The markets were abuzz with action, with big wins and high-profile announcements coupled with continued influence from cultural and social trends. Below is a closer look at recent action.
A recap on the meme coin market, November 11-17, 2024
Top Performers of the Week
We have witnessed some great rises, but also some significant falls.
Established Coins Shine
- Dogecoin (DOGE): The original meme coin led the charge, rising over 129% during the week as retail investors poured into the market.
- PepeCoin (PEPE): PEPE saw gains of over 111%, capitalizing on its growing popularity. However, it experienced a sharp correction mid-week.
Rising Stars
- Goatseus Maximus (GOAT): A Solana-based meme coin, surged by 69%, highlighting the blockchain’s rising importance in the meme coin ecosystem.
- Bonk (BONK): Bonk is now the top coin on Solana, with Dogwifhat (WIF) sitting in second place. WIF’s current market cap is $3,521,036,642, while BONK’s stands at $3,554,477,255.
- Peanut the Squirrel (PNUT): The token related to the tragic story of Peanut has reached an ATH of $2.47.
- Act I: The AI Prophecy (ACT): An AI meme coin that nearly reached the $890M market cap this week.
Significant Losers
Despite the bullish trend, some coins faltered. Koma Inu (KOMA) dropped 29%, while PepeCoin also faced a late-week dip of over 30%, reflecting the high volatility in the space.
Major Announcements and Trends
Let’s take a look at the major announcements and trends this week.
Coinbase Listings
Coinbase expanded its offerings, adding support for PEPE and Floki Inu (FLOKI). This led to sharp price increases in these assets, showcasing how exchange listings remain pivotal for meme coin growth. For instance:
PEPE surged 91.7% post-listing.
FLOKI climbed 49% over the week, driven by growing interest and the Coinbase announcement.
The Musk-Trump Effect
Elon Musk and Donald Trump’s influence continues to shape the meme coin market. Musk-themed tokens saw a $45 billion boost in collective market cap, while Trump’s pro-crypto stance added momentum to meme coins amid regulatory loosening speculations.
A Whole New Category
“Inspired by Elon Musk” is a newly added category for meme coins on exchanges like BingX and Binance. This category features meme tokens that have been experiencing surges due to the influence of Elon Musk.
Blockchain-Specific Developments
Major blockchains in the meme market are having some slight changes.
Ethereum and Solana Lead
Ethereum and Solana remain dominant platforms for meme coin activity.
Ethereum: Tokens like PEPE and FLOKI continued to thrive.
Solana: Trading volume surged 50%, fueled by meme coins such as Goatseus Maximus (GOAT).
Tron Struggles
While Ethereum and Solana thrived, Tron-based meme coins saw significant retracements, with only a handful achieving positive gains.
Conclusion: A Dynamic Market
The potential and risks of the meme coin market showed up this week. Although the price action seemed to explode for many coins, in others, it was just a sharp correction, meaning this speculative sector is highly volatile.
Major exchanges such as Coinbase are increasing their support, while high-profile influencers are driving momentum, and the meme coin narrative is going nowhere anytime soon.
Nevertheless, investors should also still show caution-the nature of such assets is inherently very unpredictable; however, the general outlook for the immediate future remains exceptionally optimistic.
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