There Is A Notable Increase In Volume For Pepe, Floki, Bonk, And Other Memecoins.

Last week, the price of PEPE surged by approximately 400%, and its market value doubled in the last two days.

Last week, there was a significant surge in popular memecoins such as PEPE, FLOKI, and BONK. These digital assets experienced remarkable increases, with price gains exceeding 500% and transaction volumes rising by around 3000%.

According to data provided by Santiment, memecoins like PEPE, FLOKI, SHIB, and BONK witnessed an average volume increase of over 3000% last week. This surge in trading volume fueled public interest in these assets and led to significant price hikes, resulting in many new memecoins reaching record levels.

📈 #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. https://t.co/MMHxbMotu0 pic.twitter.com/AiIaEbgGIz

— Santiment (@santimentfeed) March 4, 2024

In addition to the increase in transaction volume and price, these memecoins also experienced a significant surge in social activity.

Last week, the PEPE token on the Ethereum network saw an increase of over 370%, trading at a level of 0.00000682 with billions of dollars in transaction volume. The token ranked 44th in terms of market capitalization and secured the eighth position among cryptocurrencies in terms of trading volume. Within two days, PEPE's market capitalization doubled from $1.5 billion to $3 billion.

BONK, which operates on the Solana network, traded at 0.0000345 with a notable increase of 190%. During the same period, another trending memecoin called Floki surged by 350%, reaching the 16th highest trading volume. Many memecoins that experienced triple-digit growth last week are relatively new compared to older memecoins like Dogecoin and Shiba Inu.

Prominent memecoins from previous cycles also demonstrated growth; Dogecoin gained 90% weekly while Shiba Inu surged by 175%.

The memecoin phenomenon reached its peak during Dogecoin's bull rally in 2021, fueled by Elon Musk's support. While each cycle of memecoin excitement and price fluctuations allows some investors to make significant returns in a short period, many also incur substantial losses. Many cryptocurrency experts believe that such tokens generally have negative effects on the cryptocurrency market.

Look..I'm glad you guys are making money on memecoins I really am. But they are just not good for the space and morally I can't bring myself to trade them. Good for you though, really, if you can ignore the ethical dillemas it's definitely a gold mine but yeah.. not for me..

— vydamo.eth (@vydamo_) March 4, 2024

Many memecoins that experienced significant growth at the peak of the bull market are also among the tokens that have seen the largest declines. Some memecoins have lost more than 80% of their value since reaching their peak levels.

You can follow developments in the cryptocurrency markets and the latest news in real-time on Kriptospot.com.