Memecoin prices have reached new record highs last weekend, after some other coins also set new price peaks earlier in the week, thanks to the strong growth of the crypto market in general - especially the revival of Dogecoin. This recovery has fueled demand for these highly volatile cryptoassets.
Bonk (BONK), the second largest memecoin by market capitalization on the Solana network, set a new price record of $0.000047 on Friday, surpassing its May high. Notably, Bonk's price continued to surge on Saturday, reaching a new ATH above $0.00005 before retreating, and has now increased by 120% in the past week.
This price surge was driven by the token burning campaign that the Bonk project is implementing, with plans to burn up to 1 trillion BONK - equivalent to over $39 million at current prices - on Christmas Day. This campaign is based on community engagement criteria, encouraging fans and members to complete tasks on social media. Burning tokens helps reduce the supply, creating scarcity and potentially driving up the coin's value.
However, not only Bonk, but other major memecoins have also witnessed strong growth momentum over the weekend without such strategies. Brett (BRETT), a memecoin on the Ethereum layer 2 platform Base, reached a new price peak above $0.19 by the end of Friday, while Mog Coin (MOG) also recorded a new ATH at $0.0000029.
Additionally, a new memecoin has also reached a record high, such as Goatseus Maximum (GOAT) - a token created by an AI chatbot but developed by humans - which surged to $1.3 on Saturday. Moo Deng (MOODENG), a Solana token inspired by the pygmy hippopotamus icon, also set a new ATH at $0.68.
Other memecoins like Pepe (PEPE), Cat in a Dog's World (MEW), and Fwog (FWOG) have also set new price records. At the same time, some other notable memecoins are nearing their own ATHs, such as Dogwifhat (WIF) on Solana.
The strong growth of these memecoins is occurring in parallel with the recovery of Dogecoin, as the DOGE price surged to its highest level in three years, reaching around $0.43 earlier this week. Dogecoin's recovery is said to be closely related to Elon Musk, who is preparing to join a new government initiative under President-elect Donald Trump called the Government Effectiveness Office - a move that many in the crypto community believe could further drive the adoption of DOGE.
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