Market Overview
As Binance Blockchain Week concludes in Dubai and upcoming events like Bitcoin MENA and Solana Breakpoint are scheduled for Abu Dhabi, the cryptocurrency market is experiencing a strong finish to the year.
Bitcoin has surged back above $93,500, fueled by renewed institutional interest ahead of the final Federal Reserve meeting of the year, which is also set to occur next week.
The cryptocurrency's rally has put approximately $3 billion in short positions at risk of liquidation if Bitcoin continues its upward trajectory to $96,250.
Altcoins are also showing movement, with leading meme coins experiencing varied performance in a dynamic market. Following triple-digit gains last week, pippin (PIPPIN) has led the sector with a significant 296% increase.
However, analysis from a CMC AI tool has flagged potential market manipulation, indicating coordinated buying and selling activity from 50 wallets.
The increased institutional involvement is now competing with retail traders in the meme coin space.
- •Bonk has announced a partnership with Bitcoin Capital, leading to the listing of its Exchange Traded Product (ETP) on Switzerland's SIX exchange. This move places the Solana-based meme coin directly into one of Europe's major stock markets.
- •21Shares has advanced its Dogecoin ETF proposal with an S1 filing, detailing new fees, custodians, and operational specifics. The fund is slated to trade on the Nasdaq under the ticker TDOG.
7-Day Meme Coin Market Snapshot
The overall market capitalization for meme coins has increased by 3% to $40 billion. However, trading volume saw a decrease over the past week, which featured notable gains and losses across various tokens.
Meme Launchpad Activity
The platform Pump.fun has become a dominant force in meme coin launches, reportedly initiating over 22,400 tokens in a 24-hour period, according to data from Adam_tehc's Dune dashboards.
Meme Coin Sector Performance Relative to Other Crypto Sectors
The meme coin sector's ranking on DeFiLlama's narrative tracker remains unchanged. Despite this, the sector closed the week with positive performance.
Top 20 Meme Coin Leaderboard
The top 20 meme coin leaderboard shows more tokens in the green than red. PIPPIN has experienced significant gains, although Bubblemaps has issued a warning that insiders hold half of the token's supply.
Meme Coin Charts: 7-Day Insights
Biggest Gainers (7D%)
- •pippin (PIPPIN): +295.96%
- •Fwog (FWOG): +67.48%
- •Zerebro (ZEREBRO): +63.71%
- •Turbo (TURBO): +48.25%
- •BUILDon (B): +41.93%
Biggest Decliners
- •Banana For Scale (BANANAS31): -30.93%
- •Wojak (WOJAK): -22.18%
- •Giggle Fund (GIGGLE): -19.65%
- •elizaOS (ELIZAOS): -18.74%
- •Pythia (PYTHIA): -16.75%
Meme Coin News Highlights
DEX Mania Reaches New Records
Speculation in meme coins has driven Decentralized Exchange (DEX) volumes to their highest recorded levels. The DEX-to-CEX spot ratio has peaked at 37.4%, with significant activity on platforms like PancakeSwap. DEX activity has more than tripled over the last five years as traders seek faster transactions and new meme coin opportunities.
Chain-Specific Highlights
Solana Memes
- •Bonk's price remains stable despite its new ETP listing in Switzerland.
Ethereum Memes
- •Shiba Inu has seen a 3% increase in value.
BSC Memes
- •BUILDon has climbed over 40%, while Giggle Fund (GIGGLE) has experienced a decline.
Sui Memes
- •MemeFi continues to extend its losses.
Base Memes
- •BRETT and DEGEN have gained 7% and 8% respectively.
Key Actions and Outlook
- •Monitor BONK ETF inflows to anticipate potential shifts in liquidity.
- •Adjust trading strategies in anticipation of next week's Federal Reserve decision.
- •Stay informed about market movements leading up to next week's Solana Breakpoint conference in Abu Dhabi.