Is Meme Coin Season Back? Here’s What The Numbers Say
03 May 2023 - 9:00AM
NEWSBTC
Meme coins are rallying once more with 1,000% increases in a matter
of hours now becoming the order of the day. With so many new meme
coins performing well in the market, it is starting to look like a
repeat of the infamous 2021 meme coin season. However, unlike in
2021, a whole new set of tokens are leading the charge this time
around. Pepe Coin (PEPE) Triggers New Meme Run Before Pepe Coin
(PEPE) launched in mid-April, meme coins had become another fixture
in the market, just moving along with the general crypto market
trend. However, PEPE would rise from a $50,000 market cap to over
$600 million in less than three weeks and what followed was
euphoria that triggered another meme coin bull run. Since PEPE’s
success, a number of other meme coins have entered the market and
many have found success as well across multiple chains. An example
of this is the AIDOGE meme coin that launched on the Arbitrum
blockchain around the same time as PEPE and in the two weeks that
followed, the price of the cryptocurrency rose over 100x. Related
Reading: Ripple’s Q1 Report Shows That Investors Are Still Bullish
On XRP, Here’s Why Following the performance of both of these meme
coins, activity spiked significantly on both blockchains with new
coins entering the market. The next two weeks saw the entrance of
new players such as WOJAK and SHIBAI, both of which have been
listed on multiple centralized exchanges as well. Ethereum’s
decentralized exchange trading volume is now dominated by these new
meme coins, as well as the newly listed token pages on both
on-chain data aggregators Coinmarketcap and CoinGecko. OG Meme
Coins Take A Back Seat While it seems the meme season is back in
full bloom, the original meme coins are not enjoying any of the
action. Instead, cryptocurrencies such as Dogecoin (DOGE) and Shiba
Inu (SHIB) are still seeing losses during a time when these new
meme coins are performing incredibly well. For example, DOGE is
changing hands at a price of $0.07822 at the time of this writing,
with 24-hour losses of 0.84% and 7-day losses of 0.08%. In the same
vein, SHIB is down 1.28% in the last day to be trading at
$0.000009875. It has performed even worse on the weekly timeframe
with a drawdown of 2.97%. DOGE seeing losses on the 24-hour chart |
Source: DOGEUSD on TradingView.com Obviously, investors are looking
toward newer meme tokens in a bid to catch the next 100x, and coins
like DOGE and SHIB have already grown too much to give such
returns. Hence the reason why new meme coins are getting all of the
attention right now. Related Reading: Kaspa (KAS), Render (RNDR),
Injective (INJ) See Upside Amid Market Crash, What’s Going On?
Something investors should keep in mind is the large number of rugs
that are also being deployed by scammers to take advantage of
unsuspecting profit-chasers. So it is important to research new
coins to ensure they are not honeypots or rugs before buying.
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occasional funny tweet… Featured image from Binance, chart from
TradingView.com
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