Memecoins such as Shiba Inu SHIB/USD, PEPE PEPE/USD, Floki FLOKI/USD, and BONK BONK/USD are rallying, with prices rocketing.
What Happened: The analytics platform Santiment reports that these memecoins have witnessed an average trading volume increase of over 3,000% in the last seven days.
"#Memecoins, particularly those that have been trending over the past week, have skyrocketed in trading volume due to surging prices and increased crowd interest. On average, $SHIB, $PEPE, $FLOKI, and $BONK has seen volume rise +3,000% in the past week. Consider combining spiking trading volume with spiking social volume as a key volatility and price reversal indicator (whether you are awaiting a top or bottom) for any asset, memecoin or otherwise," Santiment wrote in a tweet.
PEPE, an Ethereum ETH/USD based memecoin, climbed over 370% in the past week. Now trading at $0.00000682, PEPE’s trading volume has surged into the billions, placing it as the eighth most traded token by volume. Despite ranking 44th in market cap, PEPE has seen its market value double from $1.5 billion to $3 billion in just two days.
On the Solana SOL/USD blockchain, Bonk has also experienced a significant increase, with its price jumping 190% in the last week, approaching its all-time high at $0.0000345. Floki charted a 350% rise on the weekly price index, ranking 16th in trading volume.
Meanwhile, top meme cryptocurrencies like Dogecoin DOGE/USD witnessed a 91% weekly gain, while Shiba Inu is up 176%.
See More: Dogecoin HODLERs Are Beating Shiba Inu With 57% Landing In Profits, IntoTheBlock Data Reveals
Why It Matters: This comes on the heels of Bitcoin’s reaching $65,000 on Monday, eyeing its all-time highs of $69,000.
The total market capitalization of the top 100 meme coins has gone up by 30%, reaching $52 billion. Their trading volume for a single day has hit $17 billion.
Read Next: Here’s How Much You Should Invest In Shiba Inu Today For A $1M Payday If SHIB Hits 1 Cent?
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