In cryptocurrencies, the meme coin bulls that marked March seem to have come to the forefront once again. The market sentiment seen this week, along with the expectations in the spot Ethereum ETF, has risen again, and there have been noticeable entries into the market. As of the time of writing, the overall volume of cryptocurrencies fell by 0.4% in 24 hours, retreating to $2.6 trillion. During this period, some meme coins saw double-digit gains. In the current market activity, some bulls indicate that there could be a move towards all-time highs in the future. The total volume of meme coins was around $61 billion. Due to the nature of cryptocurrencies and meme coins, it was observed that investors seeking quick gains directed their investments here.
New Entries in Meme Coins
In the market, despite more gains emerging on the community side, the entries continued to attract attention. Although the total market value of meme coins is still far from $100 billion, the recent increase in entries into DOGE and SHIB, as well as Solana meme coins, has not gone unnoticed. As expectations increased, trading volumes and on-chain activities also rose. Some meme coins saw over 180% daily trading volume increases today, with most bulls eyeing all-time highs for many tokens. For meme coins to revisit their all-time highs, positive market sentiment needs to continue its upward trend similar to the first quarters of 2024 and 2021. During both mentioned times, BTC and meme coins reached all-time highs.
The Peak of Meme Coins
This week, a general growth in both old and new meme coins is noticeable in the market. Looking at the last 24 hours, PEPE tops the list with a 25% rise in the last 24 hours. After this rise, PEPE is at $0.00001391 and continues to closely follow the ATH it refreshed yesterday. Dogecoin (DOGE), at the peak of meme coins, rose by 5% in the last 24 hours and 13% in the last seven days. DOGE’s biggest rival, Shiba Inu, continues to trade sideways today but saw an 8% increase on a weekly basis. Another notable meme coin in the market is BONK. BONK was the fastest to respond to yesterday’s ETH rise and is trading at $0.00003295 after a 2% rise as of the time of writing.
