Solana’s viral meme coin Moo Deng (MOODENG) has skyrocketed over 530% in just seven days, leading a broad surge in meme tokens fueled by improved global economic sentiment and renewed crypto enthusiasm.

Meme Coins Take the Spotlight

In a remarkable rebound for meme-based cryptocurrencies, Moo Deng has become the standout performer of the week, with its value soaring 533% and its market cap reaching $242 million. This marks a strong return for the hippo-themed token, which had faded from attention after peaking at a $614 million market cap in November during its viral high.

Despite a drop in popularity, the MOODENG token has seen a total gain of 812% over the past month, highlighting that retail traders and crypto “degens” still see potential in light-hearted, community-driven assets.

Broader Market Rally Fuels Risk Appetite

The rally in meme coins coincides with a broader upswing in the cryptocurrency market. Bitcoin (BTC) breached the $100,000 mark on Thursday, climbing 10% over the week to reach $104,300. Ethereum (ETH) followed suit, surging 41% to trade at $2,540.

Much of this upward momentum is being credited to a reduction in global economic tensions. The United States recently struck trade agreements with the United Kingdom and China, signalling a possible thaw in the trade war tensions intensified by President Donald Trump’s earlier policies. This shift appears to have increased market confidence, driving investors toward high-risk, high-reward assets like meme coins.

Loopify, a pseudonymous trader and founder of web3 education platform Pluid, explained: “It’s the first market reversal and macro hopium with Trump relaxing in China for the first time in months since the market crash. Meme coins pump harder than majors, and majors like ETH have pumped significantly off the bottom.”

Meme Coins Outpace Major Tokens

While major cryptocurrencies like BTC and ETH saw substantial gains, meme coins far outpaced them in percentage growth. Dogecoin (DOGE) rose by 42% this week, while Shiba Inu (SHIB) jumped 32.8%. Meanwhile, newer entrants like Pepe (PEPE) and Dogwifhat (WIF) saw explosive growth of 79.9% and 123.7% respectively.

Other rising meme tokens include Goatseus Maximus (GOAT), which had slumped following Trump’s inauguration and the ensuing market turmoil. However, GOAT has since surged by 558% over the past month, now boasting a market cap of $253.4 million.

Peanut the Squirrel (PNUT), Fwog (FWOG), and PENGU the meme coin linked to Pudgy Penguins also saw significant gains, up 287%, 174%, and 172% respectively in the last 30 days.

Surge in Token Creation Supports the Boom

The meme coin craze is not limited to price action. According to data from Dune, the daily creation of meme tokens has remained steady, with Pump.fun, a leading meme coin launchpad, seeing between 22,000 and 43,000 tokens created daily throughout April and May. The platform’s weekly trading volume has also risen by 68% since “Liberation Day,” when tensions began to ease.

Alon Cohen, co-founder of Pump.fun, noted that meme coin activity was already strong before the recent market revival: “So the current market conditions just added fuel to the fire.”

Adding to the momentum, Solana-based decentralised exchange Raydium launched its own meme coin launchpad, LaunchLab. Since its debut in mid-April, LaunchLab has seen the creation of over 60,000 tokens and enabled external developers to build on its tech, leading to spin-offs like Bonk.fun, derived from the Bonk meme coin.

New Meme Coin Communities Emerge

Favourable market conditions have enabled the rise of new meme coin communities. Titcoin (TITCOIN), a cheekily-named entrant, now boasts a market cap of $80.7 million just two months post-launch. Similarly, Housecoin (HOUSECOIN), which briefly hit $120 million at the beginning of May, now sits at $61 million as the community embraces real estate humour amid shifting housing market trends.

With the appetite for meme coins remaining strong and new projects entering the scene regularly, it’s clear that speculative enthusiasm continues to play a major role in crypto market dynamics.