The memecoin sector led market growth last week amid a broader bullish trend.
The GMMEME index, up 3.94%, tracking major memecoins such as PEPE (up 11.07%), SHIB (up 2.92%) and DOGE (up 1.71%), has risen over 90% in November. In comparison, other indices like GM30 and GML1 only increased by an average of 36% during the same period.
In the GMMEME index, PEPE, BONK (up 5.48%) and WIF (up 5.55%) have stood out, with weekly increases of over 70%, 100% and 32%, respectively. This follows the listing of major memecoins like PEPE and WIF on Coinbase and Robinhood, causing their prices to soar due to speculative inflows from a new group of users on these platforms.
In the overall memecoin sector, including tokens outside the GMMEME index, MOODENG and PNUT (down 6.62%) are also prominent tokens, with increases of 47% and 1,500%, respectively.
$PNUT a memecoin inspired by the famous squirrel P’Nut, has added $1.68 billion to its value just in the past week after being listed on Binance's spot market, and this squirrel has been mentioned and recognized multiple times by Elon Musk on X.
The speed and scale of the listing of these memecoins are unprecedented, signaling a strategic shift from major exchanges and centralized platforms.
This trend may be related to the recent U.S. presidential election, where Donald Trump's victory has rekindled optimism for a more crypto-friendly regulatory environment.
Trump's anticipated tolerance for this industry is completely at odds with the restrictive stance of the current administration and may have encouraged platforms to accelerate the listing of high-demand speculative tokens.
Although memecoins are often criticized for their lack of utility, the current preference of retail investors for them compared to utility tokens is reflected in the trading volumes they generate. This makes memecoins not only an important part of the current industry but also a lucrative goldmine for exchanges.