Memecoin Market Surges 127% Amid Listings on Coinbase and Robinhood, Dogecoin and Pepe Lead the Charge

Crypto memecoins are on a wild ride right now. Listings on platforms like Coinbase and Robinhood have got retail investors buzzing. Everyone is chasing that big win.

Over the past week, the market value of various memecoins skyrocketed by 127%, hitting around $126 billion, according to CoinGecko. Dogecoin is up 104%, Shiba Inu has climbed 33%, and Pepe has soared by 120%.

Retail traders are really drawn to the hype surrounding these coins. Peter Kris, the CEO of the cross-chain decentralized exchange Gasp, pointed out that many investors are losing interest in utility cryptocurrencies. He said, “When decent returns disappear, people tend to take risks for the chance at a big reward.” Stories about turning $1,000 into $1 million on the latest dog-themed coin definitely fuel this trend.

Pepe, now the third-largest memecoin with a market cap of $8.9 billion, jumped 67% in just 24 hours after being listed on Coinbase and Robinhood. Even just the announcement of a potential listing can send a memecoin’s price soaring. For example, Coinbase plans to list dogwifhat, and it’s already up 34% in the last day.

Meanwhile, PayPal and Coinbase reported a drop in crypto trading activity last quarter. But new entrants are catching investors’ eyes. PNUT, inspired by “Peanut the Squirrel,” has skyrocketed to a market value of $1.9 billion in just two weeks. Solana is also benefiting from this memecoin craze, with its meme tokens making up nearly 20% of the total market value of memecoins, according to CoinGecko.

As for Bitcoin, it’s down 3.7% in the last 24 hours, trading at $88,912. Ethereum has also dipped 4.5%, now at $3,138.