# Why Memecoins are Exploding

*Author: Bankless*
*Published: Mar 4, 2024*
*Source: https://www.bankless.com/es/why-memecoins-are-exploding*

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[![](https://storage.ghost.io/c/e4/b7/e4b77544-5a37-4f0b-8824-8440aa348476/content/images/2024/03/coin_guy_2-49--8-.png)](https://www.bankless.com/sponsor/synfutures-1709588086?ref=why-are-investors-aping-into-ethena&email=true)

  

   Why Memecoins are Exploding
  

  
  Published on Mar 4, 2024

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  View in Browser

](https://bankless.com/read/briefs)
 

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.  .  .

 
  
    
      
      NEED TO KNOW
    
    
  
  
    
  So Freaking Close
  
  

  

 

[![](https://storage.ghost.io/c/e4/b7/e4b77544-5a37-4f0b-8824-8440aa348476/content/images/2024/03/Group-14--46-.png)](https://www.bankless.com/dashboard)- **🟠 BTC nears USD high. **Bitcoin surpassed its Euro-denominated all-time high on Monday, but all eyes are affixed on overcoming its previous USD high.
-  👽 **$16M CryptoPunk sale.** The NFT space is hoping for its own bull run; could [the second-highest CryptoPunk sale](https://x.com/cryptopunksbot/status/1764673182600929551?s=20) ever kickstart it?
- 🐶 **Memecoin surge.** Could memecoins bring in serious retail excitement? Investors hope so, pumping up the prices of DOGE, SHIB, BONK, and PEPE in massive 24hr upward swings.

.  .  .

 
  
    
      
      TODAY IN MARKETS
    
    
  
  
    
    Why Memecoins are Exploding
  
  

  

 
 

[![](https://storage.ghost.io/c/e4/b7/e4b77544-5a37-4f0b-8824-8440aa348476/content/images/2024/03/image---2024-03-04T160120.645.png)](https://www.bankless.com/picking-memecoins-bonk-doge-shib)**📊 March Memecoin Madness.** Bitcoin price held steady at $62k throughout Saturday but resumed its ascension towards all-time highs on Sunday, gaining nearly 10% before topping out at $67.5k and leaving BTC within inches of uncharted price territory… 

As the Risk Rally continues across broader crypto markets, signs of heavy retail participation are making themselves abundantly evident, with popular memecoins surging to life and posting triple-digit gains on the week! 

[Unlock Today's Market Analysis](https://www.bankless.com/picking-memecoins-bonk-doge-shib)

Prices as of 5pm ET
24hr
7d

 

       ![](https://banklesspublic.b-cdn.net/cmc.png)
    

  **Crypto**
   
          $2.48T
       

  
    
    ↗ 4.8%
    
  

   
    
    ↗ 18.7%
    
  

       ![](https://banklesspublic.b-cdn.net/btc.png)
    

  **BTC**
   
          $67,297
       

  
    
    ↗ 7.1%
    
  

   
    
    ↗ 23.2%
    
  

       ![](https://banklesspublic.b-cdn.net/eth.png)
    

  **ETH**
   
          $3,576
       

  
    
    ↗ 2.8%
    
  

   
    
    ↗ 12.2%
    
  

  

.  .  .

 
  
    

    ANALYSIS

  
  
    
   
  What Do Investors See in Ethena?
  
  
   
     
     Bankless Author: 
     
      [
       
       Jack Inabinet](https://twitter.com/JackInabinet)
     
    
 

[![](https://storage.ghost.io/c/e4/b7/e4b77544-5a37-4f0b-8824-8440aa348476/content/images/2024/03/image---2024-03-04T160153.575.png)](https://www.bankless.com/why-are-investors-aping-into-ethena)**Ethena has cemented itself as a major trending opportunity in crypto, but what are the risks?**

Ethena Labs [opened](https://x.com/ethena_labs/status/1759546702187696437?s=20) deposits into its synthetic dollar stablecoin to the public on February 19, injecting itself into the mind space of practically everyone on Crypto Twitter in the process.

*Today, we’re discussing what Ethena does and dissecting the protocol’s risks to help you make an informed decision about whether aping this opportunity is the right play for you!* 👇

[Read the Full Analysis](https://www.bankless.com/why-are-investors-aping-into-ethena)

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