Average trading volume of the largest meme tokens has risen by 3000% in a week
The 7-day growth of some coins’ rates exceeded 100%
04.03.2024 - 14:38
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What’s new? Experts of the analytics company Santiment have recorded a sharp increase in the trading volume of some meme tokens, which was provoked by the increased interest of traders and growth of rates. Thus, the trading volumes of SHIB, PEPE, FLOKI, and BONK coins grew by 3000% on average over the week.
What else is known? Back in late February, Santiment noted that traders began to redistribute profits from bitcoin investments into some of the largest meme tokens by capitalization. As a result, PEPE, FLOKI, and WIF coins rose by 47% or more on February 28 alone.
By the end of the week, a sharp growth was also fixed at DOGE and SHIB. Analysts presented a table showing a direct correlation between the number of mentions of assets in social networks and their rates.
In general, meme coins demonstrated significant growth over the week, which allowed analysts to declare the beginning of the so-called altcoin season. The most notable growth in yield was recorded for PEPE and SHIB: 225% and 126% respectively.
Previously, analyst Jason Pizzino stated that a large-scale altcoin season will come in October 2024. Analyst Nicholas Merten also predicted that the altcoin rally will start soon.
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