Memecoins are once again making waves in the cryptocurrency landscape, as overall meme coins have experienced massive gains in the last few days. Today, on March 4, 2024, an on-chain analytics firm, Santiment, posted on X (previously Twitter) that popular meme coins such as SHIB, PEPE, FLOKI, and BONK have experienced a massive surge in trading activity over the past week, with their trading volumes increasing by over 3,000%.
Why trading volume of meme tokens is increasing?
However, this massive surge in trading volume is driven by the continuous price increase of these meme coins and the growing interest of crypto enthusiasts in meme tokens. Besides the significant trading volume, SHIB, PEPE, FLOKI, and BONK have experienced a massive price surge in the last 24 hours.
SHIB is currently trading near $0.000027, experiencing over a 30% upside momentum in the last 24 hours alone. Looking at the performance of SHIB over a longer period, in the last 7 days, its price has surged by over 185%, while over the last 30 days, it has experienced an impressive 200% upside momentum.
SHIB, PEPE, FLOKI, and BONK performance in last 24 hours
PEPE also gained a significant price surge of over 42% in the last 24 hours, as reported by Todayq News on March 3, 2024. If we examine the performance of PEPE over a longer period, in the last 7 days, PEPE experienced a massive gain of over 420%, while in the last 30 days, it experienced a price surge of over 670%.In addition to the performance of PEPE and SHIB, Solana-based BONK, as well as FLOKI, both experienced increases of over 37% and 12%, respectively, in the last 24 hours.
Looking at the performance of these tokens over a longer period, in the last 7 days, BONK and FLOKI experienced huge price surges of over 170% and 300%, respectively. Over the last 30 days, these meme tokens gained over 215% and 420%, respectively. Notably, all of these meme tokens experienced a massive over 100% surge in their trading volume in the last 24 hours.
However, this significant price surge is caused by the continuous upside momentum in top cryptocurrencies like Bitcoin (BTC), Ethereum (ETH), and Solana (SOL). These top cryptocurrencies are also heading towards their all-time highs, with Bitcoin only 5% down from its ATH, Ethereum 28% down, and Solana 50% down from its ATH.
