TL;DR
Peanut the Squirrel (PNUT) and FRED, two animal-inspired memecoins, have seen spectacular increases, reaching valuations of $1.73 billion and $169 million.
Pepe (PEPE) has recorded a 120% growth in the last week, driven by its inclusion in major exchanges like Robinhood and Coinbase.
The leading memecoins in the market, such as Dogecoin (DOGE), Shiba Inu (SHIB), and Bonk (BONK), have also experienced significant increases.
The explosion in popularity of memecoins has led to a sharp rise in demand for new tokens. Dogecoin (DOGE) has pioneered the market, and several competitors have reached impressive figures in a short amount of time.
One of the most notable is Peanut the Squirrel (PNUT), a token based on the viral story of a squirrel that was sacrificed by New York authorities after being considered a rabies risk. The controversy surrounding its death, exacerbated by Elon Musk’s support for the cause, catapulted PNUT to a valuation of over $1.73 billion, recording a 1,559% increase in just one week.
The Impact of Internet Viralization
Another memecoin involved in this story is FRED, based on a raccoon that was also sacrificed in the same incident. FRED saw a 613% increase in the last 24 hours, reaching a market cap of $169 million.
The popularity of memecoins has created a sort of “domino effect.” Other animal-inspired cryptocurrencies that went viral have also seen exponential growth. For example, tokens like Harambe, Keyboard Cat, and Moo Deng have increased in value between 92% and 128%, taking advantage of the fervor of the community that feeds off stories quickly spreading through the internet.
On the other hand, Pepe (PEPE), another highly recognized memecoin, has seen a huge increase after its inclusion in major crypto exchanges. The cryptocurrency rose more than 30% in one hour, fueled by the announcement that Robinhood would list it.
Additionally, the trend was reinforced by a similar announcement from Coinbase, further increasing its visibility. Currently, Pepe (PEPE) is priced at $0.00002057 and has risen 60% in the last 24 hours and an impressive 120% in the past week.
How Did the Leading Memecoins Perform in the Market?
This has been the performance of the most important memecoins in the industry over the last week: Dogecoin (DOGE) has increased by 107% and is priced around $0.4047. On the other hand, Shiba Inu (SHIB) rose by 44% and is currently priced at $0.00002672 per unit. dogwifhat (WIF) surged by 62.5% and is being traded at $3.81 per token. Finally, Bonk (BONK) also had an excellent performance, rising by 90% and reaching a price of $0.00004186.
