It’s a new dawn for meme coins, as they continue showing stellar performance thanks to the bullish momentum in the crypto market.
Leading on-chain metrics provider, IntoTheBlock alluded to this trend and stated, “Memecoins performed extremely well this month, with PEPE leading with more than 600% monthly returns.”
Shiba Inu has been leading the meme coin pack in terms of exemplary monthly gains, with other coins like BONK, PEPE, FLOKI, and Dogwifhat following suit.
The presence of meme coins in the crypto market is no longer in oblivion because they act as a significant proxy that shows the overall interest and trend in this sector.
As a result, meme coins have become quite popular on social media platforms since they are an ideal vehicle for social and professional traders looking to make a kill from the next trend.
Meme Coins Are Gaining Popularity
Despite the high volatility associated with meme coins, their adoption rate continues to go through the roof.
Leading investment firm Franklin Templeton noted, “We believe that meme coins have a strong relationship with their native networks.”
Therefore, this connection has been instrumental in enabling meme coins to go through the roof. For instance, the Solana network has been experiencing heightened investor interest based on the notable meme coins being developed on the blockchain.
For instance, BONK experienced exponential growth last year, outpacing DOGE and SHIB in trade volume.
Amidst SHIB’s growing traction, there has also been a parallel surge in meme coin trading, as highlighted by a report from Coingecko
Not only that but the large holder netflow has also increased significantly, coinciding with this upsurge in SHIB whale activity. Data from onchain analytics firm IntoTheBlock shows that Shiba Inu’s large holder netflow has risen by 1,058% over the last 30 days.
This indicates that whales continue accumulating Shiba Inu as bulls set their sights on the $0.001 price. Despite the short-term price volatility, this trend indicates that whales are becoming more confident in the long-term prospects of SHIB.
Meme coins appear to be attracting the interest of major investors as the cryptocurrency market takes a short break following strong growth last quarter. This tendency stands out in the ever-changing world of cryptocurrencies.
This bullish trend on the BONK network played a pivotal role in enabling the number of daily user addresses to explode on the Solana blockchain.
Therefore, meme coins continuously showcase themselves as a force to be reckoned with in the crypto sector.
