Memecoins lead crypto market this week: SHIB, PEPE & WIF shine

If you thought Bitcoin (BTC) was having a good week, the performance of memecoins will blow your mind. This beloved crypto niche has come to a head, with major memecoins Shiba Inu (SHIB), Pepe (PEPE) and Dogwifhat (WIF) leading the charge.

Memecoins rise 35% in value

The bitcoin price is almost 4% higher than at the beginning of the week and has already made its gains on Thursday and Friday. Many altcoins, on the other hand, have been benefiting all week from the positive sentiment that has prevailed in the crypto market again since last week.

Some standouts at the start of the week were Sui (SUI), Worldcoin (WLD) and Bittensor (TAO). However, in recent days, memecoins have taken over and attracted all the attention in the market.

The list of best-performing crypto coins of the past week is therefore dominated by animals in the form of meme coins. Shiba Inu has worked its way to the top of the market with an impressive price increase of over 41% in the last seven days.

Pepe and Dogwifhat are also ranked high with increases of 37% and 31% respectively. Bonk (BONK), Floki (FLOKI) and Brett (BRETT) can also look back more than satisfied with both an increase around 26%

The total market capitalization of all memecoins combined increased by almost 35% in the past week to $53.7 billion.

Crypto investors are regaining confidence

This is not the first time that memecoins have collectively made a significant advance in the crypto market this year. Usually there is no clear cause, and this is no different now, amid the market recovery. Although many crypto fans find it frustrating that ‘worthless’ tokens steal the show, it has been shown time and time again that investors want to be part of the loyal communities behind these coins.

Sentiment has gotten a big boost over the past week. The well-known Fear & Greed Index even comes back to ‘greed’ with a current score of 61, while a week ago it was ‘neutral’.

Now that investors are more optimistic about the future, risky options such as memecoins are becoming more attractive again.