Markets
Will Meme Coin Market Cap Hit $100 Billion High?
Crypto assets have seen significant inflows in recent weeks, with meme coin bulls generating more inflows. This week, market sentiments changed with renewed anticipation of the Ethereum spot ETF, which generated increasing inflows. At press time, the crypto market capitalization is $2.57 trillion, up 3% in the last 24 hours.
Amid the gains, coins marked double-digit gains, with some assets trading at 100X today, sparking bullish sentiments. With the current market frenzy, some bulls suggest a new all-time high could be on the horizon. The meme coin’s market capitalization is $60.5 billion, an increase of 13.4% today. As expected, an uptrend will benefit meme tokens as investors look to make quick gains in new assets.
New Entries Can Stimulate Assets
The market has seen flows alongside the community making more gains. While a jump to $100 billion is a stretch, flows into dog-themed tokens and Solana meme coins have soared in recent weeks. Trading volumes and on-chain activity have also soared for these assets as expectations rise.
Daily trading volumes are up over 180% today as bulls project further gains towards a new all-time high for most tokens. For meme coins to surpass all-time highs, positive market sentiment must remain bullish, as in the first quarter of 2024 and 2021. Both timeframes turn Bitcoin and meme assets reach new highs.
Top Meme Coin Earners
The market has seen sustained growth in old and new meme tokens this week. Base Pro Shops is the top earner at 148%, while United Base Postal and Higher achieved 130% and 81%, respectively.
Leading meme coin, Dogecoin (DOGE) is up 5% today and 13% in the last seven days, while Shiba Inu trades sideways today but has seen inflows of 8% this week. PEPE is the biggest gainer among the top meme coins, with 23% daily growth and 18% weekly increase.
Reducing inflation and institutional investor inflows into crypto assets could boost the price of meme tokens as bulls look for a new run.
Read too: PEPE Vs GME: Which Meme Coin Is Close to $1?
David is a financial news contributor with 4 years of experience in Blockchain technology and cryptocurrencies. He is interested in learning about emerging technologies and keeps an eye on the latest news. Staying up to date with trends, David has reported on various niches including regulation, partnerships, crypto assets, stocks, NFTs, etc. Away from financial markets, David rides his bike and horses.