Meme Coin Surge Continues
The surge in meme coins is back, with PepeCoin (PEPE) and Dogwifhat (WIF) leading the charge. According to data from CoinMarketCap, PEPE has gained more than 21% over the past day, with WIF commanding an impressive 44% gain. Dogecoin (DOGE) and Shiba Inu (SHIB), the two largest meme coins in terms of market cap, have also surged, though not as strong as their smaller successors. The leading meme coin has increased more than 7% over the past day, with SHIB gaining a mere 2%. The rally in meme coins like PEPE and WIF is indicative of a broader trend in the cryptocurrency market, where speculative manias for these tokens are reviving. This revival is marked by average gains of 13% across meme coins in a single day.
Bitcoin’s Performance
The surge in meme coins comes at a time when Bitcoin continues to hover near its all-time high (ATH), adding an extra layer of excitement to the crypto market. The leading cryptocurrency is currently trading at $73,347, largely flat over the past day. It recorded a new all-time high of $73,750 just earlier today. Bitcoin has also been on a wild ride since the start of the year. The flagship cryptocurrency has increased by 10% over the past week, 47% over the past month, and a staggering 200% over the past year. The rally in Bitcoin price comes as ETFs experienced a staggering $1.05 billion in net inflows on March 12, according to data from SoSoValue. The milestone sets a new record for the highest single-day net inflow since the inception of Bitcoin spot ETF trading, representing an impressive 56% increase compared to the net inflow of $673 million recorded on February 28. Bitcoin ETFs have experienced the most successful launch in the history of ETFs, accumulating over 30,000 BTC in the previous week alone, currently holding close to $30 billion. If the trend of institutional inflows into Bitcoin continues, it could create a new phenomenon where the demand for Bitcoin surpasses the available supply, effectively creating a Bitcoin ETF liquidity crisis.
Solana’s Rise in the Meme Coin Space
Solana, a blockchain platform known for its low transaction costs, has emerged as a preferred venue for trading meme coins. The platform has seen a wave of new coins featuring caricatures of public figures like Joe Biden and Donald Trump. The viral story of a trader turning $260 into nearly half a million dollars with ‘Jeo Boden’ sparked the creation of coins like ‘Doland Tremp’ and ‘Olen Mosk.’ Solana-based decentralized exchanges (DEXs) have witnessed trading volumes exceeding $2 billion on March 5, according to DeFiLlama, with Solana’s share of DEX volumes steadily increasing to around 15% from less than 2% six months ago. The Solana ecosystem now boasts more than 2,500 monthly active developers, according to the Solana Foundation. The foundation highlighted that the network has maintained a consistent range of 2,500 to 3,000 monthly active developers throughout the past year, a testament to the ecosystem’s ability to attract and retain talent.