Explore the latest gains in meme coins like PEPE, BONK, Dogecoin, and more as the crypto market surges. Stay informed with Decrypt's hub for Art, Fashion, and Entertainment.
Amidst a surge in the crypto market that has propelled Bitcoin to $65,000, just 6% below its all-time high, meme coins like PepeCoin, Dogecoin, and BONK are following suit with substantial double-digit gains for the day.
Leading the charge among meme coins in the top 100 cryptocurrencies by market capitalization is the frog-themed PEPE, witnessing a remarkable 35.6% surge in the past 24 hours and an astonishing 421.8% increase over the last seven days. This surge has catapulted it to the 44th largest digital asset by market capitalization, according to CoinGecko data.
Following closely are a group of dog-themed coins: Solana meme coin BONK (up 30%), Shiba Inu (SHIB, up 17.4%), and the original, Dogecoin (DOGE, up 18.9%). FLOKI brings up the rear, displaying gains of 10.5% in the past 24 hours. Solana-based Dogwifhat (WIF) is up a more modest 3.2% on the day but still posted impressive gains of 389.7% over the past week.
Meme coins, cryptocurrencies inspired by internet memes and current events, typically have limited utility beyond speculation. They also tend to exhibit higher volatility compared to mainstream cryptocurrencies such as Bitcoin and Ethereum. While these coins can experience dramatic upward price movements, the downside can be equally swift.
Many meme coins with lower capitalizations also grapple with low liquidity, making it challenging for traders to realize any gains. A trader may witness a tenfold increase in their investment but might encounter difficulties selling their holdings. Additionally, due to their close ties to internet memes, cultural references, and current events, many meme coins fizzle out quickly, although 'blue chips' like Dogecoin have stood the test of time.
Initially conceived in 2013 as a jest to mock cryptocurrencies, Dogecoin has evolved to showcase growing utility, introducing applications such as payment integrations and, in recent months, Ordinals inscriptions (or "Doginals") that facilitate the creation of NFT-like unique assets on its blockchain.
Disclaimer
The perspectives and opinions presented by the author are for informational purposes only and should not be considered as financial, investment, or other advice.