Memecoins
Meme Coins Ethereum and Solana Prices Rise Amid Bitcoin’s Modest Gains
Bitcoin It has been struggling lately, although Thursday’s modest gains are certainly a welcome sign of life for traders. But Bitcoin’s slight growth has been overshadowed by a crypto category that is in turmoil today: meme coins.
Pepper (PEPE) is the biggest winner, up more than 22% over the past day according to CoinGecko data. THE EthereumHowever, the token-based token has not seen much price action over the past week, but is still up more than 8% over the past 30 days.
And long-standing meme coins Dogemoneta (DOGE) and the Ethereum-based Shiba Inu (SHIB) each posted 24-hour gains of about 9%, adding to Thursday’s meme coin frenzy.
The boom in meme coins and tokens comes at a time when the broader cryptocurrency market has taken a big step forward. This week, Bitcoin, Ethereum and other major cryptocurrencies have fallen after investors cashed of the popular exchange-traded funds (ETFs) Bitcoin and US inflation have proven this adhesive than expected.
Bitcoin is now trading for $59,000 after falling nearly 8% in seven days. It is now well below March’s all-time high of nearly $74,000 per coin.
The market for meme coins and tokens is risky: new cryptocurrencies disappear almost as quickly as they are born, offering traders huge gains or crushing losses.
Last week the CTO of the venture capital firm Andreessen Horowitz, Eddy Lazzarin described the sphere as a “risky casino” and “harmful” for the world of cryptocurrencies.
It largely started as a joke. Dogemonetathe largest meme coin in existence with a market capitalization of $18.8 billion, was created to poke fun at the serious world of Bitcoin, second to its developers.
It is now the ninth largest digital asset by market capitalization. And it has countless followers who amass billions in collective market value.
The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment or other advice.