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Currently, memecoin is starting to take the market by storm, as the Meme-coins Index reportedly reached a 90% increase in November. This growth, originating from new listings and the interest of the retail community, has established memecoins as a core area of focus within the world of crypto.
The Memecoins Index Rises with Main Tokens at the Fore
The GMMEME Index, which follows memecoins such as PEPE, SHIB, and DOGE has surged by 90% in November as per the details available at The Block. Meanwhile, other crypto indexes, such as GM30 and GML1, demonstrated average increases of 36% over the same period.
The performance of memecoins can be seen through the PEPEToken, BONK, and WIF, which recorded weekly increase of 71.33%, 100%, and 32%% respectively. A significant part of this momentum can be attributed to the large listings. For example, recently both Coinbase and Robinhood introduced PEPE and WIF tokens, stimulating a lot of speculative trading.
Cryptocurrency analyst from ChainInsights, Julia Kim said that “the incorporation of meme-coins on established cryptocurrency trading platforms such as Coinbase indicates a strategic change focusing on the retail demand.”
Such listings also tapped a new class of retail investors with higher trading volume, which is seen as a sign of enhanced activity in small-cap and speculative tokens.
Market Surprises: PNUT and MOODENG Stand Out
It wasn’t only themselves that had high success rates, but the other memecoins also performed excellently outside the GMMEME index. For instance, P Invigorating, which is based on the popular internet character P’Nut the squirrel, recorded a 1,500% pump in price. This resulted in increasing its market cap by $1.68 billion in the space of one week, thanks to its spot market listing on Binance combined with viral posts from ‘technoking’ Elon Musk on X.
MOODENG, memecoins that is relatively new and has been created to mimic other popular coins, was up by 47% within the same time. Such performances show the increasing interest in tokens that have a narrative or can be associated with memes branding.
Many have dismissed memecoin as a useless creation, yet the general public cannot argue against the success of many of these coins. While the same token is buying more utility-based cryptocurrencies, retail investors show more interest in these asset equivalent tokens most probably because of speculation.
Political Shifts and Exchange Strategies
Further, the increase of memecoins engagement might be also connected with the political and regulatory matter. The recent American presidential elections that gave Donald Trump a win has led many to believe that the situation may improve for cryptocurrencies. It is hoped that the Trump administration will avoid strict measures to regulate the buying and use of cryptocurrencies, which are in contrast to the current measures implemented.
Some industry insiders see Trump’s win as a gross certainty, helping the crypto exchanges to prioritize token listing for highly demanded assets such as memecoins, according to John Patel, a regulatory analyst at CryptoPolicy Watch.
Binance and Coinbase, among other exchanges, seem to be exploiting this positivity, listing highly risky and outright exotic tokens as a way of attracting users and profiting in the process. A considerable amount of memecoins listings are large quantities within a brief period, and this move shows exchanges’ willingness to adapt to market developments.
Conclusion: Memecoin Redefine the Crypto Space
This month, the Memecoin Index has risen by 90%, which testifies to the increasing impact of memecoins on the cryptocurrency space. Tokens such as PEPE, WIF and PNUT being the focal point of trading activities and driven by the passion of retail investors has turned the sector into a gold mine for both fund managers and exchanges.
Meanwhile, memecoins are still receiving criticism due to the fact that most of them are purely Pump and dump created as a result of speculative sentiments, yet they are causing a paradigm shift by dominating the attention of traders as well as seeing increasing trading volume.
Thus, it is clear that with this demand fulfilled by adapting platforms, memecoins will continue to be an active contender in the evolution of the market. Keep following Turkishnyradio for latest updates and developments.
