Bitcoin Surge Sparks Meme Coin Mania: DOGE, PEPE & SHIB Lead!

As Bitcoin achieved yet another remarkable milestone by reaching $73.6k, the realm of meme cryptocurrencies also experienced what could be termed a “momentous day.”

Observing the performance of the top 100 meme cryptocurrencies, there's been a significant uptick in gains over the recent week, indicating a trend where profits are rapidly migrating towards speculative assets that are characterized by their somewhat limited liquidity.

Meme Coin Frenzy Fuels Bitcoin's Spectacular Surge

Leading the pack among meme cryptocurrencies, Dogecoin (DOGE), the original meme coin, witnessed an impressive surge of over 23% within the same timeframe, propelling its value to $0.188. Notably, within the last 24 hours, the token has seen an approximate increase of 10% in its value.

During a period of widespread market enthusiasm, Elon Musk, the visionary CEO of Tesla, made a statement at a public event held at a Tesla manufacturing facility in Berlin. He hinted at the possibility of Dogecoin being accepted as a form of payment for purchasing Tesla vehicles “at some future point.” Musk's remarks further elevated the perceived value of Dogecoin.

Following closely, Shiba Inu (SHIB) experienced a rise in its price to $0.0000338, following a nearly 8% increase in its weekly gains. Despite experiencing a slight dip earlier in the month, SHIB's trading volume has seen a significant uptick, a clear sign of growing investor interest. This increase in trading activity has also contributed to narrowing the gap in market capitalization between SHIB and its competitor, DOGE.

PEPE, ranking third in terms of market capitalization among meme coins as listed by CoinMarketCap, enjoyed a substantial boost of 51.17% over the last week. This recent price movement has contributed to its monthly gains reaching an astonishing 825%, even amidst profit-taking activities by large investors earlier in the week.

In the meme coin sector, the Solana-based token dogwifhat (WIF) emerged as a standout performer this year. Its price skyrocketed to $3.25, primarily due to the concerted efforts of its community, which managed to raise over $700,000 for advertising the token’s emblem on the Sphere, a renowned entertainment venue in Las Vegas, Nevada.

FLOKI, positioned as the fifth largest meme coin, has recorded an almost 130% increase in the past week. This remarkable surge in price could be attributed to the strategic decision by the Floki DAO to burn more than 190 billion tokens, significantly reducing FLOKI's circulating supply. This action is poised to potentially enhance its value through increased scarcity, assuming demand remains constant or grows.

Bonk (BONK), the inaugural Solana meme coin, found itself as the sixth-largest in its category, registering a 24% increase in weekly gains. It was recently honored with the title of Meme Coin of the Year by CoinMarketCap and has seen a staggering 706% increase over the past year.

Underdog Meme Coins Make Surprising Gains

Among the top 20 meme coins, Milady Meme Coin (LADYS) distinguished itself with a remarkable 450% gain in just the past week.

In the context of a broader bullish trend in the market, even lesser-known meme coins such as MongCoin (MONG), Bad Idea AI (BAD), and Wen (WEN) witnessed significant gains, with increases of 94.02%, 72.06%, and 13.53% respectively, during the same timeframe.

Rahul is a skilled freelance writer specializing in cryptocurrency and an expert in cryptocurrencies, blockchain technology, NFTs, and Web3.