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Meme Coin Trading Volume Surges: What’s Behind the Frenzy?

2024/07/16 17:38

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Recent Meme Coin Rally

Meme coins, including Pepe (PEPE), Dogwifhat (WIF), and Floki Inu (FLOKI), have surged in the past 24 hours amidst a broader digital asset market uptrend, with Bitcoin (BTC) trading above $63,000.

Trading Volume and Market Capitalization

According to CoinMarketCap, meme coin trading volume has spiked by over 72%, reaching $6.49 billion. The top three meme tokens by valuation—Dogecoin (DOGE), Shiba Inu (SHIB), and Pepe (PEPE)—have seen price increases of 3.59%, 4.86%, and 26%, respectively. DOGE is trading at $0.1223, SHIB at $0.00001895, and PEPE at $0.00001175. Over the past week, DOGE, SHIB, and PEPE have risen by 12.92%, 14.70%, and 25.52%.

Other Meme Tokens’ Performance

Tokens like Dogwifhat (WIF), Bonk (BONK), FLOKI (FLOKI), and Brett (BRETT) have also shown significant gains. WIF is up 20.93% at $2.15, BONK surged 8.40% to $0.00002642, FLOKI rose 20.43% to $0.0001846, and BRETT increased by 12.45% to $0.1387. Over the past seven days, these coins have risen by 25%, 0.67%, 25.85%, and 12.72%, respectively.

Market Cap and Analyst Insights

The meme coin market cap has grown by 10.69% in the last 24 hours, now totaling $50.4 billion. According to "Altcoin Sherpa" on social media platform X, the meme coin market is evolving differently compared to the 2021 crypto bull market. Attention and liquidity are spread across numerous meme coins, leading to moderate gains rather than concentrated massive rallies seen previously with coins like WIF and SHIB.

Bottom line is that you should have some exposure to memes. I don't know what you want to choose, you can look at Murad for some of his picks and logic. And don't just brush picks off either; memes actually do have fundamentals, just the same as normal tech coins. Buy some or be…
— Altcoin Sherpa (@AltcoinSherpa) July 15, 2024

Analysts suggest that while occasional rallies like PEPE's may occur, the broader trend for meme coins could be characterized by more distributed gains across multiple tokens.

The dispersion of attention and liquidity across multiple meme coins could lead to heightened volatility and unpredictable market movements.

Memecoins

Dapatkan pemahaman yang lebih luas tentang industri kripto melalui laporan informatif, dan terlibat dalam diskusi mendalam dengan penulis dan pembaca yang berpikiran sama. Anda dipersilakan untuk bergabung dengan kami di komunitas Coinlive kami yang sedang berkembang:https://t.me/CoinliveSG

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