Memcoins continue to generate profits – PEPE and DOGE rose this week.
The approval of an ETF for the Ethereum cryptocurrency led to the growth of PEPE and other memcoins. The price of the Pepe token increased by 46% over the week, noting a new historical maximum of $0.00001725 on May 26. According to the Etherscan website, on the same day two wallets withdrew 182.7 billion PEPE worth $3.1 million from the OKX exchange. Another 123.8 billion coins ($2 million) were withdrawn from the Kraken crypto platform.
Along with Pepe, other meme tokens also grew, such as Dogecoin, FLOKI and JasmuCoin. However, most funds flow into assets that “live” on the Ethereum network, for example, Lido DAO and UNI. This new meme cryptocurrency may bring profits on the wave of interest in the memecoin market. The market for meme coins has been known since its explosion last year. that projects appear on it that use combinations to attract investors. P2E games (“play and earn”) and humor have been a very successful combination, and now a new contender for the title of niche leader has appeared in this sector. Memcoin PlauDoge (PLAY) brings financial benefits to its owners through a new game for mobile devices. During the development of the application, the team was inspired by the beloved character of the crypto community Doge and the classic arcade Tamagotchi. By combining blockchain with digital pets, PlauDoge aims to bring even more fun to the meme coin space and provide earning potential for investors. Players must take care of their Doge so that it does not leave its owner. This includes such a basic set of actions as feeding, walking, putting to bed, treating, throwing a ball, and so on. The more attentively the gamer treats his pet, the more PLAY coins he will earn. The pre-sale lasts only a day, but almost $210,000 has already been raised. The minimum token price of $0.00451 gives early investors the opportunity to accumulate more assets with less investment before it goes public. Moreover, at this moment, PLAY owners can receive passive income exceeding 8,700% per year.
Meme Cryptocurrency Market Forecast for Summer 2024 Cryptocurrencies that pay homage to memes are one of the niches that benefited most from the rise of Bitcoin (BTC). According to investment company A16z Crupto, some of them are demonstrating high productivity, and this trend may continue. The report notes that this is due to existing regulation. Memory coins are thriving, while tokens with more productive use cases are facing obstacles. The lack of regulatory clarity in the crypto industry means that such digital currencies could suddenly become securities according to the SEC. The investment firm emphasizes that many of the disruptive innovations that communities use today started out looking like jokes. For example, Shiba Inu was a traditional memcoin, but now has its own exchange and metaverse. This analysis was carried out after the Bitcoin halving, which took place in April, when the Runes protocol was activated on the network. It allows the creation of fungible tokens, such as memcoins, which have become the most registered assets, which could lead to even greater growth in this market. In addition, the Rekt Capital analyst emphasized that the market capitalization of altcoins on May 26 recorded the largest weekly growth in two months. Considering that Bitcoin is currently trading near its historical high, recorded two months ago, it is expected that it will continue to grow. For this reason, the expert foresees that the value of coins, including memcoins, will also continue to increase.
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