Cryptocurrency analysis company Santiment touched on the activity in memecoins in its latest post.
According to Santiment analysts, memecoins have made numerous small-scale rallies this weekend. In addition, the analytics firm cited four altcoins as examples. According to analysts, huge cryptocurrency wallets in Dogecoin (DOGE), Pepe (PEPE), Dogwifhat (WIF) and Bonk (BONK) altcoins may continue to pump their market value until individual FOMO traders return.
According to Santiment, as a result of these pumps, large cryptocurrency wallets may sell off as community interest increases and greed increases, and prices may pull back shortly thereafter.
This year, the cryptocurrency market has witnessed a remarkable rally in memecoins. Especially in the Solana ecosystem, due to the influence of the memecoin launch platform PumpFun, there has been an increase in both the number of memecoins and the number of those trying to profit from these memecoins by accessing them early. The increase in memecoins in Solana is due to the low cost of launching tokens on the blockchain and its speed compared to Ethereum.
*This is not investment advice.
