The crypto market surge pushed Bitcoin to $65,000, down 6% from its all-time high, while meme coins like PepeCoin, Dogecoin and BONK followed suit with double-digit gains on the day.
Among the top 100mm coins by market capitalization, the frog-themed PEPE is leading the charge, up 35.6% in the past 24 hours and a whopping 421.8% in the past seven days. That's enough to make it the 44th largest digital asset by market capitalization, CoinGecko data shows.
Closely followed by a pack of dog-focused coins: Solana meme coin BONK (up 30%), Shiba Inu (SHIB, up 17.4%) and the OG itself, Dogecoin (DOGE, up 18.9%). FLOKI brings up the rear, gaining 10.5% in the last 24 hours. Solana-based DogwhipHat ( YFF ) rose a more modest 3.2% on the day, but still posted impressive gains of 389.7% over the past week.
Meme coins, cryptocurrencies based around internet memes and current events, typically have little more than a speculative use. They also generally have higher volatility than major cryptocurrencies. Bitcoin And Ethereum. That means that while they may have dramatic upward price movements, the waterfall may also be raining.
Many meme coins with low capitalization have low liquidity, meaning it is difficult to make any profit. A trader may see their investment increase tenfold, but also struggle to sell their portfolio. Their close association with internet memes, cultural references and current events means that many meme coins burn out quickly, even if “blue chips” like Dogecoin endure.
First in the year Created in 2013 as a joke to poke fun at cryptocurrencies, Dogecoin has seen a growing utility, launching applications such as payment integrations and, in recent months, ordinary texts (or “Doginals”) that enable the creation of NFT-like special assets. on its blockchain.
Disclaimer
The views and opinions expressed by the author are for informational purposes only and are not financial, investment or other advice.
Edited by Stacy Elliott.
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