Memecoins
Will Meme Coins Market Capitalization Reach $100 Billion With Bullish Push?
Crypto assets have seen significant inflows in recent weeks, with meme coin bulls driving further inflows. This week, market sentiments changed as renewed anticipation of the Ethereum spot ETF triggered rising inflows. As of this writing, the cryptocurrency market capitalization stands at $2.57 trillion, up 3% in the last 24 hours.
Amid the gains, coins posted double-digit gains with some assets trading at 100X today sparking bullish sentiments. With the current market frenzy, some bulls are suggesting that a new all-time high could be on the horizon. The market capitalization of meme coins is $60.5 billion, up 13.4% today. As expected, a bullish trend will benefit meme tokens as investors look to make quick gains in new assets.
New inflows can stimulate assets
The market has seen flows alongside the community reaping greater gains. While the jump to $100 billion is a very long step, inflows into dog-themed tokens and Solana meme coins have increased dramatically in recent weeks. Trading volumes and on-chain activity for these assets have also increased as expectations grow.
Today, daily trading volumes exceed 180%, with bulls projecting further gains towards a new all-time high for most tokens. For meme coins to break out of all-time highs, positive market sentiment must remain bullish as in the first quarter of 2024 and 2021. Both time frames have seen Bitcoin and meme assets reach new all-time highs.
Best Meme Coin Earners
The market has seen sustained growth in old and new meme tokens this week. Base Pro Shops gained the most at 148%, while United Base Postal and Higher earned 130% and 81%, respectively.
Leader of the meme coin, Dogecoin (DOGE) is up 5% today and 13% over the past seven days, while Shiba Inu is moving sideways today but has seen inflows of 8% this week. PEPE is the biggest gainer among the major meme coins, with a daily growth of 23% and a weekly increase of 18%.
Reducing inflation and inflows into crypto assets from institutional investors may push the price of meme tokens higher as bulls set their sights on a fresh run.
Read also: PEPE Vs GME: Which meme coin is close to $1?
David is a financial news contributor with 4 years of experience in Blockchain technology and cryptocurrencies. He is interested in learning about emerging technologies and has an eye for the latest news. Staying up to date on trends, David has reported in several niches including regulation, partnerships, cryptocurrencies, stocks, NFTs, etc. Away from the financial markets, David cycles and rides horses.