Meme Coin Trading Volume Skyrockets: What’s Driving the Frenzy?

Surge in Meme Coin Rally

Meme coins experienced a significant rally in the past 24 hours, with notable gains led by Pepe (PEPE), which surged by 26%.

Floki Inu (FLOKI) and Dogwifhat (WIF) also exhibited strong performance, rising by 20.43% and 20.93%, respectively. This surge was observed across the broader crypto market, as Bitcoin (BTC) traded above the $63,000 mark.

Market Dynamics

According to CoinMarketCap data, meme coin trading volume has increased by over 72%, currently standing at $6.49 billion. The top three meme tokens by valuation, Dogecoin (DOGE), Shiba Inu (SHIB), and Pepe (PEPE), witnessed gains of 3.59%, 4.86%, and 26%, respectively.

In the past seven days, DOGE, SHIB, and PEPE have continued to rise, with gains of 12.92%, 14.70%, and 25.52%. Other popular meme tokens, such as Dogwifhat (WIF), Bonk (BONK), and Brett (BRETT), also experienced noteworthy increases.

WIF surged by 20.93%, trading at $2.15, while BONK rose by 8.40%, reaching $0.00002642.