The surge of meme coins will continue. The opinions are split on whether the trend will continue or if this is just a bubble that’s about to burst.
Meme coins The swans are once again in the limelight. In the last 30 Days, meme coin market cap Bitcoin, altcoins (traditional) and many other traditional currencies have all seen a rise of over 36%.BTC(in the dust. Since June 3, 2008, market cap The impressive figure of $63.5 billion is a staggering amount.
Meme coins make up seven of the 100 top cryptocurrencies in terms of market capital. DogecoinDOGEThe largest meme coin, by market cap () has gained 22%, and is now trading at $0.1614. Shiba inu is not far behind Shiba (SHIBThe price of the stock has increased by 10% to $0.00002598.
Pepecoin is the star of this rally.PEPEFLOKIFLOKI). PEPE is up over 1000% in 30 days and now trades at $0.000153. FLOKI, which has a 64% rise, is not far behind. It trades at $0.0002683.
There’s more excitement to come. Robinhood recently paid 90,000,000 DOGE to a whale. This is worth $14.28 Million.
Whale Alert is a platform that tracks on-chain transactions. It reported the massive transfer of DOGE 499.42 millions, which was worth $81.10 Million, between unknown wallets.
What’s the reason for this sudden surge of meme coins? Why do they perform better than many other crypto currencies? We need to understand the hype behind this and what it could mean for Bitcoin.
The new entrants are making noise
Solana, (SOLThe ‘Meme coin’ is a new concept that has been introduced. own spectacular run. Dogwifhat, a meme coin based in Solana (WIFThe price of, which is now $3.39, has increased by 134%.
It’s only the beginning. Book of Meme is a new player.BOMEThis crypto has made its way into the Top 100 Cryptos with an incredible gain of more than 1,385% within the last 90-days. The current price is $0.01354.
This surge of Solana meme coins has not happened in a vacuum. Solana has recently introduced celebrity tokens, which have added buzz to meme coins.
Caitlyn, just last week launched A coin named JENNER is available via SOL’s meme coin portal pump.fun. The launch, however, was marred with controversy.
Soon after token trading started, the developers dumped it, leading to a price crash. Jenner was accused of orchestrating this rug pull.
Later, reports revealed the involvement of a notorious con man named Sahil. Sahil, allegedly, took advantage of Jenner’s ignorance of the web3 area by using his position as a mediator to make money from Jenner’s memes.
Iggy, the Australian model and rapper for OnlyFans Iggy Azalea released a MOTHER token less than 48-hours later. DEX Screener reports that Azalea’s celebrity cryptocurrency surged more than 30,000% and reached a market capital of $30 million.
It didn’t end there. Sahil launched the IGGY Coin, hoping to take advantage of Azalea’s popularity and make millions through another pump-and dump scheme.
She distanced herself in response from Sahil’s IGGY coins. She used X Spaces as a platform to promote her. own The token expressed excitement about the decentralized meme eco-system.
“This is a gamble, this is a game. That’s why it’s fun. Play the game, or don’t play it. That’s your decision,” Azalea spoke during an online conversation.
Why are meme coins rallying?
Several factors drive the meme coin rally and they are not all about memes and fun. The positive feedback from regulatory agencies is one of the main reasons.
Securities and Exchange CommissionSECRecently, the ) approved eight Ether spot exchange-traded fund (ETFsFrom major firms. Although Ether has seen only a small bump in price, the regulatory greenlight has given the market a boost, especially for the high-risk, high reward meme coins.
Histoically, crypto-friendly news has a tendency to create excitement, and money flows into the ecosystem. This trickles down to small projects. Meme coins are notorious for their wild market swings because of their small capitalization.
But it is not only about a single event, like ETFs. The recent hype around Solana has carved out a niche for itself as the go-to chain for ‘speculative fun,’ attracting traders willing to gamble on meme coins.
You should note that this spot ETH ETF Approvals are in their early stages. SEC approval of the 19b-4 initial forms has allowed securities to list on exchanges.
The S-1 final filings that detail the ETFs’ structure and management are still awaiting approval. We could witness more activity on the market and possible price changes once these S-1 filings are approved.
Experts and the community weigh in on whether or not to continue with meme coin rallies
While the meme coin rallies continue to attract attention, opinion is divided as to whether or not this trend will endure.
An analyst from Twitter (X), discussed on the value of FLOKI, DOGE and other major meme currencies. He said that these meme coins were sitting on their support level for the uptrend, which could be a critical factor in determining whether they will continue to rise. next move.
We could see an even bigger rally of meme coins if they rebound off the support. But if the support is lost, it could lead to a larger correction, affecting all meme coins.
One user voiced concern over the capital flows into meme tokens and celebrity tokens. He argued that investors are dumping money into these risky assets at the expense of many other good projects.
He believes that this is a phase which will pass, once corrections are made (or “rugs”If this occurs, the capital will return to high-quality projects.
Eddy Lazzarin – a leading figure at Andreessen Hoowitz (a16z), also gave a critical view. He likened the meme coin eco-system to a casino and suggested that it paints a negative picture of the crypto industry.
“At best, it looks like a risky casino. Or a series of false promises masking a casino,” Lazzarin warned that such a perception might hinder the adoption of regulations and innovations in the industry.
Vitalik Buterin – cofounder of Ethereum – also spoke up. criticizing The recent explosion of memes, particularly those that have dubious associations or themes.
Buterin has expressed his disinterest in coins which promise to be exciting initially, but end up disappointing and causing losses.
Binance reported A rapid increase in new tokens has been observed, particularly on the Solana Network. Since April over a million tokens, including 640,000 meme coins on Solana, have been produced.
Diverse opinions and data indicate that meme coins have enjoyed a spectacular rally. However, it is not clear if this trend will continue. It’s important to be cautious and keep an eye on the market, as well as any inherent risks. Do not invest any more than what you can afford.
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Source: crypto.news