The cryptocurrency market is witnessing a notable surge as Bitcoin‘s price recently soared to new heights, reaching $65,555. The bullish trend in the primary cryptocurrency has catalyzed a considerable rally among various altcoins, especially meme coins. Some of these coins have seen their trading volumes skyrocket by the thousands and their prices increase by up to 400%.
Altcoin Surge Mirrors Bitcoin’s Momentum
Meme coins such as PEPE, Floki, and Bonk have become the center of attention during this period of market hype, registering extraordinary price jumps. For instance, these three coins have experienced a massive 3000% growth in trading volume over the past week. Bonk, in particular, saw its price balloon by 190%, trading close to its peak value.
Floki also enjoyed a remarkable week with a surge above 350%, while Dogecoin and Shiba Inu recorded 90% and 175% increases respectively. This shift towards newer meme coins suggests that investors are on the hunt for assets that promise higher profit margins, leaving even leading altcoins like Dogecoin and Shiba Inu with less dramatic gains than potentially possible.
Ethereum-Based PEPE Coin Soars
PEPE Coin, built on the Ethereum network, has witnessed a staggering 370% increase in the past week alone. The coin’s escalating trading volume signifies a strong demand, likely driven by the anticipation that the Bitcoin rally will extend its positive effects to meme coins.
The value of PEPE Coin has hit a new all-time high, with its market cap doubling within two days to reach $3 billion. Its trading volume has even surpassed this figure, indicating the high level of investor interest. However, potential investors should remain aware that the meme coin market is highly volatile and prone to rapid shifts in value.