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As Bitcoin notched yet another milestone of $73.6k, meme coins, too, had a “big day.”
With the top 100 meme coins posting massive gains over the past week, the on-chain data suggests that profits are swiftly flowing into speculative assets with limited liquidity.
Meme Coin Mania Amid Bitcoin Bull Run
The OG meme coin – Dogecoin (DOGE) – surged by over 23% during the same period, catapulting its price to $0.188. Over the past 24 hours alone, the token gained approximately 10%.
Amid the overall market rally, Elon Musk, CEO of Tesla, mentioned during a public address at a Tesla manufacturing plant in Berlin that Dogecoin could potentially be used as a payment option for such vehicles “at some point.” This statement from Musk further boosted the value of the asset.
Next in line is Shiba Inu (SHIB), which rose to $0.0000338 after nearly 8% in weekly gains. Despite a minor slump earlier this month, the trading volume of SHIB witnessed a notable increase, signaling a rise in interest. This surge in trading activity also led to a reduction in the market capitalization gap between SHIB and its rival, DOGE.
PEPE, the third-largest meme coin by market cap according to CoinMarketCap, was up by 51.17% over the past week. The latest price action has extended its monthly gains to nearly 825%, even as whales took profit earlier this week.
Solana-based dogwifhat (WIF) stood out as one of the top performers among meme coins this year. The price of this viral token soared to $3.25 mainly due to the efforts of its supporters, who raised over $700,000 to advertise the token’s logo on the Sphere, which happens to be a famous entertainment arena in Las Vegas, Nevada.
FLOKI – the fifth largest meme coin – has gained almost 130% in the past week. A factor that could have contributed to the impressive price surge might be the Floki DAO’s decision to burn more than 190 billion tokens. This move effectively reduces the available supply of FLOKI in circulation, which could lead to an increase in its value due to heightened scarcity, provided that demand remains stable or rises.
The original Solana meme coin Bonk (BONK) was the sixth-largest of its cohort, seeing 24% in weekly gains. It was recently awarded the Meme Coin of the Year by CoinMarketCap and was up by over 706% in the past year.
Lesser-Known Meme Coins Shine
Among the top 20 meme coins, Milady Meme Coin (LADYS) was another key player that notched a whopping 450% gain in the past week alone.
Riding the wave of a broader bullish trend, lesser-known meme coins such as MongCoin (MONG), Bad Idea AI (BAD), and Wen (WEN), also surged by 94.02%, 72.06%, and 13.53% during the same period.
🤣 #Memecoins had another big day as #Bitcoin‘s #AllTimeHigh notched above $73.6K. With each $BTC rise in March, it appears profits are quickly being redistributed to speculative assets with low liquidity. Track #memecoin metrics on this useful watchlist: https://t.co/XgaeFiQ8XG pic.twitter.com/9bl4L2TVbm
— Santiment (@santimentfeed) March 13, 2024
This article first appeared at CryptoPotato
