Will meme coin popularity continue to grow? The opinions are split on whether the trend will continue or if this is just a bubble that’s about to burst.
Meme coins They are now back on the front page. The last 30 days have seen the meme coin market cap Bitcoin, altcoins (traditional) and many other traditional currencies have all seen a rise of over 36%.BTC) in the dust. On June 3, 2009, the market cap The impressive figure of $63.5 billion is a staggering amount.
Meme coins make up seven of the top hundred cryptocurrencies in terms of market capitalization. Dogecoin is a meme coin.DOGEShiba Inu ( ), which is the most valuable meme coin in terms of market capital, saw a 22 percent gain and now trades at $0.1614. Shiba Inu, the second largest meme coin by market cap isn’t far behind.SHIBThe price of the stock has increased by 10% to $0.00002598.
The real stars at this rally, however, are Pepecoin.PEPEFLOKIFLOKI). PEPE is up over 1000% in 30 days and now trades at $0.000153. FLOKI, which has a 64% rise, is not far behind. It trades at $0.0002683.
It doesn’t end there. Robinhood recently paid 90,000,000 DOGE to a whale. This is worth $14.28 Million.
Whale Alert, a transaction-tracking platform on the blockchain, also reported an enormous movement between two wallets of around 81.1 million DOGE (499.42 MDOGE).
Why is this a surge? Why do they perform better than many other crypto currencies? We need to understand the hype behind this and what it could mean for Bitcoin.
There are new players in the market.
Solana, (SOLThe meme coin based on Solana is having a spectacular run. In the 90 days since its launch, Solana meme coin (WIFThe price of, which is now $3.39, has increased by 134%.
It’s only the beginning. Book of Meme, a brand new game.BOMEThe cryptocurrency () has soared to the top 100, after a staggering gain of 1,385% over the past 90 days. It is currently trading for $0.01354.
This surge of Solana meme coins has not happened in isolation. Solana has recently introduced celebrity tokens, which have added buzz to meme coins.
Caitlyn Jenner has been in the news just this week. launched A coin named JENNER is available via SOL’s meme coin portal pump.fun. The launch, however, was marred with controversy.
Developers dumped tokens shortly after the trading started, which caused its price to plummet and led to Jenner being accused of orchestrating an underhanded rug-pull.
Later, reports revealed the involvement of a notorious con man named Sahil. Sahil, a notorious scammer named Sahil was allegedly behind the incident. He took advantage of Jenner’s ignorance of the web3 area and used his position as a mediator to make money from Jenner’s memes.
Iggy, the Australian model and rapper for OnlyFans Iggy Azalea released a MOTHER token less than 48-hours later. DEX Screener reported that Azalea’s celebrity crypto soared by over 30,000% to reach a market cap of $30 Million.
The drama did not end there. Sahil tried to make money off the hype surrounding Azalea by launching an IGGY cryptocurrency. He made millions with another pump and dump scam.
Azalea responded by distancing herself from Sahil IGGY coins. She promoted her token on X Spaces and spoke of her love for decentralized memes.
“This is a gamble, this is a game. That’s why it’s fun. Play the game, or don’t play it. That’s your decision,” Azalea spoke during a discussion online.
What is driving the meme coin rally?
The meme coin rally is driven by several factors, not only the funny memes. The positive feedback from regulators has been a major factor.
Securities and Exchange CommissionSECRecently, the ) approved eight Ether spot exchange-traded fund (ETFs( ) by major firms. This regulatory approval has not only boosted Ether, but has also boosted the entire crypto market.
In the past, positive crypto news generated excitement and money flowing into ecosystems, resulting in smaller projects. Memecoins, which have relatively low market capitalizations, are often subject to wild fluctuations during bullish periods.
It’s also not about specific events, such as the ETFs. The recent hype around Solana has carved out a niche for itself as the go-to chain for ‘speculative fun,’ attracting traders willing to gamble on meme coins.
The spot is worth noting ETH ETF The approval process is still at an early stage. The SEC approved the first 19b-4 form, which allows securities to be traded on exchanges.
They have not yet been approved. We could witness more activity on the market and possible price changes once these S-1 filings are approved.
The community and experts weigh-in: will the meme coin rally continue?
While the meme coin rallies continue to attract attention, opinion is divided as to whether or not this trend will endure.
An analyst for Twitter (X) talked about how important the current price levels are for popular meme coins such as FLOKI and Doge. He said that these meme coins were sitting on their support level for the uptrend, which could be a key factor in determining what happens next.
We could see an even bigger rally of meme coins if they rebound off the support. If they do not gain support, then a more severe correction may occur, which could affect the whole meme coin market.
One user voiced concern over the capital flows into celebrity tokens, meme coins and other high-risk assets. He said that as money is poured into high-risk assets, many projects suffer.
But he believes this to be a short-term phase and predicts that when the inevitable corrections or “rugs”If this occurs, the capital will return to high-quality projects.
Eddy Lazzarin – a leading figure at Andreessen Hoowitz (a16z), also gave a critical view. He said that the meme-coin ecosystem is like a gambling casino. It puts the crypto market in a bad light.
“At best, it looks like a risky casino. Or a series of false promises masking a casino,” Lazzarin warned that such a perception might hinder the adoption of regulations and innovations in the industry.
Vitalik Buterin, co-founder of Ethereum, also spoke out. criticizing Recent surge in meme coin popularity, especially with those having dubious or questionable themes and associations.
Buterin has expressed his disinterest in coins which promise to be exciting initially, but end up disappointing and causing losses.
Binance reported A rapid increase in new tokens has been observed, particularly on the Solana Network. Since April over a million new tokens, including 640,000 meme coins on Solana, have been produced.
Diverse opinions and data indicate that meme coins have enjoyed a spectacular rally. However, it is not clear if this trend will continue. It’s important to be cautious and keep an eye on the market, as well as any inherent risks. Do not invest any more than what you can afford.
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Source: crypto.news
