Top meme coins post gains following increased social activity amid GameStop pump
- FLOKI leads top meme coins in increased social activity following GameStop pump.
- Large-cap meme coins have all recorded impressive gains in the past 24 hours as PEPE sets a new all-time high.
- The meme coin frenzy may have resumed as recent market activity rhymes with history.
Meme coins in the crypto market saw impressive gains on Monday following a recent surge in GameStop stock. The increased attention surrounding these tokens signifies a potential resumption of the meme coin frenzy of March.
Read more: Meme coins lead way as PEPE, BONK hint at possible marketwide uptrend
Meme coins post gains as PEPE breaks all-time high
Meme coins skyrocketed on Monday following increased attention sparked by a rally in the GameStop stock price. As GameStop stock rallied about 51% on Monday, several meme coins began seeing increased social activity.
FLOKI saw a 145% surge in social interest as traders showed heavy sentiment towards the meme token, according to data from Santiment. FLOKI wasn't alone in this social interaction upsurge as Dogecoin (DOGE), Shiba Inu (SHIB), PEPE, dogwifhat (WIF), and BONK, among several meme coins all saw their social volume increase by 22%, 46%, 82.7%, 51.7%, and 39.4%, respectively.
The rising social interactions weren't mere discussions; they were accompanied by impressive gains across these tokens. Bitcoin-based PEPE saw a 17.1% price increase in the past 24 hours and went on to set a new all-time high at $0.00001023.
Also read: Donald Trump’s pro-crypto endorsement helped meme coins pump this week
DOGE, SHIB, WIF, FLOKI, and BONK gained 6.7%, 5.3%, 3.8%, 8.8%, and 4.1%, respectively, on the day, according to data from Santiment. The trading volume of these tokens also showed large increases of more than 200%, with the exception being SHIB and FLOKI, which experienced a rise of over 400% in volume.
Meanwhile, the political meme coin tied to Donald Trump, MAGA (TRUMP), jumped 22.8% on the day as the meme hype continued to rise. With the rise, Donald Trump could be making huge profits, considering that an Ethereum wallet linked to him holds nearly $5 million worth of TRUMP tokens.
The meme coin category has also risen by nearly 6% in the last 24 hours.
Roaring Kitty could trigger a meme coin frenzy
The recent price rise following the GameStop rally underscores a potential resumption in the meme coin frenzy of early March. Many crypto investors expect a sustained meme coin rally, considering the GameStop stock growth was majorly responsible for the impressive run of Dogecoin and other meme coins in Q1 2021.
Read more: VanEck launches MarketVector “MEMECOIN” index to track BONK, FLOKI, DOGE, PEPE, WIF and SHIB tokens
For example, Keith Gill, aka Roaring Kitty, sparked the GameStop rally of 2021 through a series of Reddit posts and videos. In a similar move, he has begun a series of cryptic posts on X suggesting a further move to push the GameStop stock higher. The ripple effect may see meme coins posting hefty gains consistently, resuming the meme coin frenzy of March.
Author
Michael Ebiekutan
FXStreet
With a deep passion for web3 technology, he's collaborated with industry-leading brands like Mara, ITAK, and FXStreet in delivering groundbreaking reports on web3's transformative potential across diverse sectors. In addition to
