Memecoins Leading the Market for Several Days
Several prominent memecoins like Pepe and Bonk have consistently ranked high on the top gainers' board over the past few days.
Memecoins Leading the Market for Several Days. Image: Aliniex
The market capitalization of memecoins has surged nearly 30% over the past 24 hours, continuously dominating the spotlight compared to the rest of the global crypto market, which has been relatively stagnant.
Market Capitalization of Memecoins. Source: CoinGecko
According to data from CoinGecko, the market capitalization of memecoins is currently approaching $35 billion USD. Over the past 7 days, major memecoins such as Dogecoin (DOGE), Shiba Inu (SHIB), Bonk (BONK), and Pepe (PEPE) have seen significant increases of 50%, 49%, 95%, and 172.8%, respectively.
Top Memecoins. Source: CoinGecko
Notably, dogwifhat (WIF), a meme coin based on the Solana network, was listed on Robinhood Europe this morning, skyrocketing by over 225% this week and gaining 30% immediately following the news.
According to the announcement, the Robinhood Crypto platform will list Dogwifhat (WIF). CoinGecko market data shows that WIF is currently trading at $0.87, a 24-hour increase of 5.3%.https://t.co/1Gg8p74GLU
— Wu Blockchain (@WuBlockchain) March 1, 2024
Floki (FLOKI) has also garnered attention, surging over 80% during the week. The surge was attributed to DWF Labs announcing a $10 million USD purchase of FLOKI tokens, part of their commitment to supporting the ecosystem.
DWF LABS TO PURCHASE $10,000,000 IN FLOKI TOKENS TO SUPPORT THE FLOKI ECOSYSTEM
— FLOKI (@RealFlokiInu) February 27, 2024
DWF Labs will purchase $10,000,000 in $FLOKI tokens as part of their commitment towards supporting the #Floki Ecosystem.
FULL ANNOUNCEMENT: https://t.co/ZNTsiyqZzp pic.twitter.com/gBdx6w6ygO
At the time of reporting, the momentum of memecoins has significantly waned, likely undergoing a correction in sync with the flagship cryptocurrency, BTC.
15m chart of BTC/USDT pair on Binance at 10:50 PM on 01/03/2024
It is evident that a risk-taking sentiment has contributed to the recent recovery of memecoins. As the price of Bitcoin (BTC) approaches its previous peak of $69,000 USD, the market becomes riskier, prompting a shift towards more speculative tokens and leading memecoins.
Users are often willing to make small investments with hopes of substantial profits, a sentiment that memecoins capitalize on. Furthermore, advertising memecoins becomes easier in a market sentiment-positive environment where investors are less cautious.
