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.
Performance of top meme tokens by market capitalization. Source: CoinMarketCap
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.
MEMCOIN’s market capitalization and size. Source: CoinMarketCap
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.
Total trading volume of Memecoin. Source: Dune
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.