Meme coins enjoy mini breakouts, market cap reaches new ATH

Meme coins are gaining traction, and whales are expected to push the assets further once the market cap reaches an all-time high.

According to market intelligence platform Santiment, leading meme coins are showing signs of a “mini breakout.” These entities have seen significant increases in social activity over the last eight days.

🐶🐸😺 Meme coins are quietly experiencing more mini breakouts this weekend. Larger wallets for cryptocurrencies like Dogecoin, Pepe, Dogwifhat, and Bonk may continue to pump market values ​​longer until retail FOMO returns. As the crowd catches wind and gets greedy, bigger purses are sold… pic.twitter.com/KD9OeqnaBe

— Santiment (@santimentfeed) December 8, 2024

According to Santiment

Dogecoin (DOGE), Pepe (PEPE), dogwifhat (WIF), and Bonk (BONK) are seeing greedy signals on social platforms, with Pepe dominating the social dominance chart.

The problem with greedy market conditions is that whales are often more likely to sell. At this point, meme coins are likely to see high price fluctuations.

Last week, the Hawk Tuah (HAWK) meme coin witnessed a sharp decline in its market value (from $500 million to $60 million) within 20 minutes of its launch, Crypto.news reported.

While this is not the case for leading meme coins, they are still highly vulnerable to social trends, FOMO and FUD (fear, uncertainty and doubt).

Meme coin market cap at new ATH

According to data from CoinMarketCap, the total meme coin market cap reached an ATH of $134 billion today, thanks to the recent bullish momentum.

Meme coin market cap | Source: CoinMarketCap

Dogecoin and Shiba Inu (SHIB) are leading with market values ​​of $67 billion and $18.6 billion, with slight increases in the last 24 hours.

However, Pepe rose to an ATH of $0.0000266 late on Saturday. Despite a slight correction to $0.0000245, Meme coin is still up 12% in the last 24 hours.

According to a crypto.news report published on December 4, BinanceUS announced plans to begin trading frog-themed assets for US-based users. The statement comes as policy restrictions around the crypto industry are expected to be lifted under the new administration of President-elect Donald Trump.

Disclosure: This article does not constitute investment advice. The content and materials on this page are for educational purposes only.