grok, Coq, and Ninja. These handpicked coins have captured the attention of investors seeking lucrative opportunities in the ever-evolving crypto landscape. The recent surge in memecoins reflects the growing interest and investment in this cryptocurrency market.
These memecoins could turn $1,000 into $100,000:
1. $DOGE
2. $PEPE
3. $BONK
4. $GROK
5. $COQ
6. $BOME
7. $WIF
8. $SHIB
9. $NINJA
Any others?👇— ฿ITCOIN CHINA 🇨🇳 (@BitcoinChina_) March 23, 2024
