According to Cointelegraph: The trending memecoins Pepe, Floki, and Bonk have seen an exemplary upsurge over the last week, recording price increases of over 500% and a whopping 3,000% surge in weekly trading volume.

Memecoins trading volume. Source: Santiment

According to data from Santiment, the trading volumes for Pepe (PEPE), Floki (FLOKI), Shiba Inu (SHIB), and Bonk (BONK) have increased by more than 3,000% over the past week, coinciding with significant public interest and price movements. Many of these memecoins have also registered new all-time highs (ATH).

Ethereum-based Pepe has seen its price rise by over 370% in the past week and its market capitalization doubled from $1.5 billion to $3 billion in just two days. Currently, it's being traded at 0.00000682 with a billion-dollar trading volume.

On the other hand, Solana-based Bonk has experienced a 190% price surge over the past week and is trading near its ATH of 0.0000345. Floki has shown a 350% surge on the weekly price charts, ranking 16th in trading volume.

The heavy hitters from the previous memecoin cycle, Dogecoin (DOGE) and SHIB, have also shown bullish growth, with DOGE recording a 90% weekly gain and SHIB up by 175%.

Although mammoth growth seen in memecoins during bull runs can lead to considerable returns on investment, they are notorious for sharp declines post their peak, with some losing over 80% of their value. Furthermore, some crypto veterans argue that memecoins reflect poorly on the overall crypto market.