8 months ago
41 ARTICLE AD
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.
The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not give personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may become outdated, or it may be or become incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information.
Crypto Briefing may augment articles with AI-generated content created by Crypto Briefing's own proprietary AI platform. We use AI as a tool to deliver fast, valuable and actionable information without losing the insight - and oversight - of experienced crypto natives. All AI augmented content is carefully reviewed, including for factural accuracy, by our editors and writers, and always draws from multiple primary and secondary sources when available to create our stories and articles.
You should never make an investment decision on an ICO, IEO, or other investment based on the information on this website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO, or other investment. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities.
