Pepe, Floki, Bonk, and Other Meme Coins Record a 3000% Increase in Weekly Trading Volume

Over the past week, the meme coin frenzy has seen popular meme coins such as Pepe, Floki, Bonk, and others record a massive rally. These meme coins have registered price increases of over 500% and a nearly 3000% surge in trading volume. According to data shared by Santiment, on average, meme coins like Shiba Inu, Pepe, Bonk, and Floki have experienced over a 3000% increase in their volume last week as public interest and prices have significantly shifted, marking new records for many meme coins.

Alongside trading volume and price increases, meme coins have also seen widespread growth in social activities. Ethereum-based Pepe witnessed over a 370% price increase last week and is trading at a volume of 0.00000682 billion at the time of writing, ranking it 44th in market value but 8th in trading volume. Pepe’s market value has doubled from $1.5 billion to $3 billion in just two days.

Solana-based Bonk saw a 190% price increase over the past week, trading close to its all-time high (ATH) of 0.0000345. Floki recorded a 350% increase on the weekly price charts, ranking it 16th in trading volume. Meme coins recording triple-digit growth over the past week are relatively new compared to more established meme coins like Dogecoin and Shiba, which also showed upward trends with Doge registering a 90% weekly increase and Shiba up by 175%.

This meme coin craze mirrors the last bullish trend in 2021, led by Dogecoin with support from Elon Musk. Meme coin cycles and their price volatilities have allowed some investors to reap significant returns in a short period, while many others often lose wealth. Some crypto veterans believe that meme coins generally reflect poorly on the digital currency market, noting that most meme coins witnessing mammoth growth during bullish periods are also among those recording the steepest declines afterward, with some losing more than 80% of their value from their peak.