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Bitcoin has been struggling lately, but Thursday’s slight rise is certainly a welcome sign of life for traders. However, Bitcoin’s slight gains are being overshadowed by meme coins, a cryptocurrency category on fire today.
Pepe (PEPE) was the biggest winner, up more than 22% over the past day, according to data from CoinGecko. However, the Ethereum-based token has not seen much price movement over the past week, but is still up more than 8% over the past 30 days.
Over the past day, Solana-based Bonk (BONK) has surged more than 18%. According to CoinGecko, the current price is $0.00002479. Meanwhile, Dogwifhat (WIF) and FLOKI were the biggest gainers in 24 hours, up 14% and 12% respectively.
And long-standing meme coins Dogecoin (DOGE) and Ethereum-based Shiba Inu (SHIB) added to the meme coin frenzy on Thursday, posting 24-hour gains of around 9% each.
The boom in meme coins and tokens comes at a time when the broader cryptocurrency market is plunging. Bitcoin, Ethereum and other major cryptocurrencies plunged this week after investors pulled cash out of the popular Bitcoin exchange-traded fund (ETF) and U.S. inflation proved stickier than expected.
Bitcoin is currently trading at $59,000 after plummeting nearly 8% in seven days. Currently, this is well below the all-time high of about $74,000 per coin in March.
The meme coin and token market is risky. New cryptocurrencies disappear as quickly as they appear, giving traders huge profits or huge losses.
Last week, Eddy Lazzarin, CTO of venture capital firm Andreessen Horowitz, described the space as a “dangerous casino” that would be “harmful” to the cryptocurrency world.
Many of them started out as jokes. Dogecoin, the largest meme coin in existence with a market capitalization of $18.8 billion according to its developers, was created to mock the serious Bitcoin world.
It is currently the 9th largest digital asset by market capitalization. And it has a huge following, amassing a total market value in the billions of dollars.
Editor: Andrew Hayward
disclaimer
The views and opinions expressed by the author are for information purposes only and do not constitute financial, investment or other advice.
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