Over the past week, meme cryptocurrencies have demonstrated impressive growth despite an overall decline in the cryptocurrency market.
Successful Week for Meme Cryptocurrencies
In the last 24 hours, the total cryptocurrency market capitalization has decreased by 3.3%, however, some significant meme coins are showing considerable gains. For instance, Pudgy Penguins (PENGU), an NFT-linked meme coin, increased by 5.4%. The market cap of PENGU exceeds $1 billion, with a price of $0.02214, marking a 40% increase over the week.
Furthermore, a new project, MemeCore (M), the native token of a meme-centric crypto on EVM, has risen over 1,000% in a week, reaching $0.6823 and entering the top 100.
Optimism in Meme Cryptos and Its Consequences
Pepe (PEPE), the largest meme cryptocurrency, recorded a 26.5% weekly increase, with its price at $0.00001235. Dogecoin (DOGE) rose by 20.8%, hitting $0.1985, while Shiba Inu (SHIB) increased by 15%, reaching a new price of $0.00001322. This data raises questions about the potential consequences of such optimism in the market.
Santiment's Predictions
However, analytics firm Santiment warns that the surge in meme cryptocurrencies may indicate that the market is reaching its peak. In a recent report, it was stated:
"The surges in meme coins are like the last stage of any rally. When speculative assets lead the market, it can indicate that greed is reaching a peak...".
The rise of meme cryptocurrencies amid the overall decline in market capitalization raises questions about the likelihood of the current rally concluding, highlighting the importance of careful risk assessment.
