The meme coin phenomenon, where communities produce tokens with no other support than a meme behind it, has given rise to opposing opinions. These range from the most positive ones, which regard them as value-affirming elements, to the negative ones, which state that there is no value behind them. Bitcoin.com News examines the views of […]
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This week, the crypto asset dogwifhat (WIF), a meme coin, ascended to the third-highest valuation among all meme tokens. In the last day, WIF appreciated by 17% against the U.S. dollar and saw a 435% increase over the past 30 days. WIF Surpasses Major Competitors, Securing Third Spot Among Meme Coins In the recent week, […]
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Amid a significant uptick in ERC20 tokens, especially meme coins, the expense of conducting transactions on Ethereum has notably increased, pushing the average fee to $22.19 for each operation. Further data indicates that executing a swap on a decentralized exchange (dex) platform could incur a cost of $66. Transfers and Dex Swaps Costlier as Ethereum […]
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The meme coins market cap is currently hovering above $54 billion up by nearly 20% ion the past day. This surge is evident as roughly seven meme coins now rank among the top 100 crypto by market capitalization, marking a significant shift in investor interest towards these once ‘speculative assets.’
A recent market report from QCP Capital has shed light on this phenomenon, disclosing what drives this meme coins surge.
According to QCP Capital, the price appreciation in meme coins can be attributed to a “speculative buying frenzy” during the Asia trading session. Particularly, the firm report suggests that the rallying meme coins is driven by retail FOMO (Fear of Missing Out), indicating a significant shift in the dynamics of market participation.
The analysts from QCP Capital also observed an increase in leveraged buying activity, hinting at the “robust” momentum that could potentially pause should Bitcoin surpass its all-time high in dollar terms. The market report read:
Altcoins, especially memecoins, are rallying hard as retail FOMO really kicks in now. Leveraged buyers will likely not relent until we break all-time highs, which could be any time now.
So far, major meme coins such as Dogecoin, Shiba Inu, PEPE, and BONK have registered. massive gains, with increases of 27%, 57%, 46%, and 68% respectively over the last 24 hours. These gains reflect the growing investor interest in meme coins and underscore the broader trend of retail investment driving the crypto market.
Dogecoin and Shiba Inu, in particular, have solidified their positions within the top 15 global crypto market cap rankings, demonstrating the significant traction meme coins have gained among investors.
The surge in memecoins is part of a larger trend of increased retail participation in the cryptocurrency market. Analysts from JPMorgan have echoed the observations made by QCP Capital, noting that retail traders have played a crucial role in the cryptocurrency market rally observed throughout February.
The study carried out by the research group at JPMorgan, under the guidance of Managing Director Nikolaos Panigirtzoglou, highlighted the significant role of “small-scale investors,” commonly known as ‘mom-and-pop’ traders, in driving prominent cryptocurrencies like Bitcoin to a two-year high last month.
The researchers noted:
We find that the retail impulse into crypto rebounded in February, thus likely responsible for this month’s strong crypto market rally.
Meanwhile, over the past 24 hours, Bitcoin has reached new heights, trading above $66,000, marking a nearly 30% increase over the past week. This upward trajectory is also evident in the asset’s market cap, which currently exceeds $1.2 trillion.
Featured image from Unsplash, Chart from TradingView
Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.
As bitcoin edges closer to its peak historical value, the meme token domain is outperforming many within the crypto economy, boasting a more than 38% increase over the last day. Just four days prior, the meme coin market’s valuation stood at $34.32 billion, only to soar to $61.59 billion today. From Dogecoin to Shiba Inu: […]
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The top three meme tokens — dogecoin, shiba inu, and bonk — have captured double-digit gains over the past day, rising between 23.3% to 37.5% against the U.S. dollar. Dogecoin has risen 29.9% and nears crossing the $0.13 threshold. Dogecoin, Shiba Inu, and Bonk Spark Meme Coin Frenzy With Major Gains They say every dog […]
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The Avalanche Foundation is expanding its support of meme coins. This move could further boost the popularity of Avalanche, a low-fee and high-throughput blockchain, and even support its native coin, AVAX.
Taking to X on December 29, the foundation said it would continue its Culture Catalyst initiative to encourage meme coin activity, among others, including Real-World Assets (RWAs), non-fungible tokens (NFTs), and more. This campaign, they continue, aims to foster innovation and propel the adoption of blockchains by supporting the creation of “new forms of creativity, culture, and lifestyle.”
The Avalanche Foundation believes that meme coins have carved out a significant niche in crypto, representing the collective spirit and shared interests of diverse crypto communities. By recognizing and encouraging this culture, the foundation hopes to develop and expand the Avalanche ecosystem, attracting new users.
As they resume Culture Catalyst, the foundation will start by purchasing select Avalanche-based meme coins to create a collection. The selection process will be based on several critical criteria, including the number of holders, liquidity thresholds, project maturity, principles of a fair launch, and overall social sentiment.
This move is a significant step for the Avalanche Foundation, as it indicates a growing recognition of the potential of meme coins to drive innovation and growth. It is because meme coins have become increasingly popular in recent years, often attracting large communities and generating significant trading volume. According to CoinMarketCap data on December 29, meme coins have a cumulative market cap of over $23 billion.
The foundation’s support for meme coins could further boost the popularity of Avalanche, as it will bring more attention to AVAX, a coin used for paying network fees. Thus far, AVAX remains in an uptrend, adding nearly 400% from October 2023 lows. Though there has been a cool-off, buyers have the upper hand. With rising demand triggered by more meme coins deploying on Avalanche, AVAX prices will likely float even higher.
One of the Avalanche-based meme coins, COQ, is among the top 10 most liquid. According to DEX Tools data, there are over 34,000 COQ holders when writing. As of December 29, Dogecoin (DOGE) is the largest and most valuable meme coin, with over $13.2 billion in market cap. However, the launch and subsequent stellar performance of COQ propelled it to command a market cap of $114 million.
Feature image from Canva, chart from TradingView
Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.
Several Avalanche-based memecoins are up more than 100% today after the blockchain network’s Foundation revealed plans to start buying this class of digital assets through its Culture Catalyst initiative.
In a Dec. 29 post on social media platform X (formerly Twitter), Avalanche Foundation said it would purchase “select Avalanche-based meme coins to create a collection” that encourages the “culture and fun” symbolized by these assets.
The Foundation claimed memecoins “go beyond mere utility assets; they represent the collective spirit and shared interests of diverse crypto communities.”
However, the Foundation would not be purchasing just any kind of memecoin as it outlined strict selection criteria that will be applied to its potential acquisitions. It said:
“The selection process for this collection is based on several key criteria, including the number of holders, liquidity thresholds, project maturity, principles of a fair launch, and overall social sentiment, among other factors.”
The Foundation concluded that the move aligns with ongoing engagements across its ecosystem, involving non-fungible tokens, real-world assets, and other digital assets deployed on the blockchain network.
The Avalanche Foundation launched the Culture Catalyst initiative in March 2022 with $100 million in funding to empower creators, spark innovation, and propel the adoption of blockchains.
Several Avalanche-based memecoins prices have reacted positively to news of the Foundation’s intention.
Data from Coingecko shows that Coq Inu, Shibx, Husky, Landwolf on AVAX, and Bear gained as much as over 200% in the past 24 hours, most of which came after the news.
Generally, memecoins have historically faced skepticism from traditional blockchain enthusiasts due to their speculative nature and their perceived lack of utility. However, some of these assets, including Dogecoin, Shiba Inu, Bonk, and Pepe, have gone mainstream and have helped attract more people into the blockchain industry.
Thus, these assets play an integral yet unacknowledged role in the broader cryptocurrency industry.
For the planned investments in selected meme projects on the Avalanche network, the non-profit has outlined specific requirements for eligibility in the program.
Avalanche Foundation, the non-profit group overseeing the development of the Avalanche blockchain, has announced its intention to allocate a portion of the Culture Catalyst Funds to support meme coins.
According to a statement on X (formerly Twitter), the move is aimed at acknowledging the cultural and entertaining aspects symbolized by meme coins, with the foundation planning to acquire select Avalanche-based meme coins to build a curated collection.
The non-profit organization initially rolled out the Culture Catalyst initiative in March 2022 with $100 million funding to propel the adoption of the crypto ecosystem.
At its launch, the program was designed to foster innovation in the non-fungible token (NFT) sector by supporting and empowering creators on the Avalanche protocol.
However, as revealed in a recent announcement on X, a portion of the funds will now be redirected towards targeted meme coins within the network.
The protocol claimed meme coins “go beyond mere utility assets” and stand as a representation of the “collective spirit and shared interests of diverse crypto communities.”
The Avalanche Foundation said the move aligns with its ongoing engagements across the Avalanche blockchain, involving non-fungible tokens, real-world assets, and various undisclosed tokens deployed on the Avalanche ecosystem.
The foundation believes that allocating a portion of the Culture Catalyst fund to selected meme tokens with promising potential will enrich the network’s portfolio, embracing a more comprehensive spectrum of possibilities. This step, according to the group, positions the protocol to accommodate the myriad new forms of creativity, culture, and lifestyle enabled by blockchain technology.
Last year, the Avalanche Foundation launched Culture Catalyst, a program aimed at empowering creators, sparking innovation, and propelling the adoption of blockchains. This initiative seeks to better position Avalanche to cultivate and support the many new forms of creativity,…
— Avalanche 🔺 (@avax) December 29, 2023
For the planned investments in selected meme projects on the Avalanche network, the non-profit has outlined specific requirements for eligibility in the program.
According to the foundation, the selection process for the planned collection will be based on a number of factors, including liquidity thresholds, project maturity, principles of a fair launch, the number of holders, and overall social sentiment.
The non-profit said it is open to supporting diverse and culturally significant initiatives as long as it meets the selection criteria. The group prides itself as an adaptable and inclusive participant in the Web3 space.
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BONK, a Solana-based meme coin, has continued to outperform the likes of Dogecoin and Shiba Inu over the last week. As the SOL price has rallied, so has its ecosystem coins continued to rise. This has led to a Solana-based meme coin becoming the third-largest meme coin in the space.
Despite BONK debuting on the meme coin scene months before PEPE, the latter had been able to quickly capture a larger market share and eventually became the third-largest in the space. PEPE would maintain this dominance for months, even after an over 60% decline from its all-time high. But it seems that dominance has come to an end.
Over the last week, the BONK price has continued to rally, eventually rising above $0.000012. This put its market cap above $700 million, eventually beating out PEPE’s market cap. For context, the PEPE market cap is currently sitting at $650 million compared to BONK’s $717 million.
In the same vein, the BONK meme coin has also outperformed the top 10 meme coins by market cap. In a one-week period, BONK has risen 192% compared to PEPE’s 40% and FLOKI’s 27%. Even 9GAG’s Memecoin (MEME) falls behind with 41% gains in the 7-day period.
BONK’s price has risen 40% in the last 24 hours alone and its trading volume has not been left out of the action. Currently, the BONK daily trading volume is sitting at $213 million which is a 119% increase from its previous day’s figures, data from CoinMarketCap shows.
BONK price touches new ATH | Source: BONKUSDT on Tradingview.com
Despite not seeing a performance as good as BONK, other meme coins such as Dogecoin and Shiba Inu have also been seeing positive headwinds. Both assets have performed quite well in the last seven days as DOGE rose 15.4% and SHIB rose 20.1%.
There are also other metrics that are driving the positive headwinds for these assets. For Shiba Inu, its volatility has remained high which has historically been a bullish thing for the price. If this holds, then there could be more rallies to come.
Then for Dogecoin, multiple upcoming events could trigger a price rally. First is the Dogecoin moon mission which is taking a physical DOGE coin to the moon in December. Then in 2024, the DOGE-1 mission is expected to take off and it is the first space mission fully funded by crypto and paid for entirely in Dogecoin. DOGE’s open interest has also been on the high side, something that has often been a signal of a rally in the past.
