The past week has seen top memecoins make proverbial “shocking gains.” Dogemoneta, Shiba Inu AND Pepper exploding with triple-digit percentage surges.
What happened: Over the past 24 hours, memecoin market capitalization exploded 39% to $44 billion, with 24-hour trading volume of $17.6 billion according to CoinGecko data.
Trading activity in Bitget’s Meme Zone has increased, with daily trading volume on February 29th increasing by more than 480% compared to February 26th. The number of day trading users in the Meme Zone increased by 147% during the same period.
The gains of the main memecoins last week:
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Because matter: Former president Donald Trump has benefited from the memecoin craze, with its cryptocurrency portfolio rising thanks to its holdings in MAGA Memecoin.
The week also saw key developments in several memecoins.
- Shiba Inu not only cleared a zero, but also started a petition for a Shiba Inu ETF. The community also announced a major partnership with open-source crypto company Zama to enable a new privacy-focused network on the Shibarium blockchain. Shiba Inu has also seen significant whale transactions and skyrocketing burn rates.
- Dogecoin surpassed the $0.10 mark with social sentiment up 600%, bringing its market capitalization to $18 billion, before MicroStrategy AND Robin Hood.
- Dogecoin open interest rose to $1 billion during the week, with nearly 70% of traders going long the memecoin. Analysts See “Insane” Gains Ahead for Dogecoin.
- Dogwifhat managed to become the first memecoin to cross the $1 mark. It reached this psychological milestone in record time, fueling calls for stock market listings for spot trading CoinBase AND Binance.
- Pepe has seen a growing number of social creators, driving the token to levels close to its May 2023 all-time high.
- Floki saw a total value locked of $105 million, making it the only memecoin with such a large portion of supply put into play. Floki also emerged as trending resource on the world’s largest investment social network, Stocktwits, ahead of other memecoins and giants like Apple.
- Furthermore, DWF Laboratories announced plans to purchase $10 million in FLOKI tokens from the community treasury over the next two years. The community is looking to burn $11 million worth of tokens from its total circulating supply.
- Bonk announced token burns during the week, with some significant whale movements leading to a surge in prices.
What’s next: Memecoins have been the benefactors of an impressive fortune Bitcoin rally, with the king of cryptocurrency trading above the $60,000 mark.
Bitget Search Chief Analyst Ryan Lee sees the meme industry’s upward trajectory as a “spillover effect” stemming from the rise of assets like Bitcoin and Ethereum. Note the implementation of these memecoins on the ETH and Solana chains and, therefore, “the upward trend in the prices of ETH and SOL consequently drives the price appreciation of the said tokens.”
Another interesting interpretation was given X (formerly Twitter):
While some investors see memecoins as an invaluable investment, other traders consider them crucial components to understanding the cryptocurrency industry.
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