Meme coins' market cap reached $119B, with $58.9B trading volume; Dogecoin leads at $52.5B but is 50.87% below its all-time high.
PNUT surged 2925.65% in a month, trading at $1.69; it saw a 17.3% dip in the last 24 hours despite recent gains.
Bitcoin ranks seventh in social media chatter as capital shifts to speculative meme coins like PEPE, MEME, NUX, and COIN.
The cryptocurrency market has seen an impressive surge in activity, with meme coins driving a significant portion of the current rally. Speculative tokens such as Dogecoin, PEPE, and PNUT have gained substantial traction, fueled by increasing social media discussions and trading volumes.
According to data from Santiment, meme coins are at the forefront of this trend, overshadowing even Bitcoin in terms of social media chatter.
https://twitter.com/santimentfeed/status/1857163610650255435 Meme Coin Market Soars Amid Broader Crypto Growth
Notably, the collective market cap of meme coins has reached $119 billion, with trading volumes climbing to $58.9 billion. Dogecoin leads the pack, ranking sixth in the broader cryptocurrency market.
Currently priced at $0.3718, Dogecoin's market cap sits at $54.81 billion. Despite its dominance, the token has seen a 7.9% drop in value over the last 24 hours and remains 50.87% below its all-time high of $0.7376.
Furthermore, other meme coins have also experienced notable growth. PNUT has surged by an astonishing 1675.2% in the past week, trading at $1.87 with a market cap of $1.85 billion. Over the past month, PNUT has risen by 3438.65%, though it experienced a 7.80% drop in the last 24 hours. Similarly, PEPE and MEME have shown significant upward trends. PEPE increased by 105.77% in the last 30 days, while MEME rose by 26.70% in the past week.
Shifting Capital Focus Highlights Speculative Interests
Bitcoin, traditionally the cornerstone of cryptocurrency investments, now ranks seventh in terms of social media discussions. This suggests a notable shift in capital flow towards more speculative meme tokens. NUX and COIN are also among the top performers, with NUX gaining 133.27% over the last month and 7.42% in the last 24 hours. COIN has seen a weekly increase of 42.71%.
Therefore, the surge in popularity of these tokens indicates a growing appetite for high-risk assets among crypto investors. Social media platforms play a crucial role in driving interest and engagement. As meme coins attract more attention, their rapid price swings reflect the volatile nature of the market.
The post Meme Coins DOGE, PEPE, PNUT Drive Speculative Crypto Cycle, Santiment Suggests appeared first on Crypto News Land.
