According to a report by The Block, the GMCI Meme Index, which tracks major meme coins, increased by over 90% in November. This indicates a shift in strategy among major exchanges, reflecting their acceptance of the growing interest in meme-based cryptocurrencies.
The performance of the meme coin GMCI stood in stark contrast to GM30 and GML1, which saw average gains of just 36% over the same period. Such divergence serves as a reminder of the unique momentum featuring meme coins in the current market context.
A plethora of meme coins performed exceptionally well, managing stunning weekly growth rates. Indeed, PEPE is up about 70%, BONK is up about 100%, and Dogwifhat (WIF) has managed a traffic rise of 32%. Other notable top performers include MOODENG, which rose 47%, and Peanut the Squirrel (PNUT), which is up an astounding 1,500%.
Experts indicate that the current rise of Bitcoin, along with Solana’s increasing prominence among blockchains, will continue to stoke the flames of bullishness over meme coins: either in their attracting a larger and more diverse audience or inviting speculative bids amid mind-bending valuations in the midst of Jesus Sophie’s opened jubilee over restoring glories in cryptocurrency markets.
The meteoric rise of these meme-based currencies has in some cases ignited debates among investors regarding the long-term stability of such coins. However, some analysts call them speculative assets led by Social Media phenomena, just as another small group claims those as a new crypto-investing opportunity. It will be interesting to observe how major exchanges’ response to this trend of listing more memes affects market sentiment and investment strategies in the coming time.
