Memecoin

Frenzy

Shiba Inu

Gains

As the memecoin frenzy dominated investor narratives in the last days, <a href="https://coingape.com/markets/pepe-coin-price-sees-15-jump-ahead-of-breakout" target="_blank" rel="noopener noreferrer nofollow">PEPE</a> and other coins doubled down on pre-recorded gains spanning back to 2023. PEPE posted 24-hour trading volumes of $1.7 billion with a market cap of $3.49 billion.
<img decoding="async" class="aligncenter size-full wp-image-187094" src="https://coingape.com/wp-content/uploads/2024/03/chart-1.jpeg" alt="" width="1644" height="1200" srcset="https://coingape.com/wp-content/uploads/2024/03/chart-1.jpeg 1644w, https://coingape.com/wp-content/uploads/2024/03/chart-1-300x219.jpeg 300w, https://coingape.com/wp-content/uploads/2024/03/chart-1-1224x893.jpeg 1224w, https://coingape.com/wp-content/uploads/2024/03/chart-1-768x561.jpeg 768w, https://coingape.com/wp-content/uploads/2024/03/chart-1-1536x1121.jpeg 1536w, https://coingape.com/wp-content/uploads/2024/03/chart-1-150x109.jpeg 150w" sizes="(max-width: 1644px) 100vw, 1644px">
PEPE’s astonishing growth can be seen over a month of bullish momentum gaining over 590% as investors continue to pump assets to memecoins.
The memecoins drive attracted investors as it spiked over 14,000% since its launch spurring fresh investment for memecoins.
Other altcoins including FLOKI, AIOZ Network, and Stacks also posted double-digit gains amid the wider cryptocurrency market downturn.
<h2 id="strong-whales-back-pepe-strong">Whales Back PEPE</h2>
The upward direction of the memecoin is bolstered by the activities of some large holders amassing the asset leading to wider community participation. This month, data from LookOnChain shows a whale purchased 840 billion of the coin from Binance.&nbsp;
The move triggered buy-ins from smaller market participants increasing the market cap of the memecoin. At the moment, the addresses by holding of PEPE show tilts on the part of smaller holders.
On-chain data shows that 87.9% of total wallets hold less than $1,000 worth of PEPE while 11% own up to $100,000. A minority 0.30% own above $100,000 worth of assets. Despite this, the presence of <a href="https://coingape.com/markets/pepe-coin-price-sees-15-jump-ahead-of-breakout" target="_blank" rel="noopener noreferrer nofollow">whales</a> at certain points in the bull market has aided the growth of PEPE.&nbsp;
In a related development, data from Lookonchain shows a trader who turned $3,000 worth of <a rel="noopener noreferrer nofollow" href="https://x.com/lookonchain/status/1764588478397067463?s=46&amp;t=sCvh3f3rMDfXyJcf1y1Eyg" target="_blank">PEPE</a> into $32 million on March 4.&nbsp;
<h2 id="span-style-font-weight-400-strong-memecoin-rush-cools-strong-span">Memecoin Rush Cools&nbsp;</h2>
The memecoin frenzy that dominated the space for weeks has witnessed pullbacks in the past 24 hours as users look to make a profit from their assets. The cryptocurrency market decline in the same timeframe also triggered the memecoin downtrend.&nbsp;
Top memecoins like Dogecoin (DOGE), and Shiba Inu (SHIB) have posted weekly losses totaling 12.1% and 14.6% respectively. While some commentators predicted slowing numbers, the last 24 hours have turned the tide with DOGE, PEPE, and FLOKI ticking double-digit gains.
<img decoding="async" class="aligncenter size-full wp-image-187095" src="https://coingape.com/wp-content/uploads/2024/03/chart-2.jpeg" alt="" width="1644" height="1200" srcset="https://coingape.com/wp-content/uploads/2024/03/chart-2.jpeg 1644w, https://coingape.com/wp-content/uploads/2024/03/chart-2-300x219.jpeg 300w, https://coingape.com/wp-content/uploads/2024/03/chart-2-1224x893.jpeg 1224w, https://coingape.com/wp-content/uploads/2024/03/chart-2-768x561.jpeg 768w, https://coingape.com/wp-content/uploads/2024/03/chart-2-1536x1121.jpeg 1536w, https://coingape.com/wp-content/uploads/2024/03/chart-2-150x109.jpeg 150w" sizes="(max-width: 1644px) 100vw, 1644px">
However, <a href="https://coingape.com/solana-meme-coin-party-ends-bome-price-collapses-50" target="_blank" rel="noopener noreferrer nofollow">Solana memecoins</a> seem to lose steam with BONK’s 24.4% decline in the last seven days as WIF and MYRO also report negative numbers.
Read Also:&nbsp;<a href="https://coingape.com/trending/solanas-68-monthly-gain-tests-correction-waters/" target="_blank" rel="noopener noreferrer nofollow">Solana’s 68% Monthly Gain Tests Correction Waters</a>
The post <a href="https://coingape.com/trending/pepe-marks-leads-crypto-gains-as-memecoin-frenzy-continues/" rel="noopener noreferrer nofollow">PEPE Marks Leads Crypto Gains as Memecoin Frenzy Continues</a> appeared first on <a href="https://coingape.com" rel="noopener noreferrer nofollow">CoinGape</a>.

PEPE Marks Leads Crypto Gains as Memecoin Frenzy Continues

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