Trading volume in meme coins, or cryptocurrencies originating from internet memes and having no inherent utility, surged last week in a move reminiscent of frenzied activity observed ahead of previous bitcoin (BTC) market tops.
The crypto market saw $2.3 billion in meme coin trading volume last week – a six-fold rise from the preceding week’s $387 million to the highest since May 2021, according to blockchain observer James Tolan’s Dune analytics-based tracker.
The speculative mania was led by pepecoin (PEPE), a frog-themed token launched in mid-April with a maximum supply of 420 trillion. PEPE crossed $1 billion in market capitalization on Friday, eventually peaking at $1.82 billion, a staggering
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