Memecoins Soar: Market Cap Hits Record High Amid ‘Mini Breakouts’

Memecoins have decided to participate in the ongoing bull cycle in the broader cryptocurrency market. Some notable meme coins have gained traction, and their price performance has hit new levels. Santiment, a market intelligence platform on X, shared a chart showing that meme coins are pumping again. However, due to their historic price achievement, most of the market attention looks fixed on Bitcoin and Ethereum. Whale Activity Fuels Memecoin Rally According to Santiment, leading memecoins have registered signs of “mini breakouts” over the last eight days. Santiment believes whale action could increase prices and trigger retail investors’ Fear of Missing Out (FOMO). 🐶🐸😺 Meme coins are quietly having more mini breakouts this weekend. For coins like Dogecoin, Pepe, Dogwifhat, and Bonk, the larger wallets could continue to pump market caps longer until retail FOMO returns. Once the crowd catches wind and get greedy, the larger wallets sell… pic.twitter.com/KD9OeqnaBe — Santiment (@santimentfeed) December 8, 2024 For instance, meme coins such as Dogecoin (DOGE), Pepe (PEPE), dogwifhat (WIF), and Bonk (BONK) are recording greedy signals on social media platforms. Of these, PEPE is dominating the chart. Given this greedy market condition, the price might suffer huge fluctuations if the whale holders decide to offload meme coins. For perspective, the Hawk Tuah (HAWK) meme coin experienced a huge decline last week, and its market cap plunged from $500 million to $60 million in 20 minutes after it launched. Although leading meme coins do not fit this pattern, they are not immune from such volatility due to FOMO, social media trends, and Fear, Uncertainty, and Doubt (FUD). Memecoin Market Cap Hits $134 Billion Due to the recent uptick in price among memecoins, there has been an upsurge in the total memecoin market capitalization. CoinMarketCap data shows that meme coins have reached an all-time high (ATH) of $134 billion. This increase is driven by Dogecoin and Shiba Inu (SHIB), with $67 billion and $18.6 billion, respectively. The frog-themed memecoin, PEPE, hit an ATH of $0.0000266 on Saturday before suffering a slight market correction. However, the token remains up by 10.41% to trade at $0.0000248 in the last 24 hours. Analysts Urge Caution Amid Greed Signals Market activities this week and price stability could influence retail investors to jump on these meme coins and further drive up value. Analysts advise caution given the greed signals that these meme coins are registering. The post Memecoins Soar: Market Cap Hits Record High Amid ‘Mini Breakouts’ appeared first on TheCoinrise.com .

Source: The Coin Rise