Memecoins
As Bitcoin, Ethereum, and Shiba Inu Crash, This Solana-Based Memecoin Surged 147% Last Week
In defiance of the market slowdown, a memecoin built on the Solana blockchain, Bowl BILLY/USD has seen a strong rally, increasing its value by nearly 147% in the past week.
What happened:The value of Billy, a dog-themed memecoin, has increased by nearly 147% in the past week, reaching $0.182. The increase in value comes after several cryptocurrency exchanges, including Bittrue, Bitget, MEXC, and Gate.io, added support for the coin, reported The Daily Hodl.
Billy, which launched in June, features a puppy image and has outperformed other popular meme coins during the current market consolidation phase, leading to significant declines across the board, the report notes.
Despite the market downturn, Billy’s market cap currently stands at $181.8 million, with a 24-hour trading volume of $55.3 million, according to data from CoinMarketCap.
Why is this important?:Despite their often whimsical nature, meme coins have grown in popularity and demonstrated significant market resilience.
Other dog-themed resources such as Shiba Inu SHIB/USD and Dogecoin DOGE/USD is trading at $0.00001538 and $0.1081 respectively at the time of writing.
Other top cryptocurrencies like Bitcoin BTC/USD and Ethereum ETH/USD has been under selling pressure over the past week: while Bitcoin has fallen more than 7%, Ethereum has declined more than 11%.
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Photo courtesy of @billydogsolana
This story was generated using Benzinga Neuro and edited by Anan Ashraf.
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