A whole list of cryptocurrencies from the memecoins category have risen in price by hundreds of percent over the past month
Bitcoin has risen in price about one and a half times in the last month, so that its price has exceeded $66 thousand. But several well-known cryptocurrencies from the list of memecoins have overtaken the first cryptocurrency in terms of growth rates and brought their investors hundreds of percent of profit.
In the last 24 hours alone, the largest memecoins by capitalization have risen in price by tens of percent, according to CoinMarketCap. Among them, Pepe (PEPE), Bonk (BONK) and DogeCoin (DOGE) were the leaders of growth, adding 60%, 50% and 20% respectively.
Memecoins often grow significantly in value after Bitcoin and Ethereum rallies, and traders redistribute profits into altcoins.
The trigger for the rise in the price of memecoins may have been the soaring price of the PEPE token.
This happened after Binance, the world's leading cryptocurrency exchange, launched a promotion with an opportunity to get PEPE tokens as a reward.
Over the past seven days, PEPE has increased in value by 376%, and over the past month the coin has risen by 632%. The trading volume of the token on exchanges has increased by 100% in the last 24 hours and reached $3 billion.
This time, the growth of memecoins coincided with another wave of popularity of DOGE, which almost doubled in price in one week. The capitalization of the asset reached $24 billion. Dogecoin is in the top ten leaders in terms of market capitalization according to CoinMarketcap.
The Shiba Inu memecoin (SHIB), inspired by the Shiba Inu dog breed, was in the growth leaders, adding 30% in the last 24 hours. A mechanism to reduce the number of tokens in circulation continues to support its price. Earlier this month, the development team announced that more than 643 million SHIB tokens were burned during February.
Despite the risk of high volatility, some large platforms, such as Solana, see memecoins as a way to expand their ecosystem and interact with users.
On March 4, for example, the Bonk memecoin (BONK) rose in price by 56%. Over the past six months, the price of this cryptocurrency has increased by thousands of percent largely due to the integration of the token into the Saga smartphone from Solana developers. And whose owners could claim a free BONK token giveaway.
The current rise in the cryptocurrency's price coincided with the announcement of the BONK token development fund's partnership with Revolut, the largest licensed fintech company. And serving over 38 million customers across Europe. Floki Inu, a meme cryptocurrency inspired by Ilon Musk's dog, has broken into the top ten in terms of growth.
In the last seven days, the price of the FLOKI token has increased by 326%. Floki developers decided to pour oil on the fire by announcing in late February the burning of 2% of the total volume of tokens, which amounts to almost 200 billion FLOKI. Token burning is often considered by analysts as a factor that favors token value. New memcoins launching in late 2023, before the start of a bullish period in the crypto market, are generating notable returns for early investors.
New memecoins launching in late 2023, ahead of a bullish period in the crypto market, are generating notable returns for early investors.
The Solana blockchain-based token WIF has become one of the top altcoins in terms of growth over the past week. And having risen in value by nearly 400%. The growth was largely fueled by the token's addition to leading US brokerage platform Robinhood.
Our experts note that In late February, analytics platform Lokonchain reported on a trader who made almost $1 million on WIF. Back in November 2023, he bought 2.58 million WIF for $310 in the Solana cryptocurrency. On February 27, the price of WIF rose to $0.57, and the value of the coins owned by the trader reached approximately $1.4 million. Thus, his profit from investing in the WIF token was 4500%. $PEPE
