As the cryptocurrency market soared, with Bitcoin soaring to $65,000, 6% below its all-time high, meme coins such as PepeCoin, Dogecoin, and BONK followed suit with double-digit gains on the day.
Among the meme coins in the top 100 cryptocurrencies by market capitalization, the frog-themed PEPE leads the way, up 35.6% in the last 24 hours and up a whopping 421.8% in the past 7 days. That’s enough to make it the 44th-largest digital asset by market capitalization, according to CoinGecko data.
Dog-themed coin packs are following closely behind: Solana meme coin BONK (up 30%), Shiba Inu (SHIB, up 17.4%), and OG itself Dogecoin (DOGE, up 18.9%). FLOKI leads the way with a gain of 10.5% in the last 24 hours. Solana-based Dogwifhat (WIF) is up slightly by 3.2% on the day, but is still up an impressive 389.7% over the past week.
Meme coins, cryptocurrencies based on internet memes and current events, generally have little utility beyond speculation. They are also generally more volatile than mainstream cryptocurrencies, such as: Bitcoin and Ethereum. This means that while prices can rise dramatically, the declines can be just as steep.
Many meme coins with low capitalization also have low liquidity, making it difficult to realize profits. A trader may see their investment grow tenfold, but they may also have trouble selling the bag. “Blue chips” like Dogecoin have endured, but their close ties to internet memes, cultural references and current events mean that many meme coins run out quickly.
Originally created in 2013 as a joke to mock cryptocurrencies, Dogecoin has gained utility in recent months with the launch of applications such as payment integration and Ordinals inscriptions (or “Doginals”) that allow the creation of unique assets such as NFTs. has seen an increase. It’s on the blockchain.
disclaimer
The views and opinions expressed by the author are for information purposes only and do not constitute financial, investment or other advice.
Edited by Stacey Elliott.
