Benzinga - The past week saw the top memecoins with proverbially "face-melting gains," with Dogecoin, Shiba Inu and Pepe exploding for triple-digit percentage surges.
What Happened: In the past 24 hours, the memecoin market cap exploded 39% to $44 billion, with a 24-hour trading volume of $17.6 billion per CoinGecko data.
Trading activity in Bitget's Meme Zone surged, with daily trading volume on Feb. 29 up by more than 480% compared to Feb. 26. The number of daily trading users in the meme zone increased by 147% during the same period.
The gains of leading memecoins last week:
- Dogecoin (CRYPTO: DOGE): +68.5%
- Shiba Inu (CRYPTO: SHIB): +128%
- Pepe (CRYPTO: PEPE): +292%
- Bonk (CRYPTO: BONK): 130%
- Dogwifhat (CRYPTO: WIF): +335%
- Floki Inu (CRYPTO: FLOKI): +232%
- MAGA Memecoin (CRYPTO: TRUMP): +57%
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Why It Matters: Former President Donald Trump benefited from the memecoin mania, with his crypto portfolio surging thanks to his MAGA Memecoin holdings.
The week also saw fundamental developments in several memecoins.
What’s Next: Memecoins have been the benefactors of an impressive Bitcoin rally, with the king of crypto trading above the $60,000 mark.
Bitget Research Chief Analyst Ryan Lee sees the meme sector’s upward trajectory as a “spill-over effect” from the rise of assets like Bitcoin and Ethereum. He notes the deployment of these memecoins on ETH and Solana chains and thus, “the upward trend in ETH and SOL prices consequently drives the price appreciation of said tokens."
Another interesting take was provided on X (formerly Twitter):
The world is changing rapidly#Bitcoin went from being associated with drug money to having an ad on the Wall Street building, the heart of world finance, with the BTC ETF doing more daily volume than any other ETFWhile some investors see memecoins as an invaluable investment, other traders look at them as crucial components to understanding the crypto sector.Bitcoin is probably the first-ever meme coin that people memed… pic.twitter.com/DLNuqjBsqv
— Kibshi — AI Meme Coin — meme/acc (@KiboShib) March 1, 2024
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