As a seasoned crypto investor with battle scars from countless market fluctuations, I can’t help but feel a mix of excitement and caution as I observe the meteoric rise of meme coins. The recent surge in their market cap to an all-time high of $134 billion is nothing short of astonishing. It’s like watching a rollercoaster climb to its peak, with each new ATH reaching higher than the last.
Meme cryptocurrencies are becoming more popular, and it’s possible that large investors (whales) will drive the value even higher now that the total market capitalization has reached a record peak.
Based on data from market intelligence platform Santiment, it appears that top meme coins are experiencing “brief surge-like increases,” with significant upticks in social engagement over the past eight days.
Meme currencies are subtly experiencing smaller surges over the weekend. Coins such as Dogecoin, Pepe, Dogwifhat, and Bonk might keep increasing their market caps for a while longer, as long as larger investors continue to drive up the prices. Once the general public becomes aware and starts feeling greedy, the bigger investors will likely sell off…
— Santiment (@santimentfeed) December 8, 2024
As a researcher, I’ve noticed that significant holders of meme coins might manipulate the market by escalating prices to trigger a sense of urgency or fear of missing out (FOMO) among individual investors. This could lead them to cash out their profits, as suggested in the Santiment post.
These digital currencies – Dogecoin (DOGE), Pepe (PEPE), Dogewhatt (WIF), and Bonk (BONK) – are exhibiting indications of increased interest on social media outlets, with Pepe leading in terms of social influence.
In simple terms, when markets are dominated by large investors (often referred to as ‘whales’), there’s typically a higher risk of a sudden sell-off from these players. Consequently, meme coins may experience significant changes in their prices due to this volatility.
Over the past week, the cryptocurrency known as Hawk Tuah (HAWK) experienced a significant drop in its market value. The market cap plummeted from $500 million to $60 million in just 20 minutes following its debut, according to crypto.news.
Although major meme coins don’t directly follow these patterns, they are still susceptible to the influences of popular trends, fear of missing out (FOMO), and fear, uncertainty, and doubt (FUD).
Meme coin market cap at new ATH
Due to a recent surge, the overall value of all meme coins hit a record high ($134 billion) on the charts provided by CoinMarketCap this morning.
Dogecoin and Shiba Inu (SHIB) are currently dominating the cryptocurrency world, boasting market capitalizations of approximately $67 billion and $18.6 billion respectively, showing slight increases in value over the last day.
Pepe experienced a surge and reached its all-time high (ATH) of $0.0000266 towards the end of Saturday. Interestingly, this meme coin has managed to increase by 12% over the past day, even after a minor adjustment or correction to $0.0000245.
Based on a report from crypto.news on December 4, BinanceUS has revealed its intention to introduce trading for a frog-themed cryptocurrency for American users. This announcement was made with anticipation that regulations in the crypto sector may ease under the administration of President-elect Donald Trump.
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2024-12-08 15:04