In the cryptocurrency landscape, March has seen a resurgence of interest in meme coins, with bullish trends taking the spotlight. The market sentiment, boosted by looming expectations around the spot Ethereum ETF, has shown an uptick. Despite a slight 0.4% decline in overall cryptocurrency volume to $2.6 trillion within 24 hours, certain meme coins have experienced double-digit gains. This renewed activity indicates potential movements towards all-time highs. The total volume of meme coins stands at approximately $61 billion, driven by investors seeking quick profits.
What Drives the New Meme Coin Entries?
Despite a general rise in community-driven gains, new entries into meme coins have been prominent. While the total market value for meme coins is still below the $100 billion mark, increased entries into popular tokens like DOGE and SHIB, as well as Solana-based meme coins, have been noted. Rising expectations have also led to increases in trading volumes and on-chain activities, with some meme coins reporting a 180% rise in daily trading volume. For meme coins to reach their all-time highs again, positive market sentiment must maintain an upward trajectory similar to the early quarters of 2024 and 2021.
Which Meme Coins Lead This Surge?
This week has observed a general growth in both established and newer meme coins. PEPE has led this surge with a 25% increase in the last 24 hours, trading at $0.00001391 and nearing its all-time high (ATH). Dogecoin (DOGE) saw a 5% rise over the last day and a 13% increase across the past week, maintaining its position at the top. Shiba Inu, while trading sideways today, recorded an 8% weekly gain. BONK, another meme coin, quickly reacted to the ETH rise and is now trading at $0.00003295 after a 2% rise.
Key Takeaways for Investors
For investors looking to capitalize on the meme coin momentum, here are some actionable insights:
- Monitor trading volumes and on-chain activities to gauge market sentiment.
- Focus on meme coins with significant increases, like DOGE, SHIB, and PEPE.
- Stay updated with market forecasts and potential ETF developments.
- Consider the historical performance during bullish periods in early 2024 and 2021.
The increased interest and trading activities suggest a potential for meme coins to revisit their all-time highs, provided the positive market sentiment persists.