Trading volume in meme coins has surged, reminiscent of frenzied activity observed ahead of previous bitcoin market tops. The crypto market saw $2.3 billion in meme coin trading volume last week, a six-fold rise from the preceding week's $387 million, and the highest since May 2021. The speculative mania was led by pepecoin, a frog-themed token that crossed $1 billion in market capitalization on Friday, eventually peaking at $1.82 billion. Historically, speculative mania in non-serious cryptocurrencies has presaged major market tops or bearish reversals in bitcoin, the leading cryptocurrency by market value.
(By Omkar Godbole)
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