The recovery in cryptocurrency prices has notably impacted memecoins, with Dogecoin (DOGE), Shiba Inu (SHIB), and Pepe (PEPE) seeing significant gains recently. Solana-based memecoin MEW led the charge with a 47.5% increase over the last week. Overall, the market capitalization of memecoins surged by 48.6% over the past month, now sitting at $57.4 billion. Analysts suggest that Bitcoin’s rally above $68,000 could catalyze a ‘memecoin supercycle’, where prices of meme-centric cryptocurrencies may outperform Bitcoin. The increase in demand is highlighted by a rise in daily trading volume, which went from $3.8 billion a month ago to a recent high of $9.1 billion. Further, transaction flows for memecoins across multiple blockchains saw a significant jump of 161.7% from early September to early October. These trends indicate a renewed investor confidence and a growing sensitivity of meme tokens to Bitcoin price movements, potentially signaling further gains in the memecoin market.

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