Fxcrypt
As Bitcoin edges closer to its all-time high, meme coins are experiencing significant gains in the past 24 hours.
The recent surge in the crypto market, propelling Bitcoin to $65,000, has sparked a rally in meme coins like PepeCoin, Dogecoin, and BONK, all recording double-digit gains.
Leading the charge among meme coins in the top 100 cryptocurrencies by market capitalization is PepeCoin, featuring frog-themed assets. PepeCoin has surged by 35.6% over the past day and an astonishing 421.8% over the last seven days, making it the 44th largest digital asset by market capitalization, according to CoinGecko.
Following closely are several dog-themed coins, including Solana meme coin BONK, Dogecoin (DOGE), and Shiba Inu (SHIB), with gains of 30%, 18.9%, and 17.4% respectively. FLOKI has also seen an increase of 10.5% in the past 24 hours. Additionally, Solana-based Dogwifhat (WIF) has recorded a more modest gain of 3.2% on the day but has still posted impressive gains of 389.7% over the past week.
Meme coins, known for being based on internet memes and current events, typically lack utility beyond speculation and tend to exhibit higher volatility compared to mainstream cryptocurrencies like Bitcoin and Ethereum. While they can experience significant price surges, they are also prone to sharp declines.
Many meme coins with lower market capitalizations often suffer from low liquidity, making it challenging for investors to realize gains. Additionally, due to their close ties to internet memes and cultural references, many meme coins fade quickly, although some, like Dogecoin, have stood the test of time.
Originally created as a joke in 2013, Dogecoin has evolved to find practical use cases, including payment integrations and the recent introduction of Ordinals inscriptions (“Doginals”) that enable the creation of NFT-like unique assets on its blockchain.
Elijah Idowu
