Meme Coin Market Hits $123B as DOGE, PEPE, WIF, & BONK Explode

Bitcoin (BTC) has surged above $93,000 for the first time in its history, signaling a powerful bull run. While gold prices have dropped over the past two weeks, Bitcoin has climbed over 24% during the same period, reaching around $89,622 in early Thursday trading in Asia on November 14.

Recent trends show a strong shift in cash flow into the crypto market, with momentum likely to keep building in the months ahead. Bitcoin is now in its much-anticipated price discovery phase, drawing in institutional investors who are steadily accumulating BTC.

It’s all looking bright and bullish! Here’s everything you should know.

Meme Coin Mania Kicks Off

Following Dogecoin’s (DOGE) impressive rally over the past weeks, pushing its market cap to over $55 billion, meme coins have regained popularity. Currently, the meme coin market is valued at over $123 billion, with daily trading volume above $89 billion.

The recent listing of the frog-themed meme coin Pepe (PEPE) on Robinhood has amplified interest in the meme coin sector. In the last 24 hours, PEPE’s price has spiked by over 75%, trading around $0.000022 at the time of this report. This surge even pushed Pepe to overtake the Sui (SUI) network in market capitalization.

Solana Joins the Party

Solana-based meme tokens are also seeing substantial gains, led by tokens like dogwifhat (WIF) and Bonk (BONK). According to on-chain analytics platform Santiment, the rally in top meme coins shows growing trader interest and heightened “greed” in the market.

Word of Caution for Investors

Santiment analysts warn of a potential selloff in meme coins, as high social dominance often signals excessive speculation.

“Historically high speculative asset social dominance typically indicates greed and emotional trading. Be cautious while memes are the main cryptocurrency topic of interest across X, Reddit, Telegram, 4Chan, and BitcoinTalk,”

While the crypto market has broadly gained, most Layer-2 (L2) tokens have lagged behind. However, with cash rotation shifting toward the decentralized finance (DeFi) sector, analysts expect the L2 space to gain momentum soon.

With institutional players doubling down on Bitcoin and the meme coin space exploding in popularity, the future of crypto has never seemed more unpredictable—and exciting.