Trading volume for major memecoins, which often trade for a fraction of a cent, reached nearly $80 billion in the past week. The highest number in three years.
The frenzy for memecoins in the digital asset market shows no signs of stopping, with trading volumes now sitting at levels last seen just before the outbreak of the “cryptocrash“, more than two years ago.
Considered as one of the most speculative and volatile cryptocurrencies, memecoins like Dogwifhat and Pepe They are far surpassing the gains recorded by the market leader, Bitcoin, which is the spearhead of the market.
The price of the third largest meme coin by market cap, PEPE, climbs 10% this Thursday in 24 hours, as it is trading at $0.058797 at the time of writing these lines. Thus, the token rose 42.7% in the week, 826% in the month and 13,417% in the last yearaccording to the survey of Ambit.
The trading volume of the main memecoins, which are often traded for a fraction of a cent, reached almost $80 billion in the last weekaccording to data compiled by blockchain data firm Kaiko. It is the highest figure since October 2021.
Fury over Pepe: the toad token
Pepe, a toad-themed coin, and dogwifhat continued to rack up new highs last week, according to tracker CoinGecko. The total market value of the memecoin sector reached more than $60,000 on Wednesday.
Memecoins have been a long-standing phenomenon in cryptocurrencies, as microscopic memecoin prices are seen by small investors and promoters. as an opportunity to quickly make huge profits despite the lack of traditional fundamentals.
That doesn’t stop token fans from trying to keep the momentum going. A group of dogwifhat token holders announced a public fundraising campaign last week to put the dogwifhat meme on the Las Vegas Sphere. The group has already reached its goal of $650,000 in the USDC stablecoin, according to the transaction history of the fundraising digital wallet. But it’s unclear if or when the fund will be used to promote the meme in Las Vegas.
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PEPE’s 24-hour trading volume reached a staggering $1.7 billion. The difference is that Shib’s $19.1 billion market capitalization is about five times larger than Pepe’s $3.7 billion.
That said, just like meme coins like PEPE can sometimes absorb most of the gains when times are good, When times are bad and the market is more risk averse, they can also absorb most of the losses.
Memecoin-loving PEPE holders would do well to diversify their portfolio with a token that offers more than just laughs.
Source: Ambito
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