Meme tokens surge sharply, intensifying the anticipation of ‘memecoin supercycle.’
The recent top meme rallies are attributed to crypto exchanges listing memecoins like HIPPO, BONK, PEPE, and WIF.
Bitcoin created a new high closer to the $100K target — $93.4K — in the last 24-hour window. Parallel to this, a pack of memecoins dominates the top crypto gainers with their impressive price rallies and hints at the potential memecoin supercycle. Trending players like PEPE, POPCAT, and HIPPO mark their new all-time high (ATH).
Memecoins among Top 24H Crypto Gainers (Source: CoinMarketCap )
The tweets or opinions from the following figures — “DOGE father” Elon Musk memecoin analyst “Murad” Mahmudov and crypto influencer Zion Thomas aka “Ansem” — have been recognized as key factors driving the meme market uptrend. This recent surge in meme rallies can be attributed to memecoin listings on crypto exchanges like Binance and Coinbase.
Memecoin Listings in the Last 24H and Their Impact
In the last 24 hours, four memecoin listings have been announced, with Binance becoming the focal point for the meme community. Once a memecoin is listed on this major exchange, it typically experiences a surge in attention and trading activity. Sui-based memecoin Sudeng (HIPPO) saw this boost following its listing announcement on Wednesday. HIPPO price surged 122.4%, reaching an all-time high (ATH) of $0.02509 from a low of $0.01128.
Meanwhile, crypto exchange Coinbase and trading platform Robinhood both listed the popular frog-themed memecoin PEPE, triggering a 96% rally. PEPE spiked from a low of $0.00001285 to an ATH of $0.00002524. Alongside PEPE, Coinbase also listed dogwifhat (WIF), another dog-themed meme token, which jumped 61.9% from $2.89 to a high of $4.68.
Last week, Binance also listed two other memecoins — ACT (ACT I: The AI Prophecy) and PNUT (Peanut the Squirrel) — and the consequent price rallies captured the community’s attention. While Bybit listed GOAT (Goatseus Maximus), the popular pump.fun memecoin, which hit a $1 billion market cap.
Will the Memecoin Supercycle Last?
Amid the memecoin frenzy, one of the oldest cryptocurrencies, Litecoin (LTC), playfully tweeted on X, calling itself a memecoin. Dogecoin (DOGE) joined the conversation by encouraging the community to come up with a mascot. Memecoins continue to remain the hot talk of the crypto space, reflected in their strong social dominance.
Hey fam, @litecoin now identify as a memecoin, so can we help them out making a few LTC memes to get them started? Some kind of chibi mascot I think https://t.co/t8OiCPDNY6
— Dogecoin (@dogecoin) November 14, 2024
Generally, during a supercycle, memecoins experience explosive returns, with gains of 10x, 100x, or even more. The 2020–2021 crypto era saw the ‘biggest memecoin supercycle,’ during which multiple meme tokens skyrocketed to all-time highs (ATHs) that have yet to be surpassed. For instance, in 2021, Dogecoin spiked 18,833% to a high of $0.7376 in May from $0.03719 at the start of the year. Currently, DOGE is 45.8% below its ATH.
In late October this year, Murad forecasted that 7–8 memecoins would lead this supercycle, with their market valuations rising to over $20 billion. The rest of the tokens, however, will likely not see such extreme bullish hikes.
Over the past seven days, the memecoin market cap soared 77% to claim a cap of $121.23 billion. Notably, the following tokens exhibited the max weekly returns: ACT (3003.7%), PNUT (1526.3%), HIPPO (236.01%), DEGEN (138.36%), PEPE (123.8%) and DOGE (111.35%).
Memecoin Market Cap
The current trajectory appears bullish, exuding the aura of greed. However, the path ahead is seemingly highly volatile. Traders and investors are advised to calculate and practice caution while investing in memecoins.
Disclaimer: The article is only for informational purposes only. It does not represent any investment or financial advice. TheNewsCrypto team encourages all readers to do their own research before investing.
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