Since the advent of meme coins, the market has seen a spate of them. Time and again, some or the other token emerged and gained traction. The Seazon (SZN) coin was one such token that trended for some time before disappearing from the charts. However, it’s now back with a bang, and market participants are talking about it. Interestingly, its comeback coincided with the phenomenon of the pumping of coins.
What is Happening in the Memecoin Space?
All the crypto market participants are well aware of the major ones. Coins like PEPE, Shiba Inu, and many others have taken the market by storm. Now, some new tokens are making headlines. They are starting the bonanza and bringing plenty of profits for the token holders. A crypto user, CryptoKoryo shared a post a few weeks ago. It got a response from other influencers who believed in PEPE.
In the last few days, PEPE gained a 700% hike in its value. It acquired a market cap of $500M and a few people were millionaires as well. Besides that, there are some tokens that enjoyed an uptrend. Tokens like WOJAK, PPIZZA, TURBO and WSB. Most of them registered a 10X growth in just a few days. Furthermore, AI-generated meme coins are doing wonders in space.
TURBO, in particular, obtained a market cap of $100M for a brief duration. According to some, WSB is going to be a highly-precious token of all time. The craze of meme coins is going through the roof. Moreover, the new ones may give tough competition to the 1st generation tokens like DOGE. As it happened in 2021, Dogecoin went down to $0.74. Shiba Inu dethroned it and took the top spot too.
Studying the Trends
Memecoins thrive on market traction and that is quite ephemeral. But some are hoping that these new coins become as powerful as the early tokens. Since in terms of market cap, the old tokens are still ruling the markets. Dogecoin and Shiba Inu have a market cap of $10B and $5B respectively. On the other hand, PEP is still lagging at 10% despite a stellar response in the market.
On the bright side, PEPE and other tokens are performing consistently well. They certainly have the potential to establish themselves like the veterans. With a market cap of 0.85 and 24h trading volume, PEPE is gaining liquidity in the market now.
On the other hand, the DOGE trade ratio is closely matching Bitcoin’s. The former has a ratio of 0.025 and the latter has a ratio of 0.029. Notably, DOGE registered a volume of $250M trade in 24 hours. So, one can say that PEPE and other meme coins are gaining attention in the market.
Conclusion
With so many prospects of profits, meme coins have emerged as a go-to investment option. They secure potential returns in the short term as well as the long term. These instruments have also withstood market fluctuations valiantly so far. They give investors the power to defy the odds of the crypto market.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
