Amid the recent market value over the last week, Pepe, BONK, and Dogwifhat (WIF) are the latest meme coins to surpass $1 billion in market cap. Indeed, the meme coin market currently only features six tokens within the esteemed club. Moreover, the newest additions have increased competition rather quickly.
Along with the three newcomers, the $1 billion meme coin market cap club features mainstays Shiba Inu (SHIB), Dogecoin (DOGE), and Floki Inu (FLOKI), according to CoinMarketCap. However, the three newest entries have catapulted into relevance through this recent bull run that saw Bitcoin set an all-time high.
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PEPE, BONK, and WIF All Join $1 Billion Meme Coin Club
At the start of 2024, digital asset investors had high hopes. Amid the approval of Spot Bitcoin ETFs in January, there was immense optimism regarding how the industry would react. Over the last several weeks, that excitement finally started to pay off, with massive gains for a host of assets coming to fruition.
Bitcoin (BTC) led the way, surpassing its previous all-time high of $69,000 this week. Yet, one development that was a pleasant surprise to many was the performance of some unlikely meme coins. Furthermore, those meme coins—Pepe, BONK, and WIF—have all entered the exclusive $1 billion club.
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Indeed, the three previously mentioned tokens join SHIB, DOGE, and FLOKI as the only six meme coins with a market cap above $1 billion. Pepe features a market cap of $2.8 billion, while Bonk’s market cap is currently $1.8 billion. Finally, Dogwifhat (WIF) has burst onto the scene with a market cap above $1.7 billion.
Over the last week, these three meme coins have seen their market cap figures skyrocket. Specifically, Pepe, Bonk, and WIF have observed gains of 140%, 18%, and 113%, respectively. These kinds of increases clearly show just how important this past week has been for these assets.
These three meme coins had all entered the $1 billion market cap club within a week of each other. Yet, the largest increase in value was undoubtedly WIF. The meme coin went from a $300 million market cap to its current position in just three weeks. Only time will tell if the three tokens can continue their current trajectory.