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Meme Coins Mark Surging Gains
In the last 24 hours, the meme coin market jumped 4% with several tokens posting double-digit gains. On-chain data shows a rise in daily trading volumes to $14.2 billion as the market cap hit $64.2 billion. Traditionally, meme coins surged following a community frenzy on top crypto assets.
Buying pressure on these assets leads to fund flow to meme coins. Dogecoin and Shiba Inu flipped weekly gains, posting 21% and 16%, respectively, while PEPE and BONK both posted 20% gains.
A bull drive in meme tokens, as seen over the last trading day, suggests improving sentiments. Although it can be argued that meme coin investment can result in quick gains for traders, these upticks could draw interest in other assets. Interestingly, some crypto whales have made huge ETH and SOL buys in the same time frame.
This week, an ETH whale just bought 104,509 ETH worth approximately $285 million on Binance,, while another purchased $97 million worth of assets. XRP also saw big institutional buys as bulls aimed toward the $3 mark, a zone that attracted huge projections ahead of the altcoin season and cycle peak. Meanwhile, crypto traders speculate on an Ethereum explosion in February.
 
“It seems history is repeating itself! If historical data doesn’t lie, then February might be a real celebration for Ethereum holders. The anticipation of the altcoin season also adds intrigue. I hope this year won’t be an exception, and we’ll see new heights for ETH!” Vadim Maksymchuck wrote.
State of Altcoins
While improved activity in DOGE, SHIB, and WIF is good for the market, especially altcoins, most assets remain underwater in search of a major boost. Tron (TRX) trades at $0.3, up 1.5% in the past 24 hours, while Avalanche (AVAX) fell 3% to $20.62. The crypto downtrend also saw lower trading in DeFi tokens, wiping out December gains. However, institutional interest in altcoin spot ETFs can change the tide, marking major price upticks.
Source: https://zycrypto.com/dogecoin-shiba-inu-xrp-explosion-sparks-altseason-as-massive-whale-buys-signal-altcoin-revival/