Memecoins
Shiba Inu (SHIB), Pepe (PEPE) and this Trump-themed Memecoin overtook Bitcoin this week
Shiba Inu (SHIB), Pepe (PEPE) and this Trump-themed Memecoin overtook Bitcoin this week
So far, 2024 has undeniably been the year of memecoins. Countless new tokens have been released, and a handful of them have touted gains in the thousands of percent range. Plus, the hype doesn’t seem to be dying down. The tokens continue to rise, and in this case, some are outpacing the broader cryptocurrency market.
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Shiba Inu (SHIB), Pepe (PEPE)And MAGA Coin (ASSET) all performed better than Bitcoin last week. These memecoins do very little to add real value to investors and instead focus on their memes. Surprisingly, this resulted in a huge amount of attention and purchasing activity.
Shiba Inu is one of the oldest memecoins still afloat in 2024. Launched in August 2020, the token quickly skyrocketed attracting the attention of Tesla CEO Elon Musk and Ethereum founder Vitalik Buterin. This week, the price rose more than 7%, bringing its market capitalization to more than $14 billion.
Launched on the Ethereum blockchain just over a year ago, PEPE is a memecoin based on the infamous Pepe meme from the early 2000s, which features a crudely drawn frog. The token has been climbing the crypto rankings and is currently in the top 25 tokens by market capitalization, with a total of over $4 billion. This week, the price of PEPE increased by more than 17%.
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A slightly lesser known, but equally interesting memecoin is MAGA Coin (TRUMP). This token, created in August 2023, combines the community and low utility aspects of memecoins with the strong supporters of former President Donald Trump. The token has performed extremely well in 2024 and is up almost 70% this week.
Bitcoin also rose this week on the heels of Tuesday’s weak inflation data and comments from Trump himself about his desire to helping with crypto adoption.
The CPI report came in better than expected, with inflation showing a monthly increase of 0.3% in April, below the 0.4% expected.
Additionally, Trump spoke at an NFT event, saying: If you like crypto in any form, and it comes in many different forms, you better vote for Trump.“
Together, these events helped propel Bitcoin from $60,000 to over $66,000 this week. Overall, bitcoin is up just over 6% this week. This means that each of the memecoins mentioned above outperformed bitcoin, which also performed exceptionally well.
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For comparison, the S&P 500 is up about 2% this week and the Nasdaq 100 is up just over 2.5%.
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This item Shiba Inu (SHIB), Pepe (PEPE) and this Trump-themed Memecoin overtook Bitcoin this week originally appeared on Benzinga.com
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