The memecoin sector has been the main protagonist in recent weeks, registering a significant increase amid widespread optimism in the markets. The GMMEME index, which tracks key memecoins such as PEPE, SHIB and DOGE, has shown an impressive 90% growth during November, well above the average performance of other indices such as GM30 and GML1, which only rose 36% on average.
Featured memecoins: PEPE, BONK and WIF
Within the GMMEME index, PEPE, BONK, and WIF tokens stood out with weekly gains of over 70%, 100%, and 32%, respectively. This rally followed recent listings of memecoins like PEPE and WIF on renowned platforms like Coinbase and Robinhood, attracting speculative flows from a new segment of users.
Furthermore, in the general memecoin sector, outside of the GMMEME index, MOODENG and PNUT stood out for their performance. MOODENG rose 47%, while PNUT, inspired by the famous viral character “P’Nut the squirrel”, recorded a spectacular increase of 1,500%. The latter added $1.68 billion to its valuation last week following its listing on the Binance spot market and multiple Elon Musk mentions on X.
What drives this phenomenon?
Conclusion
The rise of memecoins demonstrates how speculation remains a key driver in the crypto market. As well-known platforms adopt these tokens, their relevance within the industry is not only consolidated, but reinforces their role as growth catalysts in the space.
However, like any speculative investment, investors should proceed with caution given the high volatility that characterizes these assets.
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