The interest in meme-based cryptocurrencies is once again surging within the crypto community. The sector has seen an average growth of 12% in just the last day, outperforming the broader digital currency market. Ethereum and Solana’s meme-based digital assets began to draw significant attention in late February as speculative assets for blockchain development. Memes such as Floki and Shiba inu have seen surges of up to 800% within a week amid market fluctuations.
Meme crypto market
Market speculators are preparing for what they have dubbed the “subsequent phase” following the Dogwifhat community’s successful effort to gather over $650,000 for a promotional display of the meme on the Las Vegas Sphere, a notable structure known for its massive display that encircles its exterior.
WIF’s value has surged by 48% in the past day, leading its competitors. According to Gate.io, WIF price is now coasting above $3.3. Bonk has seen an 18% increase following a Franklin Templeton report that highlighted these tokens. Pepe has increased by 14%, reaching new all-time highs, while dogecoin has risen by 8%, and other smaller assets like Mog have seen increases of up to 35%.
Political-themed currencies, taking humorous jabs at political figures with names like BODEN and TREMP, have seen increases of up to 300%. The popularity of BODEN spiked following the widespread sharing of a Coinbase guide on how to acquire the token on X.
Focusing on U.S. political figures, this new category has attracted traders since early March, who aim to speculate on the outcomes of presidential elections, as noted in recent reports.
Investment strategists believe the meme currency craze will continue, offering individuals the chance to make minimal bets for potentially significant returns.
Another prominent analyst believes the excitement around these currencies will last longer than many anticipate. He pointed out that high transaction costs on Ethereum had previously put a damper on the frenzy—it’s not practical to invest small amounts when the fees are just as high. She is optimistic about the Solana ecosystem maintaining its meme currency enthusiasm due to its low fees. This platform has been a focal point for such activities since December, particularly with the popularity of WIF and BONK which is currently priced at $0.000032.
Yet, this sector remains riddled with instability and the risk of scams. Recent statistics from show a flurry of new meme-based tokens created by developers eager for quick profits, ranging in themes from amphibians to superheroes.
Why do people invest in meme coins?
While the article extensively covers the surging interest and speculative nature of meme tokens within the cryptocurrency market, it’s essential to delve into why individuals are drawn to support these tokens and what utility they offer beyond mere speculation. Meme tokens, at their core, thrive on community engagement and a sense of belonging among their holders.
These digital assets often originate from internet culture, tapping into viral trends and a shared sense of humor, which fosters a strong communal bond. This sense of community not only drives the value of these tokens through collective belief and promotion but also creates a platform for decentralized social movements and charitable endeavors, with several meme token communities rallying to support various causes.
Furthermore, meme tokens serve as an entry point for newcomers into the cryptocurrency world, offering a less intimidating and more relatable introduction to blockchain technology and digital assets. They democratize access to the crypto economy, allowing individuals to participate with small investments, which can be particularly appealing during times of economic uncertainty.
Some meme tokens have begun to explore utility beyond speculation, incorporating features like staking, yield farming, and governance rights, thereby contributing to the broader ecosystem of decentralized finance (DeFi). These evolving utilities suggest that while meme tokens might have begun as internet jokes, they are carving out a niche that transcends their origins, offering both community engagement and potential financial breath of fresh air.
Other meme tokens
Besides the meme tokens highlighted in above, the digital asset landscape is rich with a variety of other meme coins, each with its own unique community and story. Among these, SafeMoon, valued at $0.000043 has garnered attention for its reflective tokenomics, which reward holders and penalize sellers, aiming to encourage long-term holding.
“Kishu Inu,” another notable meme coin, aims to capture the charm of dog-themed cryptocurrencies with a vision of creating a fully-fledged ecosystem that includes NFTs and a decentralized exchange. “Hoge Finance” distinguishes itself by combining meme appeal with DeFi functionalities, implementing auto-staking features directly into its tokenomics. Another interesting project is “DuckDaoDime,” a token that not only serves as a meme but also plays a critical role in a decentralized incubator platform, helping to fund and launch new crypto projects.
