Meme coins are back in a big way. Dogecoin (DOGE) and Pepe Coin (PEPE) have surged nearly 100% in the past week, fueled by renewed interest in the broader crypto market.
With Bitcoin (BTC) hitting a new all-time high of $93,434, the meme coin craze is only gaining momentum. The most notable catalyst in this rally? Elon Musk’s latest political move and a surprise shift in Coinbase’s listing policies.
Meme coins have undoubtedly netted the best returns over the past week for traders with DOGE (+96%), PEPE (+97%), WIF (+67%), & BONK (+67%) leading the way.
Historically high speculative asset social dominance typically indicates greed and emotional trading. Be cautious… pic.twitter.com/eya6ip8IMb
— Santiment (@santimentfeed) November 13, 2024
Meme coins have undoubtedly netted the best returns over the past week for traders with DOGE (+96%), PEPE (+97%), WIF (+67%), & BONK (+67%) leading the way.Dogecoin: Musk’s DOGE Appointment Fuels Surge
Dogecoin’s rally is primarily driven by Elon Musk’s appointment to head the new Department of Government Efficiency (DOGE) alongside Vivek Ramaswamy.
The announcement on Nov. 13 triggered an immediate response in the market. DOGE surged 24.6% on Tuesday to $0.44; by Wednesday, it had climbed another 10%.
This brought DOGE to its highest level since June 2021, marking a sharp rebound for the once-floundering meme coin.
Musk’s influence over DOGE is undeniable. On X (formerly Twitter), Musk responded to his new appointment with an image of the iconic Shiba Inu dog and a caption saying, “We’re going in full throttle.”
This is so awesome
— Elon Musk (@elonmusk) November 14, 2024
https://t.co/QLixI9t1tCThis engagement with the crypto community sparked fresh excitement, with many speculating that Musk’s political role could further elevate Dogecoin’s profile.
Coinbase Listing: PEPE and Dogwifhat Soar
Coinbase’s announcement that it would list Pepe Coin (PEPE) and Dogwifhat (WIF) on its platform added fuel to the meme coin fire.
Coinbase’s listings lead, Paul Grewal, confirmed that PEPE would be added to the exchange, stating, “You’ve long wanted the frog. Well, soon you’ll get the frog.” The news sent PEPE up 69% in just hours.
The excitement didn’t stop there. Less than a day later, Coinbase revealed it would also list WIF, a Solana-based token. This sent its price soaring 50%, reaching $4.59—shy of its all-time high.
These surprise listings indicate the growing appetite for meme coins as traders pile into these tokens for short-term gains.
The sudden surge of PEPE and WIF signals a shift in the meme coin landscape. PEPE, which had been gaining traction in the background, now finds itself in the spotlight, driven by both the Coinbase listing and a growing following.
Similarly, Dogwifhat (WIF) has benefited from its listing on Coinbase, catapulting its price to levels not seen since March.
BONK, which made waves in late 2022, has seen a 76% increase in the past week, riding the renewed interest in meme coins.
These coins may not have the same history or celebrity backing as DOGE. Still, they’re gaining serious momentum, capturing the attention of meme coin traders looking for the next big opportunity.
Their price spikes illustrate the speculative nature of this market, where news and social media buzz can trigger massive gains in short periods.
Bitcoin’s ATH: The Ripple Effect on Meme Coins
Bitcoin’s new ATH of $93,434 undoubtedly contributes to the rally in meme coins. As the market leader pushes higher, altcoins like DOGE, PEPE, and WIF often see increased investor interest.
With BTC leading the charge, liquidity tends to flow into speculative assets like meme coins, where traders are hoping for similar price spikes.
This trend highlights the interconnected nature of the crypto market, where major price movements in Bitcoin often lead to a domino effect across altcoins. As Bitcoin continues to soar, meme coins like DOGE and PEPE are riding the coattails of its success.