The memecoin market capitalization has surged to $52 billion, with transaction volumes spiking 11% last week.
The memecoin market's rise coincides with Bitcoin's climb above $60,000.
The attempted assassination of Donald Trump sparked a surge in PoliFi memecoins like MAGA, and Trump's Hat.
PEPE is leading with a 34% weekly gain, followed by DogWifHat (30%) and FLOKI (29%).
Dogecoin, PEPE, WIF, and Bonk are the top picks based on strong price action and high funding rates and are positioned for further gains.
The memecoin market has been back in business over the week, according to insights from Coingecko.
The memecoin market’s details
Coingecko data shows that the memecoin market's capitalization has shot up steadily throughout July and even more so over the last week, with a current reading of $52 billion.
Moreover, data even shows that between 15 and 16 July, the memecoin market had processed an 11% spike in transaction volumes, leading up to a $9.3 billion figure.
Here are all the bullish aspects of the memecoin market, which sectors are performing best, and which memecoins to capitalize on this week.
CoinMarketCap data shows that the memecoin market crashed heavily in terms of market cap between mid-June and early July.
This aligns with the general market crash that brought Bitcoin to its knees at around $53,000.
This time around, the market is performing well once again, with Bitcoin back above $60,000 and making bold moves against the $65,000 resistance.
However, the memecoin sector, in particular, only started to pop between 7 and 12 July, as shown by the snapshot below:
The memecoin market cap
Coincidentally, this happened right around the time of the attempted assassination of US presidential candidate Donald Trump.
The PoliFi memecoins—politically affiliated memecoins—in particular, started to surge massively, particularly ones with links to Trump himself.
Today, we have PoliFi memecoins like MAGA ($TRUMP) with a weekly price gain of around 34%, Trump's Hat with a weekly increase of 40%, and Doland Tremp ($TREMP) with a weekly gain of 28% at the time of writing, almost all of these outperforming PEPE, the most bullish of the top ten memecoins.
Could the resurgence of the crypto market and the memecoin market, particularly, be correlated to the Trump incident, or is this another coincidence?
Among the top gaining memecoins, we have PEPE, making the market with a 29% price increase in the 24 hours before writing and dominating the market with a 34% price increase in the last week.
DogWifHat comes in a close second, with a 24% daily and 30% weekly price increase.
We also have FLOKI, with 20% on the daily and 29% on the weekly timeframe.
The memecoin market performances
Interestingly, though, none of the price metrics correlate to investor interest.
For example, while PEPE, FLOKI, and WIF are leading the top ten memecoins by market cap, Coinglass's funding rates data tell a different story.
The actual memecoin winners from funding rates include Dogecoin, PEPE, WIF and BONK, with FLOKI nowhere near these four.
In summary, the best bets for the memecoin market include:
Dogecoin because of its daily and weekly price action and because it has the highest funding rates among the top memecoins
PEPE because it currently leads the top 10 memecoin charge and is the third trending memecoin on the market, aside from Toshi and Hoppy
WIF because it is the next largest gainer after PEPE and has the third highest funding rate after Dogecoin and PEPE.
Bonk is a top gainer in terms of price and is also on the funding rate leaderboard.
In no particular order, others include Shiba Inu, Floki, BOME and MOG.
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