Memecoins Surge: PEPE Soars 23% as Market Cap Hits Two-Week High
Memecoins like PEPE, BONK, and DOGE posted significant gains, pushing the total memecoin market cap to a two-week high of $39.45 billion.Summary
Memecoins experienced a significant surge on Friday, with the total market capitalization reaching $39.45 billion, an 8% increase over 24 hours and a two-week high. PEPE led the gains, rising 23.6%, followed by BONK at 10% and DOGE at 8%. This rally was partially fueled by influencer hype, including Ethereum cofounder Vitalik Buterin changing his profile picture to a meme NFT, and buzz around platforms like MemeMax_Fi.
The bullish sentiment was further indicated by a sharp rise in open interest (OI) and trading volume in the derivatives market; PEPE's OI increased by 77% to $441 million, and overall memecoin trading volume rose 35% to $4.75 billion, suggesting growing leverage bets.
Technically, the rally is supported by the strong performance of TOTAL3 (total crypto market cap excluding BTC and ETH), which rose 22% since Wednesday within an ascending parallel channel. If TOTAL3 breaks resistance at $848 billion, altcoins, including major memecoins, are expected to continue rallying.
(Source：Cointelegraph)