With the recent recovery in cryptocurrency prices, the largest market capitalization memecoins such as Dogecoin (DOGE), Shiba Inu (SHIB), and Dogwifhat (WIF) have recorded double-digit gains over the past month.
First Neiro on Ethereum (NEIRO), a new memecoin deployed on the Ethereum network in late July, has been the biggest gainer, up over 3,330% over the past 30 days and over 63% over the past week. Its value has increased by 13% in the last 24 hours. POPCAT followed with a monthly increase of 137%, and Mogcoin (MOG) ranked third with a 102% increase over the same period.
DOGE, SHIB, and Pepe (PEPE) are also up 11.8%, 32.8%, and 38% on a monthly basis, while WIF is up 63%.
Memecoin trading volume explodes.
According to CoinMarketCap, the market capitalization of meme tokens has increased 34.7% over the past four weeks, reaching $48 billion at the time of issuance, reflecting renewed investor confidence in the sector.
Daily trading volume increased 220% from $2.7 billion on September 8 to a monthly high of $8.6 billion on October 2, before recovering to the current $6.8 billion. The increase in trading volume among memecoins is indicative of the intensity of demand-side pressure experienced within the sector over the past month.
Supporting this, data from Dune shows that Memcoin weekly transaction flow across all blockchains, including Ethereum, Solana, and Tron, rose from a recent low of approximately $110.5 million to $289.2 million per week during the first week of September. A total surge of 161.7%. Ends October 4th.
This article does not contain investment advice or recommendations. All investment and trading activities involve risk and readers should conduct their own research when making any decisions.