There has been a craze in meme coin projects for the last week. Prices and trading volumes of meme coins such as Shiba Inu (SHIB), Pepe (PEPE), Floki Inu (FLOKI) and Bonk (BONK) have skyrocketed. Although this has created great interest and excitement among investors, experts warn that caution should be exercised when investing in meme coins.
Meme coin craze continues: Those coins caught the attention of Santiment
This past week we have witnessed a surge in popularity of memecoins, with skyrocketing trading volumes and increasing interest on social media. This trend, triggered by rising prices and increased investor interest, sparked a frenzy in the meme coin market, according to Santiment’s X post.
According to analysis firm Santiment, this attack is led by Shiba Inu (SHIB), Pepe (PEPE), Floki Inu (FLOKI) and Bonk (BONK). The coins have seen a 3,000% increase in trading volume in the last seven days. This dramatic rise paints a picture of a market heavily influenced by FOMO (Fear of Missing Out) and speculation fueled by social media hype.
Is a surge coming?
Analysts warn that such explosive growth often precedes volatility and potential price reversals. Combining the rise in trading volume with the rise in social media activity can be a crucial indicator for any asset, not just memecoins, to predict potential tops or bottoms in price movements.
cryptokoin.com As we have covered in our previous news, several factors contribute to the current meme coin craze:
- Latest price increases: Memecoins such as SHIB and PEPE witnessed significant price increases last week, further attracting investors looking for quick profits.
- Impact of social media: Memes, tweets and online discussions about these crypto assets are attracting public attention and increasing trading activity.
- Increasing accessibility: With the increase of user-friendly platforms and increased awareness, memecoins are becoming more accessible to new investors.
Latest situation in the market
According to the latest data, Pepecoin (PEPE) has surged as much as 60% in the last 24 hours, pushing its weekly gains to over 370%, amid a rally led by cryptocurrencies such as Dogecoin (DOGE) and Bonk (BONK). Trading volumes for frog-themed tokens jumped to a lifetime high of $3.6 billion, according to CoinGecko data. Because a risk-driven environment has triggered outsize bets on riskier assets like altcoins and meme coins.
Gains for frog-themed Pepecoin were significantly higher than Shiba Inu (SHIB) and Dogecoin. DOGE gained 170% last week while SHIB gained 200%. Meme coins first came into the spotlight in late February, when Bitcoin, Ethereum, and Solana’s SOL rose more than 10%. Non-serious tokens are seen as a way to bet on the growth of a blockchain as they are considered more retail investor-friendly and easier to understand for new investors.
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