Meme Coins Experience ‘Mini Breakouts’ as Market Cap Reaches Record High

The meme coin market continues to gain momentum, with its total market cap hitting a historic milestone. According to insights from Santiment, a prominent market intelligence platform, leading meme coins are showing signs of "mini breakouts," driven by spikes in social activity over the past eight days.

Whale Activity and Social Trends

Santiment’s analysis highlights that large meme coin holders, often referred to as whales, are likely fueling the current rally. This activity is anticipated to create FOMO (fear of missing out) among retail investors, potentially leading to profit-taking opportunities for these major holders.

Top meme coins such as Dogecoin (DOGE), Pepe (PEPE), dogwifhat (WIF), and Bonk (BONK) have witnessed increased social dominance, with Pepe leading the pack. However, the rising "greedy signals" in the market also suggest heightened volatility, as greedy conditions often precede whale selloffs.

Volatility in the Meme Coin Space

The unpredictable nature of the meme coin market was exemplified last week when Hawk Tuah (HAWK) experienced a dramatic plunge. Its market cap dropped from $500 million to $60 million within just 20 minutes after launch. While established meme coins like Dogecoin and Shiba Inu (SHIB) remain more stable, they are still susceptible to trends driven by social sentiment, FOMO, and FUD (fear, uncertainty, and doubt).

Meme Coin Market Cap Hits $134 Billion

Despite the risks, meme coins continue to thrive. The total market capitalization for meme coins reached an all-time high (ATH) of $134 billion earlier today, as reported by CoinMarketCap. Leading the charge are Dogecoin and Shiba Inu, boasting market caps of $67 billion and $18.6 billion, respectively. Both have recorded modest gains over the past 24 hours.

Pepe also made headlines with a rally to a new ATH of $0.0000266 late Saturday. Despite a minor correction to $0.0000245, the token remains up 12% in the last 24 hours. The surge is further bolstered by BinanceUS’s recent announcement to enable trading for Pepe, marking a significant milestone for the frog-themed asset. This development comes amid expectations of policy changes under President-elect Donald Trump’s administration, which could ease constraints on the cryptocurrency industry.

As meme coins continue to capture the imagination of the crypto community, the combination of whale activity, social trends, and potential regulatory shifts could shape their trajectory in the weeks ahead.