News
Meme Coins Soar This Week After Trump Shooting: PEPE, WIF, POPCAT, and DOGE
Summary
- Meme coins have seen significant gains recently, with some up more than 20% in 24 hours.
- This wave of protests follows the failed assassination attempt on Donald Trump over the weekend.
- Overall, the meme coin sector has grown by about 12%, outpacing major cryptocurrencies.
- Pepe (PEPE) and Dogwifhat (WIF) were among the best.
- New politically themed meme coins, such as America Coin (USA), have appeared and gained value.
The cryptocurrency market has seen a shift this week, with meme coins experiencing a significant increase in value. This trend comes in the wake of a failed assassination attempt on former U.S. President Donald Trump at a rally in Pennsylvania over the weekend.
Meme coins have outperformed major cryptocurrencies like Bitcoin and Ethereum. The meme coin sector as a whole is up about 12% on Tuesday.
Among the top performers are Pepe (PEPE) and Dogwifhat (WIF), which have seen gains of 22% and 25%, respectively, in a 24-hour period. Pepe, an Ethereum-based token, has reached a price of $0.00001256, while Dogwifhat, a Solana-based coin, has reached $2.24.
Other meme coins have also seen significant gains. Popcat, another Based in Solana token, jumped nearly 18% in 24 hours, hitting $0.8995. Dogecoin, the original meme coin and the tenth largest cryptocurrency by market cap, also rose about 5%, outpacing both Bitcoin and Ethereum.
The surge in meme coin prices comes as Bitcoin has surpassed $65,000 per coin for the first time in nearly a month, though it has since hovered around $64,359. That represents a more modest gain of about 1% in 24 hours.
Interestingly, the meme coin rally has also seen the emergence of new politically themed tokens.
Following the Trump incident, coins such as America Coin (USA) and Super Trump (STRUMP) have appeared on the market. These tokens have seen explosive growth, with America Coin up 204% and Super Trump up 43% since the event.
Analysts suggest that this surge in meme coins could be due to traders taking profits from larger, more established cryptocurrencies and diversifying into more speculative assets. Meme coins have historically performed well during periods when major cryptocurrencies like Bitcoin and Ethereum were trading in a range near local highs.
The current trend of meme coins is in line with the findings of CoinGecko Q2 2024 Cryptocurrency Industry Reportwhich highlighted meme coins as the most popular narrative in the cryptocurrency market for the second consecutive quarter.
The report found that 4 of the 15 most popular narratives were related to memecoins, with Solana and Base memecoins capturing significant market share.
