Meme Coin craze: DOGE, PEPE, WIF and BONK show stunning gains

Bullish sentiment in the crypto market is getting stronger as Bitcoin (BTC) breaks through $93,000 for the first time. Bitcoin has risen more than 24% over the past two weeks despite gold's decline, trading at around $89,622 in early Asian trading on November 14.

Fund rotation in the crypto market has been positive for the overall market, and this trend is expected to continue in the coming months. At the same time, Bitcoin has also entered the price discovery stage, and institutional investors have increased their positions in Bitcoin.

Meme Coin’s hot performance

After the market value of Dogecoin (DOGE) exceeded US$55 billion, the meme currency field continued to strengthen. The current total market value has exceeded US$123 billion, and the daily trading volume exceeds US$89 billion.

In particular, the popularity of the frog emoticon coin PEPE has surged since it was launched on the Robinhood trading platform. In the past 24 hours, the price of PEPE has surged by more than 75% and is currently trading at around $0.000022, with its market cap also successfully surpassing the Sui (SUI) network.

At the same time, Solana-based WIF (dogwifhat) and BONK also experienced significant gains and performed well.

Be wary of the spread of greed

According to data from on-chain analytics platform Santiment, the sharp rise in top meme coins indicates that traders’ greed has begun to rise. Analysts at Santiment cautioned that while bullish in the short term, overheated market sentiment may bring selling pressure.

“Historically, the rise of speculative assets is often accompanied by high social sentiment, and the popularity of meme coins on crypto social platforms also proves this. X, Reddit, Telegram, 4Chan and BitcoinTalk are all full of discussions about meme coins, so there is a need to Stay cautious," Santiment said.

Despite this, Santiment also mentioned that most second-layer (L2) tokens have performed weakly during the current bull run in the crypto market. As funds continue to flow into the DeFi market, L2 tokens will usher in new upside opportunities in the near future.