The memecoin sector led the market's growth momentum last week amid a widespread price increase trend.
The GMMEME index, up 3.94%, tracking major memecoins such as PEPE (up 11.07%), SHIB (up 2.92%) and DOGE (up 1.71%), has risen over 90% in November. In comparison, other indices like GM30 and GML1 only rose 36% on average over the same period.
Within the GMMEME index, PEPE, BONK (up 5.48%) and WIF (up 5.55%) outperformed, with weekly gains of over 70%, 100% and 32% respectively. This occurred after major memecoins like PEPE and WIF were listed on Coinbase and Robinhood, causing their prices to surge due to speculative inflows from a new group of users on these platforms.
In the broader memecoin space, including tokens outside the GMMEME index, MOODENG and PNUT (down 6.62%) were also notable, with gains of 47% and 1,500% respectively.
PNUT, a memecoin inspired by the famous squirrel P'Nut, added $1.68 billion to its market value just last week, after being listed on Binance's spot market and the squirrel being frequently mentioned and endorsed by Elon Musk on X.
The pace and scale of these memecoin listings are unprecedented, signaling a strategic shift by major exchanges and centralized platforms.
This trend may be related to the recent US presidential election, as Donald Trump's victory has reignited optimism about a more crypto-friendly regulatory environment.
Trump's expected leniency towards the industry is in stark contrast to the current administration's restrictive stance and may have encouraged platforms to accelerate the listing of high-demand speculative tokens.
Although memecoins are often criticized for their lack of utility, the current retail investor preference for them over utility-focused tokens is reflected in the trading volume they generate. This makes memecoins not only a significant part of the current industry but also a lucrative goldmine for exchanges.
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Thạch Sanh
According to The Block
