Meme coins enjoy mini breakouts, market cap reaches new ATH

Meme coins are gaining traction and whales are likely to push the assets further as the market cap hits a new all-time high.

According to the market intelligence platform Santiment, leading meme coins show signs of “mini breakouts.” These assets see notable spikes in their social activity over the last eight days.

Large meme coin holders would likely push the prices to create FOMO (fear of missing out) among retail investors to take profits potentially, per the Santiment X post.

Dogecoin (DOGE), Pepe (PEPE), dogwifhat (WIF) and Bonk (BONK) are seeing greedy signals on social platforms, with Pepe dominating the social dominance chart.

The problem with greedy market conditions is that there is usually a high chance of a selloff by whales. At this point, meme coins are likely to see high price fluctuations.

Last week, the Hawk Tuah (HAWK) meme coin witnessed a sharp plunge in its market cap — from $500 million to $60 million — within 20 minutes after its launch, crypto.news reported. 

While this is not the case with leading meme coins, they’re still highly vulnerable to social trends, FOMO and FUD (fear, uncertainty and doubt).

Meme coin market cap at new ATH

Thanks to the recent upward momentum, the total meme coin market cap reached an ATH of $134 billion earlier today, according to data from CoinMarketCap.

Dogecoin and Shiba Inu (SHIB) are leading the pack with $67 billion and $18.6 billion market caps with mild gains over the past 24 hours.

Pepe, however, rallied to an ATH of $0.0000266 late Saturday. The meme coin is still up 12% in the past 24 hours despite a slight correction to $0.0000245.

According to a crypto.news report on Dec. 4, BinanceUS announced its plans to launch trading for the frog-themed asset for U.S.-based users. The statement comes as policy constraints around the crypto industry are expected to be lifted under President-elect Donald Trump’s incoming administration.