Meme Coin Mania: DOGE, PEPE, WIF, and BONK Post Impressive Gains

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As Bitcoin (BTC) price rallied above $93k for the first time since its inception, it is now more than clear that the crypto bulls are in action. While Gold price has been bleeding in the past two weeks, Bitcoin price has surged more than 24 percent in the same period to trade at about $89,622 on Thursday, November 14, during the early Asian session.

The cash rotation has been favoring the crypto market in the recent past, and the trend is expected to continue in the coming months. Moreover, Bitcoin price has entered its much-awaited price discovery phase and institutional investors have aggressively accumulated more coins.

Meme Coin Mania Kicks Off

Following the impressive Dogecoin (DOGE) rally in the past few weeks to reach a valuation of more than $55 billion, the meme coin space has been gaining momentum. According to the latest market data, the meme coin space has grown to more than $123 billion in valuation and over $89 billion in daily traded volume.

The listing of the frog-themed meme coin Pepe (PEPE) on the Robinhood trading platform has significantly escalated the meme coin mania. According to the latest market data, Pepe price had surged over 75 percent in the last 24 hours to trade at about $0.000022 at the time of this report. 

As a result, Pepe token managed to flip the Sui (SUI) network in market capitalization.

Solana-based meme coins have also registered palpable gains in the past 24 hours led by dogwifhat (WIF), and Bonk (BONK). 

Word of Caution

According to the on-chain analytics platform Santiment, the notable spike in the top meme coins has signaled heightened greed from traders. Consequently, analysts from Santiment have cautioned crypto traders of potential selloff in the near term before the bullish trend continues.

“Historically high speculative asset social dominance typically indicates greed and emotional trading. Be cautious while memes are the main cryptocurrency topic of interest across X, Reddit, Telegram, 4Chan, and BitcoinTalk,” Santiment noted.

Nonetheless, Santiment highlighted that the majority of layer two (L2) tokens have underperformed in the recent crypto bullish breakout. With the ongoing crypto cash rotation to the DeFi market, the L2 space will soon gain bullish momentum.