Meme coins ended the week modestly higher as a softer macro backdrop lifted broader crypto markets, even as large-cap tokens like Fartcoin (FARTCOIN), Pepe (PEPE), and Siren (SIREN) swung sharply in different directions.
As of April 9, the meme coin sector was up about 7% on the week, adding roughly $2 billion to reach a cumulative market capitalization of about $31 billion, according to CoinMarketCap data.
The gains broadly tracked the wider crypto market, with the CoinMarketCap 20 Index (CMC20) posting a similar rise as hopes grew that a fragile ceasefire in the Middle East could ease the broader risk-off mood.
Still, some of the sector’s biggest names saw stark reversals as traders dumped Fartcoin, chased Siren, and positioned for the possible launch of a new Pepe exchange-traded fund.
SIREN surged roughly 275% WoW. Source: Sirenai.me
Fartcoin whipsawed this week after a large leveraged bet on Hyperliquid unraveled, sending the Solana-based meme coin from roughly $240 million to less than $180 million in a single daily move.
CoinDesk reported that two whale wallets built a combined long position of 145.24 million tokens, helping fuel Fartcoin’s earlier rally before both were forcibly liquidated as the market turned. The trader or traders behind the wallets reportedly lost about $3 million.
The drop added another blow to a token already hit by the recent Drift exploit, in which roughly $4 million worth of Fartcoin was drained and liquidated.
Meanwhile, Siren surged about 275% week-over-week (WoW) as traders piled back into the token after a more than 90% retracement from its March highs, according to CoinMarketCap data.
In March, Siren reached a market capitalization of more than $1.7 billion before sliding to around $100 million in the following weeks.
Marketed as the first AI agent deployed on BNB Chain, SIREN was named a winner of the network’s Meme Liquidity Program in February 2025 and provides real-time crypto market analysis and commentary.
Canary Capital filed for a PEPE ETF. Source: Binance
Canary Capital filed this week to launch a U.S.-based spot ETF tied to PEPE, adding to a growing list of meme coin fund applications as issuers test how far regulated crypto products can stretch beyond Bitcoin and Ether.
According to the filing, the proposed CANARY PEPE ETF would hold spot PEPE through a custodian and could keep up to 5% of its assets in Ether to cover Ethereum network fees. The application follows earlier Canary filings tied to Mog Coin and Pengu.
