The lights are green in the crypto ecosystem these days. And among the big winners are memecoins, which have exploded upwards over the week. Let’s take a closer look at the rapid progress of Pepe, Dogwifhat (WIF) and Floki
Memecoins explode against bull run backdrop
As Bitcoin (BTC) approaches $64,000 this morning, altcoins are having a field day. The past week has shown clear gains for the majority of cryptocurrencies. This is especially true of memecoins, which have exploded in price in recent days.
In fact, memecoins have taken the top 6 places in the ranking of the fastest-growing cryptocurrencies over the last 7 days, according to data shared by CoinGecko:
The cryptocurrencies making the most progress over the week
Total memecoin capitalization today stands at $53.4 billion, an increase of 17.9% over the past 24 hours alone. For comparison, the total capitalization of cryptocurrencies is up “only” 2.7% over the same period.
Pepe (PEPE) in particular is taking the cake, gaining 371% over the week… and 73% over the last 24 hours alone :
PEPE has been exploding on the upside for the past few days
The same is true of Dogwifhat (WIF), which has risen by 349% over the last 7 days, alongside Floki (+324%). The rise is also reflected in the “historic” memecoins Shiba Inu (SHIB) and Dogecoin (DOGE), but in a more measured way (+178% and +91% respectively).
How can we explain this explosive rise in memecoins?
It’s no secret that the cryptocurrency market has entered a period of euphoria. BTC is approaching its all-time high (ATH), at $69,000, and other cryptocurrencies have passed key milestones. Total crypto asset capitalization now stands at $2.5 trillion.
Yet memecoins are historically more volatile than “classic” cryptocurrencies. This means that their price variations are greater. During periods of euphoria, they explode; during bear markets, they plummet. Their breakthrough in recent days is therefore an indicator of the prevailing market sentiment
Today, the “Feer and greed” index is indeed indicating “extreme envy” on the part of the ecosystem, reflected in those high daily rises we mentioned. So the week begins with great optimism. Will Bitcoin then reach its all-time high again? We’ll have the answer in the next few days
