The memecoin frenzy has seen trending memecoins, such as Pepe, Floki, Bonk and others, record a massive rally over the past week. The memecoins have recorded a price surge of over 500% and a nearly 3,000% surge in trading volume.
According to data shared by Santiment, on average, Pepe (PEPE), Floki (FLOKI), Shiba Inu (SHIB) and Bonk (BONK) have seen their volumes rise over 3,000% in the past week as public interest and prices have moved significantly, with many memecoins recording new all-time highs (ATH).
Along with trading volume and a price surge, the memecoins have also registered a massive swell in social activity.
Ethereum-based Pepe has seen a price increase of over 370% in the past week. At the time of writing, it trades at 0.00000682 with volume in the billions. While the token is ranked 44th in terms of market cap, the trading volume of Pepe currently ranks it eighth. Pepe’s market cap has doubled from $1.5 billion to $3 billion in just two days.
Solana-based Bonk has seen a 190% price surge over the past week, trading near its ATH of 0.0000345. Floki has recorded a 350% surge on the weekly price charts, ranking 16th in trading volume. Memecoins that have recorded triple-digit growth over the past week are relatively new compared to more established memecoins, such as Dogecoin (DOGE) and SHIB.
Those leading memecoins from the past cycle also showed bullish growth, with DOGE recording a 90% weekly gain, while SHIB is up 175%.
The memecoin frenzy is similar to the last bull run in 2021 when Dogecoin led the bull rally with the backing of Elon Musk.
Memecoin cycles and their price volatility have helped some investors make a hefty return on their investment over a short time period. However, many others often lose a fortune. Some crypto veterans believe memecoins reflect poorly on the crypto market in general.
Most memecoins that see mammoth growth during bull runs are also among the tokens that record the sharpest decline after, with some losing over 80% of their value from their peak.