Memecoins Rise 35% in Value as Crypto Investors Regain Confidence

This beloved crypto niche has come to a head, with major memecoins Shiba Inu (SHIB), Pepe (PEPE) and Dogwifhat (WIF) leading the charge.

Memecoins have had an incredible week, with major tokens like Shiba Inu (SHIB), Pepe (PEPE) and Dogwifhat (WIF) leading the charge. These memecoins have seen impressive gains of up to 41%, blowing past the performance of Bitcoin (BTC), which is up around 4% this week.

After a strong start to the week with gains for Sui (SUI), Worldcoin (WLD) and Bittensor (TAO), memecoins have taken over the spotlight in recent days, grabbing the attention of traders throughout the crypto market.

As a result, the list of best-performing crypto coins of the past week is largely dominated by animals in the form of meme tokens. Shiba Inu has led the market with an impressive price increase of over 41% in the last seven days.

Pepe and Dogwifhat are also ranked highly with increases of 37% and 31% respectively. Bonk (BONK), Floki (FLOKI) and Brett (BRETT) can also look back more than satisfied with both an increase around 26%.

The total market capitalization of all memecoins combined increased by almost 35% in the past week to $53.7 billion. This impressive performance has been driven by a combination of factors, including the inherent volatility of memecoins and the broader market recovery, which has seen investors flocking to riskier assets.

This is not the first time that memecoins have collectively made a significant advance in the crypto market this year, and usually there is no clear cause, which is no different now, even amid the market recovery. Although many crypto fans find it frustrating that ‘worthless’ tokens steal the show, it has been shown time and time again that investors want to be part of the loyal communities behind these coins.

The sentiment has gotten a big boost over the past week with the well-known Fear & Greed Index even coming back to ‘greed’ with a current score of 61, whereas a week ago it was ‘neutral’. Now that investors are more optimistic about the future, it makes sense that the risky options, such as memecoins, are becoming more attractive once again.

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