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Key takeaways
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Meme coin trading volume reached a two-year high last week.
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The milestones come as investors poured funds into PEPE, POOH, and other meme tokens.
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AltSignals’ ASI token could be a big winner thanks to its utility in the trading ecosystem.
The past few weeks have truly been the meme coin season. Meme coins, especially those on the Ethereum network, have witnessed massive adoption over the past few weeks.
Pepe, POOH, and Pawswap are some of the most popular meme coins that launched in recent weeks and recorded massive profits. With the meme coin mania rising again, more traders could be looking to trade the coins and other cryptocurrencies.
AltSignals could play an important role in the ecosystem thanks to the various trading products and solutions it offers to traders.
A surge in meme coin trading volume
According to recent research by Dune Analytics, the trading volume of meme coins is now at a two-year high.
The report revealed that the cryptocurrency market recorded a $2.3 billion in meme coin trading volume last week. This represents a six-fold rise from the preceding week’s $387 million. It is also the highest meme coin trading volume recorded since May 2021.
Top of the pile is Pepecoin (PEPE), a g-themed token launched last month. With a total supply of 420 trillion, Pepecoin surpassed $1 billion in market cap last week and eventually reached its all-time high of $1.82 billion.
In addition to PEPE, other low-cap meme tokens, including, DINO, WSB, CHAD and 4TOKEN, rose by hundreds of percentages over the past two weeks.
The rising interest in meme coins could lead to more interest in the cryptocurrency market over the next few months.
An increase in the total cryptocurrency market cap
The cryptocurrency market cap has increased since the start of the year and currently stands above $1.1 trillion. The increasing demand for meme coins could translate into the broader cryptocurrency market.
If that happens, the cryptocurrency market cap could record further growth over the next few weeks and months. The total cryptocurrency market cap is still down by more than 50% from the all-time high of $3 trillion recorded in November 2021.
With an increase in the total cryptocurrency market cap, we could see more traders enter the market and a surge in trading activities.
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