Memecoins Never Had It So Good as Market Value Explodes 127% to $126B in Seven Days

The 29% surge in Bitcoin's price since Donald Trump's election victory may feel old hat by now. But memecoins are out of control.

Memecoins are surging in popularity, with the total market value of the jokey digital assets increasing by 29% in the last seven days, reaching $126 billion, data from CoinGecko shows.

The surge in memecoins comes amid a broader uptrend in the crypto market, with Bitcoin’s price surging by 29% since Donald Trump's election victory.

However, memecoins have outperformed Bitcoin and other major cryptocurrencies by a significant margin in recent weeks.

Dogecoin, the largest memecoin by market capitalization, has surged by 104% in the last seven days, reaching $0.14. Shiba Inu, the second-largest memecoin, has also climbed by 33%, reaching $0.00004.

Pepe, the third-largest memecoin, has jumped by 120% in the last seven days, reaching $0.0000089. Pepe is now the 98th-largest cryptocurrency by market capitalization.

The strong performance by memecoins is likely due to several factors, including the high volatility of memecoins, which can lead to rapid price movements, and the large community of retail traders who are actively trading memecoins.

According to Gasp CEO Peter Kris, retail investors are losing interest in utility cryptocurrencies.

“When opportunities to make decent returns or income are taken away, as we've recently seen with the majority of utility tokens, people are more likely to look for a ‘big win’ and take a high risk for the potential of a high reward,” Kris said.

“Stories of investors turning $1,000 into $1 million on the latest dog coin fuel this sentiment and solidify memecoins’ growth.”

Pepe surged by 67% in the last 24 hours, continuing its impressive rally this week. The token began trading on Coinbase and Robinhood on Wednesday.

Coinbase is also planning to list dogwifhat, which surged by 34% in the last 24 hours.

Despite a planned announcement by Coinbase, the token's price surged in the last 24 hours.

Both Coinbase and PayPal reported lower crypto trading activity in the last quarter of 2022.

New memecoins are also attracting attention from investors. PNUT, a memecoin inspired by “Peanut the Squirrel,” has surged to $1.9 billion, despite being created only two weeks ago.

Solana-based meme tokens now comprise nearly 20% of the total memecoin market value, according to CoinGecko.