Meme coins have long piqued the interest of cryptocurrency enthusiasts. These joke coins with no utility and semi-ironic community-driven tales have once again stolen the spotlight. Analysts have identified some coins that are now attracting the attention of the global “dog-coins” community.
PEPE, a new cryptocurrency with the “Pepe The Frog” character as its mascot, is among the most memeable memecoins. It just saw an unprecedented rally, rallying 7,500x in just a few hours. The Arkham team of cryptocurrency researchers followed the narrative of its largest potential whale, who purchased 1.82 trillion PEPE for only $20. This position accounts for a sizable portion of PEPE’s net circulating supply. This allocation’s price skyrocketed to over $150,000 in two days, resulting in an over 7,500x price increase in record time.
On the other hand, the whale seen by Arkham sold it too soon. PEPE is still on a tear today, with the token up 50% in the last 24 hours. Its trade volume has reached $40 million, and CoinGecko and CoinMarketCap have begun to monitor its progress.
However, PEPE is not the only meme-themed cryptocurrency gaining popularity in mid-April 2023. For example, the ArbDoge AI (AIDOGE) token, which prefers not to be labeled a meme coin, has increased by more than 100% in the last 24 hours. In contrast to PEPE, it received a number of big listings on major markets. Huobi has opened deposits and will begin trading for this cryptocurrency. Because it is built on Arbitrum (ARB), incorporates Doge stylistics, and is billed as an “AI-generated” product, the token exploits three significant narratives of 2023.
Another token based on the BNB Chain, MTG, increased by 100% overnight. Gate.io has listed it and is available on the BSC-based DEX PancakeSwap (CAKE).
These meme currencies appear to have entered the mainstream, with more liquidity for the new generation of DOGE and SHIB. The success of these tokens stems from the fact that they are community-driven and frequently revolve on a cult narrative or character. While they may appear to be a joke, they have captured the interest of both investors and traders, resulting in significant rallies.
Caution is advised with any cryptocurrency investment, as these coins can be very volatile and may have little real-world utility. Despite this, the advent of meme coins has introduced a new layer to the cryptocurrency market, and it will be intriguing to see where these tokens go in the future.