As the crypto market experiences a surge, driving Bitcoin close to the all time high, meme coins like PEPECoin, DogeCoin, and BONK are also seeing double-digit gains on the day, following in Bitcoin’s wake.
Are we about to hit the all-time high? #Bitcoin pic.twitter.com/oiGkNxPnJ3
— BitKE (@BitcoinKE) March 4, 2024
Among meme coins in the top 100 cryptocurrencies by market capitalization:
- Solana’s BONK is leading the surge at the time of writing, with a 54.4% increase over the past 24 hours and a remarkable 225.8% surge over the past seven days. This performance has propelled it to become the 44th largest digital asset by market capitalization, according to CoinGecko data.
- Meanwhile, PEPE has gained over 387% of the last 7 days, and 24% on the day. Shiba Inu (SHIB, up 48.1%), and the original meme coin, Dogecoin (DOGE, up 24%). FLOKI has also done very well increasing by 310% in the last 7 and 5.6% in the past 24 hours.
- Solana-based DogWifHat (WIF) has declined on the day but has still posted impressive gains of 253.3% over the past week.
Meme coins, which are cryptocurrencies based on internet memes and current events, typically offer limited utility beyond speculation. They also tend to exhibit higher volatility compared to mainstream cryptocurrencies like Bitcoin and Ethereum. Consequently, while they can experience dramatic increases in price, they are equally susceptible to steep declines.
BULL MARKET | Solana’s BONK Becomes 3rd Largest MemeCoin after Gaining Over 650% in Last 30 Days$BONK's recent price surge, amounting to a remarkable 668.6% in the last 30 days (as of this writing), has propelled its market capitalization to over $888.5 million.
This… pic.twitter.com/XHedb2NsMU
— BitKE (@BitcoinKE) December 14, 2023
Many meme coins with lower capitalizations also suffer from low liquidity, making it challenging to realize any gains. A trader may witness their investment multiply several times, but then encounter difficulties selling their holdings.
Additionally, the close association of meme coins with internet memes, cultural references, and current events often leads to rapid burnout, although ‘blue-chip’ meme coins like DogeCoin have managed to endure over time.
Originally conceived in 2013 as a humorous take on cryptocurrencies, DogeCoin has witnessed an expansion in utility over time. It has introduced various applications such as payment integrations and, more recently, Ordinals inscriptions (or ‘Doginals’), enabling the creation of NFT-like unique assets on its blockchain.
Crypto Charity: This is Where #DogeCoin Charity Funds are Being Used Across Africa: https://t.co/1BgxJXg01o #Africa 🌍 🇰🇪🇷🇼🇱🇷🇲🇼🇨🇩🇹🇬
— BitKE (@BitcoinKE) February 24, 2021
Follow us on Twitter for the latest posts and updates
Join and interact with our Telegram community
_________________________________________
_________________________________________
