The massive surge in meme coin prices come along with surge in trading volumes and social volumes hinting further price volatility. By Bhushan Akolkar 29 mins ago Updated 27 mins ago
Story Highlights
- The massive surge in meme coin price and trading volumes hint at potential volatility ahead.
- Also, the meme coin rally comes ahead of the Bitcoin halving, as per historical trends.
- Dogecoin whale addresses continue to rise showing strong investor confidence.
Last weekend, Satoshi Street witnessed a massive rally across the entire meme coin sector, With Shiba Inu (SHIB), Dogecoin (DOGE), Pepe coin (PEPE) registering gains anywhere between 30-50%. As meme coins receive a push from the broader market rally, investors need to remain cautious into taking fresh bets.
Meme coins Surge in Trading Volume
Insights provided by on-chain data provider Santiment reveal a significant surge in trading volume for meme coins, particularly those that have garnered attention over the past week. Memecoins such as $SHIB, $PEPE, $FLOKI, and $BONK have witnessed an extraordinary rise in trading volume, averaging an increase of over 3,000% in the past week alone.
The surge in trading volume corresponds with the soaring prices and heightened interest from the crowd in these meme coins. Santiment suggests that combining the spike in trading volume with a surge in social volume could serve as a crucial indicator of volatility and potential price reversals, whether investors are anticipating a market top or bottom for any asset, meme coin, or otherwise.
Courtesy: Santiment
SHIB, DOGE, PEPE Price SkyRockets
As we enter the new week, some of the top meme coins like Shiba Inu (SHIB), Dogecoin (DOGE), and Pepe Coin (PEPE), continue to rally with magnificent price boosts and strong trading volumes.
The dogecoin (DOGE) whales have been scooping up massive supplies pushing the DOGE price up another 23% in the last 24 hours, to $0.162. With this, dogecoin has extended its weekly gains to more than 92%.
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Since January, there has been an increase in the number of addresses holding over 100,000 DOGE, while there has been a slight decline in addresses holding over 1 million DOGE. This indicates that traders, typically associated with larger addresses on exchanges, are accumulating DOGE rather than engaging in active trading. Additionally, the surge in Dogecoin’s price follows historical patterns observed before previous Bitcoin halvings.
Comparable patterns are unfolding in other meme coins such as Shiba Inu, Pepe, and Bonk, all showing substantial gains leading up to the halving.
