6 months ago
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Speculative frenzy hits meme coin sector amid renewed liquidity hopes.
The meme coin sector has seen renewed speculative interest amid the ongoing crypto bull market, with the total market cap recently exceeding $50 billion, according to IntoTheBlock’s latest newsletter. This is a new cycle peakNew tokens like Jeo Boden and Dogwifhat have quickly risen in popularity, while 2020 darlings like SHIB and DOGE see resurgent trading activity.
Jeo Boden rise peaked at almost 1,500% since its inception on Mar. 9, fueled by the hype around meme coins titled with notorious figures names spelled wrong. A similar movement was registered by tokens following the same pattern, like Doland Tremp, as its price peak was close to 550% in the same period.
However, when it comes to gains, Dogwifhat (WIF) is in another league. Created in last year’s December, WIF was quick to catch the crypto community’s attention, rising over 237,000% when it reached its all-time high.
Year-on-year of meme coins market cap. Image: IntoTheBlockBlockchains with lower fees, such as Solana, Avalanche, and Base, are attracting most of the meme coin trades. Consequently, those are the networks where the tokens with the highest potential returns are created.
SHIB, one of the popular dog-themed meme coins from the past bull cycle, is also showing positive signs. IntoTheBlock’s data shows that 66% of SHIB addresses are now in profit, the highest level since its November 2021 all-time high.
Yet, the newsletter highlights that the meme coin market cap relies on the Bitcoin (BTC) price movements since a potential BTC downturn might negatively affect this sector.
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