Memecoins
Ethereum and Solana Meme Coin Prices Rise Amid Modest Bitcoin Gains
Bitcoin has struggled lately, although its modest gains on Thursday are surely a welcome sign of life for traders. But Bitcoin’s slight rise is overshadowed by a crypto category that is on fire today: coins.
Pepe (PEPE) is the biggest gainer, rising more than 22% over the past day, according to CoinGecko data. THE EthereumHowever, the price-based token has not seen much price action over the past week, but is still up over 8% over the past 30 days.
And long-standing coins Dogecoin (DOGE) and the Ethereum-base Shiba Inu (SHIB) each posted 24-hour gains of around 9%, adding to Thursday’s coin frenzy.
The boom in meme coins and tokens comes at a time when the broader crypto market has plunged. This week, Bitcoin, Ethereum and other major cryptocurrencies plunged after investors. Cashed popular spot Bitcoin exchange-traded funds (ETFs), and US inflation proved sticker as expected.
Bitcoin is I’m negotiating now for $59,000 after plunging nearly 8% over seven days. It is now well below its March 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 appear, generating huge gains or crushing losses for traders.
Eddy Lazzarin, CTO of venture capital firm Andreessen Horowitz, last week describe the sphere as a “risky casino” and “damaging” for the crypto world.
Much of this started as a joke. Dogecointhe largest coin in existence with a market capitalization of $18.8 billion, was created to mock the serious world of Bitcoin, according to to its developers.
It is now the ninth largest digital asset in terms of market capitalization. And he has countless followers who amass billions in collective market value.
Edited by Andrew Hayward
The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment or other advice.