Memecoins have been some of the biggest losers this year, suffering major losses since December highs. However, last week was one of recovery, and tokens such as Dogecoin and Pepe gained back some of their value. With sentiment shifting, traders are wondering what’s next for major memecoins.
On Tuesday, March 25, the market cap of the top 745 memecoins was up 3.3%, contributing to a weekly gain of 12.3%. Among the top tokens, Dogecoin was one of the best performers with a 4% price increase, reaching $0.1885. This brought it to a weekly gain of 14.82%.
Pepe was another strong performer, up 2.53% in a day and 17.24% in the last seven days, reaching $0.00000793. Moreover, Based Brett rose 1.5% today, with a 10.7% gain last week to $0.0369. Another strong performer was Gigachad, with a 155% daily gain, amounting to 42.8% weekly growth, which brought it to $0.0197.
Despite these price increases, most memecoins are still in the red over the last 30 days, especially since the start of the year. However, figures suggest that the narrative on memecoins may be changing.
What’s Next for Memecoins Like Dogecoin and Pepe?
Memecoins are recovering due to several reasons, including a widespread rally in the crypto markets. Bitcoin dipped 1% today. However, it registered a 7.7% increase over the past seven days, trading at $87,756. This was largely due to favorable macroeconomic conditions, since the US Federal Reserve signaled a looser monetary policy.
At the same time, there has been an increase in liquidity in the memecoin market. Notably, the memecoin pump coincided with the launch of PumpSwap, a decentralized exchange by Pump.fun. The DEX registered more than $1 billion in trading volume in the first week of its operation.
The majority of this volume came on Tuesday, registering $545.48 million in 24-hour volume. This suggests that more favorable sentiment toward memecoins is driving volumes on PumpSwap. Despite Pump.fun’s controversial reputation, with some labeling it as a platform for scam tokens and rug pulls, sentiment still improved.
Still, with the markets going up, many traders are once again willing to set their concerns aside and jump back into memecoins. As long as Bitcoin continues to recover, memecoins stand to benefit.
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