Meme coins have come out as the top performers in the past week, with Dogecoin (DOGE) and Pepe Coin (PEPE) leading the charge with triple-digit gains.
Analytics firm Santiment warns of historically high speculative activity across social platforms, indicating potential market euphoria.
Dogecoin and Pepe Lead the Weekly Gains
The meme coin sector has demonstrated remarkable strength across multiple assets. Dogecoin continues its impressive run with an 8.9% increase in the last 24 hours, building on its 106% weekly gain.
The token’s monthly performance stands out with a 242% appreciation, showcasing sustained buying pressure.
PEPE has surged 83% in the last 24 hours and recorded a 125% gain over the past week.
Supporting the broader meme coin rally, dogwifhat (WIF) has posted gains of 76.3% over the past week and 42% in the last 24 hours. Similarly, BONK has maintained strong momentum with a 22.3% daily increase and 77.5% weekly appreciation.
Meme Coin Surge as Bitcoin Price Hits New ATH
The meme coin surge coincides with Bitcoin’s historic achievement of a new all-time high at $93,477.11. BTC was trading at $89,492.42, representing a 3% increase in the last 24 hours.
Major whale movements have been observed in the PEPE market, indicating strong institutional participation.
A notable whale transaction involved the deposit of 500 billion PEPE ($11.38M) into Coinbase for profit-taking.
This particular whale’s trading history reveals an impressive strategy:
- Initial investment: 1,173 ETH ($2.04M)
- Purchase period: May 6 to September 10, 2023
- Total acquisition: 2 trillion PEPE
- Current holdings: 1.5 trillion PEPE ($36M)
- Total realized profits: Exceeding $45M
Coinbase and Robinhood Listings Pushed PEPE Price High
The recent listings of PEPE on major exchanges, including Coinbase and Robinhood, have catalyzed further whale accumulation.
On-chain data shows continued large-scale purchases, with one whale address “0x160f…Ab5B” withdrawing 197.39 billion PEPE ($4.8M) from Binance, suggesting strategic positioning by large holders.
Santiment’s analysis reveals unprecedented social dominance for meme coins across major platforms, including X, Reddit, Telegram, 4Chan, and BitcoinTalk.
The firm warns that historically high speculative asset social dominance typically indicates increased market greed, emotional trading patterns, potential market top indicators, and a need for cautious positioning.
BecauseBitcoin founder Max has shared a notably bullish outlook on PEPE’s future potential, suggesting the possibility of reaching a $50 billion market capitalization.
“In my opinion, PEPE has the highest probability of being this cycle’s ‘Why didn’t I buy it’ bag,” Max stated, adding that “there is still a lot of meat on this bone.”
Market observers note that while the current rally shows impressive momentum, the unprecedented social dominance of meme coins traditionally serves as a warning signal. T
 and Pepe Coin (PEPE) leading the charge with triple-digit gains.){kind=link}