Originally published on: October 08, 2024
The world of cryptocurrencies is buzzing with excitement as memecoins like DogecoinDOGE, Shiba InuSHIB, and DogwifhatWIF see impressive gains in recent weeks. But what’s driving this sudden surge in meme token prices?
Leading the pack is Neiro on Ethereum(NEIRO), a new memecoin launched on the Ethereum network in late July. In just the past month, Neiro has skyrocketed by over 3,330%, with a 63% increase in the last week alone. Not far behind is PopcatPOPCAT with a 137% monthly gain, followed closely by Mog CoinMOG climbing 102% over the same period.
Top meme tokens by market capitalization have also seen significant boosts, with DOGE, SHIB, and PepePEPE rising by 11.8%, 32.8%, and 38%, respectively, on a monthly basis. Meanwhile, WIF has surged by a remarkable 63%.
According to CoinMarketCap, the market capitalization of meme tokens has surged by 34.7% over the last four weeks, reaching $48 billion at the time of writing. This remarkable growth reflects renewed investor confidence in the meme token sector.
The daily trading volume has also seen a substantial increase, rising by 220% from $2.7 billion on September 8 to a monthly high of $8.6 billion on October 2 before settling at the current $6.8 billion. This surge in trading volume indicates a strong demand for meme coins in the market.
Data from Dune further supports this trend, showing a collective 161.7% increase in weekly transaction flows for meme coins across various blockchains like Ethereum, Solana, and Tron. This surge, from $110.5 million in early September to $289.2 million by the week ending October 4, highlights the growing popularity of meme tokens.
As always, it’s important to remember that investing in cryptocurrencies involves risks. Readers are advised to conduct their own research before making any investment decisions. For more insights into the market trends and opportunities, subscribe to our Markets Outlook newsletter for critical updates every Monday.
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