Memecoin Sector Sees Significant Growth
Over the past 24 hours, several memecoins have significantly increased in value. Among the growth leaders are Shiba Inu, PEPE, Floki Inu and others.
Positive movement continues in the cryptocurrency market and the memecoin sector is at the forefront of this growth. Over the last 24 hours, Pepe, dogwifhat, Floki, Bonk and Shiba Inu became growth leaders and attracted the attention of the entire cryptocurrency market.
PEPE was up 61% in 24 hours and 412% in seven days. Dogwifhat saw 11% growth in 24 hours and 385% growth in a week. Floki saw a daily gain of 20% and a weekly gain of 336%. Bonk was up 50% in the last 24 hours and 187% for the week. Shiba Inu is up 28% in 24 hours and 179% in the last week. Dogecoin also saw significant gains of 24% in the last 24 hours and 94% for the week.
This significant growth of memecoins can be attributed to the actions of whales, as big investors have directed all their attention to this sector. One whale recently made a 2.5 million profit thanks to Shiba Inu. Another whale made an unrealized profit of $1.5 million on dogwifhat.
A whale deposited 365.36B $SHIB($5.76M) to #Binance to take profits via 5 addresses in the past 11 hours.
— Lookonchain (@lookonchain) March 2, 2024
He withdrew 365.36B $SHIB ($3.24M) from #Binance from Nov 17 to Dec 27, 2023.
If he sold all $SHIB, he would make more than $2.5M!
Address:https://t.co/iV7G0TxMql pic.twitter.com/M5J9D38QiF
Messari CEO Ryan Selkis stressed that the memecoin market has reached $40 billion, surpassing many other emerging sectors, including decentralized finance. And Andrew Kang of Mechanism Capital said that memecoins are a global platform for speculative liquidity.
Whether you want to filter out memecoins or focus on them, Messari's got the fastest dashboard in crypto.
— Ryan Selkis (d/acc) 🇺🇸 (@twobitidiot) March 3, 2024
Takeaways:
+ memecoins ($40B+ in aggregate market cap) are bigger than DeFi, DePIN, Exchange cohorts
+ memecoin market cap is 2x NFTs
+ there's now seven dog/frog unicorns pic.twitter.com/gJl6i28Aqm
He also noted that people have declared the beginning of the memecoin season, when even Bitcoin has not yet reached its all-time high. In his tweet, he analyzed the market trends and concluded that there is an expanding demographic of memecoin investors at the moment. This includes high net worth individuals, hedge funds and traditional financial institutions.
People are really calling top on memecoin season when BTC hasn't even crossed ATH yet
— Andrew Kang (@Rewkang) March 2, 2024
Meme coins are a global shelling point for speculative liquidity. Anyone from any country can access them much more easily than any stock in the world. That's why Doge could rip so much harder… pic.twitter.com/y8X0AwigiY
