GMMEME meme token index hits record after new listings

What’s new? Meme tokens are outperforming the broader crypto market in terms of growth. The GMMEME index from provider GMCI, which tracks the rates of key meme tokens such as PEPE, SHIB, and DOGE, rose more than 90% in November and peaked at 540 points on November 22. By comparison, the GMCI 30 index based on bitcoin and some of the largest altcoins rose only 36% over the same period.

Material by The Block

What else is known? Among the meme tokens within GMMEME, the best performers were BONK, PEPE, and WIF with a growth of 100, 70, and 32% respectively. BONK recently became available for trading paired with the Korean won on South Korea’s largest crypto exchange Upbit, while PEPE was listed on leading US crypto exchange Coinbase and broker Robinhood’s platform.

BONK is currently ranked 35th in the overall cryptocurrency ranking by market capitalization and fourth on the meme token list with a value of $3,8 billion. The asset is trading at $0,00005061, down 4,5% overnight. At the same time, it has grown 277% since the beginning of the year.

PEPE ranks 23rd and third, respectively, with a capitalization of $8,8 billion and is trading at $0,00002081, having lost 1,8% over the day, while adding 1480% YTD.

WIF ranks 45th and fifth with a capitalization of $3,34 billion and is trading at $3,35, adding 1,4% over the day and 178% YTD.

Meme tokens not included in the index are also showing impressive growth. The most notable among them is PNUT, created in honor of Peanut, a baby squirrel put to sleep by the New York authorities, which became popular thanks to the social networks of its owner, blogger Mark Longo.

In the last week alone, the asset’s capitalization exceeded $1 billion, helped by a listing on the largest crypto exchange Binance, as well as mentions from Elon Musk.

PNUT now ranks 88th in the overall ranking and ninth on the list of meme tokens with a capitalization of $1,23 billion and is trading at $1,23, having lost 13,2% over the day. It has gained 1060% since launching earlier this month.

Solana has become the leader in the number of meme tokens placed on Binance since the beginning of the year

The capitalization of the two most popular coins exceeds $1 billion

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While meme tokens are often criticized for being useless, they are now preferred by retail traders over coins with real-world usage scenarios or so-called utility tokens, which is reflected in trading volumes.

“The rapid pace and scale of these memecoin listings are unprecedented, signaling a shift in strategy by major centralized exchanges and platforms,” The Block analysts note.

Earlier, DropsTab analysts noted that all of the meme tokens leading social activity in the last week were released on Solana. The list included Hasbulla’s Cat, Litecoin Mascot, and Ava AI.

Thanks to the unabated excitement around these assets, Solana surpassed Ethereum in terms of trading volume on decentralized exchanges back in October: $52,2 vs. $41,5 billion.

In addition, Solana updated records for daily fees and revenue several times this month. On November 22, a new peak of $13,86 million and $6,93 million was reached.