Meme cryptos surge while major tokens’ rally exhaust

It has been observed that meme tokens are exhibiting significant strength in the crypto market, while other top cryptocurrencies seem to be exhausted. The recent surge of the Solana-based meme-coin BONK has garnered widespread attention due to its remarkable increase of over 1000% in the last 30 days.

However, the significant surge of over 120% in the BONK token can be attributed to its listing on the world’s largest cryptocurrency exchanges, Coinbase and Binance. This surge in the BONK token marks the highest increase among all meme-tokens as of December 15, 2023.

Upon examining the overall surge of top meme tokens in the last 24 hours, Dogecoin (DOGE) experienced a 1.5% downside movement, while Shiba Inu (SHIB) exhibited a similar downside movement of 1.6% in the last 24 hours.

Looking at the 24-hour market cap of meme tokens, it has surged by 2.35%, currently standing at $23.6 billion. The meme tokens contributing to this market cap surge include MAGA, which surged by over 95% in the last 24 hours, HUAHUA, surging by over 90%, and BONK, which also experienced a significant increase of over 90% in the last 24 hours.

Nevertheless, the total trading volume has experienced a substantial surge of over 79% in the last 24 hours, reaching $3.7 billion. In contrast, the total global crypto market cap is relatively low, having declined by 0.77%, currently standing near $1.59 trillion. This pronounced increase in meme token trading volume suggests that investors and traders are currently more inclined toward meme tokens.

In November, Ronin showed an astounding surge with a significant 367.9% increase in active addresses, marking the most substantial growth among various blockchains. Additionally, Linea, Optimism, Arbitrum, Celo, and Solana also witnessed impressive expansion in their user base.

The largest increase (%) in active addresses in November was Ronin with a staggering 367.9% increase from the previous month, while Linea, Optimism, Arbitrum, Celo and Solana also saw impressive growthNovember vs October active addresses by chain:TRON 12.6M (+0.3%)BNB 9.1M…

Additionally, DOGE is the only token within the top 10 cryptocurrencies with a market capitalization of $13.44 billion. In the last 24 hours, 68,000 traders were liquidated, with the total liquidations amounting to $142 million. The largest single liquidation order occurred on Bitmex – LINKUSD, with a value of around $13.92 million.

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