Memecoins Soar: Market Cap Hits Record High Amid ‘Mini Breakouts’

Memecoins Ride the Crypto Bull Market

Memecoins have joined the ongoing rally in the cryptocurrency market, with several notable coins experiencing significant price appreciation. According to Santiment, a market intelligence platform, meme coins have been showing signs of "mini breakouts" over the past eight days.

Whale Activity Supports Rally

Santiment attributes the rally to whale activity, which can lead to increased prices and trigger FOMO (Fear of Missing Out) among retail investors. Meme coins such as Dogecoin (DOGE), Pepe (PEPE), dogwifhat (WIF), and Bonk (BONK) have been generating positive signals on social media, with PEPE showing particularly strong traction.

Memecoin Market Cap Surges

The recent price increases have pushed the total memecoin market capitalization to an all-time high of $134 billion, according to CoinMarketCap data. Dogecoin and Shiba Inu (SHIB) lead the pack, contributing $67 billion and $18.6 billion, respectively. The frog-themed PEPE hit an ATH of $0.0000266 before experiencing a slight correction, but remains up by 10.41% over the past 24 hours.

Analysts Advise Caution

Analysts caution investors to proceed with caution, noting the "greed signals" that meme coins are currently displaying. They emphasize the historical volatility of meme coins, which can be influenced by FOMO, social media trends, and FUD (Fear, Uncertainty, and Doubt).