The meme coin market has retained its uptrend, with Pepe (PEPE) leading the latest charge, having registered a massive 70% spike over the past 24 hours to become the biggest gainer among the top 100 crypto assets.
PEPE price – March 4 | Source: Trading View
Meme coins recorded substantial surges over the weekend, as the altcoin season kicked off in full steam. Pepe, Shiba Inu (SHIB), Bonk (BONK), dogwifhat (WIF) and Floki (FLOKI) dominated the top gainers’ list, each securing a spot in the top five.
Nonetheless, this uptrend cooled when most of the assets faced roadblocks, leading to mild corrections observed with some of them. For instance, Shiba Inu recorded a meager 0.31% drop yesterday, while Bonk suffered a 1.87% decline on March 2.
Despite the roadblock, PEPE has displayed remarkable resilience since it recouped the losses from the 13.84% intraday decline on Feb. 29. The meme coin has now registered three consecutive days of massive gains, with a push toward securing a fourth green day.
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PEPE has now surged 70% over the past 24 hours amid the resurgence of the meme coin mania this week, placing itself firmly atop the list of biggest gainers. The asset also secures the top spot among the largest gainers in the past week, with a 411% seven-day gain.
Pepe has leveraged the recent upsurge to conquer multiple resistance points from $0.000003 to $0.000006, with the latest psychological resistance threshold to fall being $0.000007. The meme coin changes hands at $0.00000718, looking to leverage the prevalent volatility for a push above $0.00000760.
Meme coin market cap crosses 51 billion
While PEPE stands as the biggest beneficiary of the latest market uptrend, other meme coins have also leveraged the broader rally. Market analytics platform Santiment confirmed today that these meme coins have recorded massive surges in their trading volumes.
📈 #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
Data from Santiment confirms that the meme coin trading volume has skyrocketed by 3,000% over the past week, as traders display immense interest in FLOKI, SHIB, PEPE, and BONK in a bid to ride on the rallies. This has in turn compounded buying pressure, complementing the uptrend.
CoinMarketCap data suggests that the broader meme coin market now boasts a trading volume of $16.78 billion, marking a 29% increase in the last 24 hours. In addition, owing to the price appreciations across the board, the global meme coin market cap has surged to $51.75 billion at the reporting time.
Meme coins’ market cap and trading volume – March 4 | Source: CoinMarketCap
Notably, Dogecoin (DOGE) accounts for 46.7% of this valuation, with a market cap of $24.2 billion. Shiba Inu, the second-largest meme coin, commands 31% of the global meme coin market cap, boasting a valuation of $16 billion.
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