Over the past week, the memecoin sector has led the market gains amid expanding bullish momentum.
The GMMEME index, an index that tracks major memecoins such as PEPE, SHIB, and DOGE, saw a 90% increase in November. Other indexes, such as GM30 and GML1, saw an average increase of 36% during this period.
Within the GMMEME index, PEPE, BONK, and WIF gained 70%, 100%, and 32%, respectively. With major memecoins like PEPE and WIF being listed on platforms like Coinbase and Robinhood, the prices of these tokens have skyrocketed due to speculative buying.
Apart from the index, memecoins such as MOODENG and PNUT also attracted attention. While MOODENG increased by 47%, PNUT achieved a surprising increase of 1,500%. PNUT, inspired by the squirrel character named P’Nut, gained $1.68 billion last week. This increase was achieved by being listed on the Binance spot market and being frequently mentioned by Elon Musk on the X platform.
These rapid and massive memecoin listings signal significant changes in the strategies of centralized exchanges and platforms.
The results of the US presidential election may have also influenced this trend. Donald Trump’s victory has created renewed optimism about a more regulatory environment that is more friendly to the industry. Trump’s more lenient approach to the industry contrasts with the current administration’s restrictive stance, which may have led platforms to quickly list speculative tokens that are in high demand.
While memecoins are often criticized for their lack of utility, the interest of retail investors in these tokens is clearly visible in their trading volumes, making memecoins not only an important part of the industry but also a profitable opportunity for exchanges.
