- Memecoins are experiencing double-digit gains in the past 30 days, leading the altcoin rally.
- The recent memecoin surge indicates growing investor interest, which is a result of speculative trading.
The recent increase in the memecoin market has proven to be one of the most significant movements in the crypto market, with some tokens seeing spectacular gains. Following Bitcoin’s recent surge, memecoins are doing well; many have seen double-digit gains over the last 30 days, according to IntoTheBlock.
Memecoins are performing strongly following Bitcoin’s recent rally, with many memecoins now showing double-digit gains in the past 30 days.
Is it time for another memecoin season? pic.twitter.com/AFgXKGgDq3
— IntoTheBlock (@intotheblock) September 30, 2024
Dogwifhat (WIF) emerged as one of the most prominent achievers, with its stock price rising by 46% in September to a high of $2.20. This rapid increase pushed WIF’s market cap above $2 billion, the highest level in the prior seven weeks.
Interestingly, despite this increase, the number of WIF holders only rose by 1.29%, suggesting that speculative trading in the futures market may be primarily responsible for the rally. Analysts have turned bullish, with some expecting that WIF could soon reach $3 as it gains momentum.
Pepe (PEPE) Surges Past Its August Highs, Outshining Dogecoin in Trading Volume
Simultaneously, Pepe (PEPE), an Ethereum-based memecoin, has surged 31% in the past week. This momentum drove PEPE to its highest level since August 3, representing a 68% increase from its local low on September 6.
Trading volumes for PEPE have also increased dramatically, tripling to more than $1.3 billion on September 27, solidifying its status as the world’s third-largest memecoin with a market cap that has reclaimed the $4 million barrier.
Its remarkable climb has eclipsed even Dogecoin (DOGE) in terms of trading volume, demonstrating the growing investor preference for memecoins over traditional cryptocurrencies.
The memecoin market is overall green, with many tokens showing double-digit increases over the last 30 days. Shiba Inu (SHIB), a famous memecoin, sparked the recent rally, gaining 40% this week.
The cryptocurrency market as a whole saw a rebirth, with memecoins leading and dominating the early stages of the “alt season.” Eight of the top ten memecoins, including SHIB, WIF, and MOG, have seen rises of 25% to 50% over the last 30 days, indicating increasing interest among crypto traders.
Speculative Interest in Memecoins Skyrockets, Driving Market Value to New Highs
According to CoinGlass, Open Interest (OI) data show that speculative interest in memecoins has surged dramatically. Memecoins have placed top in OI during the last 24 hours, accounting for almost 12% of the market interest—twice that of the gaming sector, which ranked second.
Memecoins placed third in terms of trading volume, indicating a large liquidity inflow and increased speculative activity in this segment. These factors predict that the memecoin market will continue to rise significantly in the next few weeks.
The broader memecoin boom has lifted the overall market value of memecoins to $53.7 billion, representing an astounding 34.5% increase in just a week.
The Crypto Fear & Greed Index moved from “fear” to “greed” over the past month, which has fueled this rebound in part by a change in market sentiment and investors’ shift to risk-on assets.
Memecoins have beaten other cryptocurrency divisions year-to-date, with a spectacular 1160% return, cementing their dominance in the crypto market.
Previously, CNF reported that the one skilled trader has turned 6 SOL (about $815) into $9.4 million, resulting in an 11,534x profit by investing in MOODENG. This memecoin, inspired after the celebrity Thai hippopotamus “Moo Deng,” has acquired significant momentum in the Solana ecosystem.
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