It has been about a week since the Bitcoin halving event. Let’s talk about the MEME sector today.
First, we noticed that there were two projects that rose by more than 50% in the past week, Bonk and Pepe. In addition, Floki and Bome are also in the top 15 gainers.
So how are these MEME coins performing now?
Needless to say, PEPE is one of the most watched meme coins in 2023. Even in the chaos of the cryptocurrency circle, PEPE was still able to gain popularity and even caused Ethereum network fees to soar. By March 2024, PEPE still remains hot. Although the current price has not reached the previous highs, it is still trading.
According to the data, the price of PEPE has risen by 1% in the past 24 hours, and the current price is $0.00000747. In the past 7 days, it has risen by more than 50%, and its market value has recovered to $3.15 billion, surpassing WIF to become the third largest meme coin. However, its 24-hour trading volume decreased by 2.75% to $1.2 billion compared with the previous day. It is worth mentioning that PEPE's upgraded version PEPEPRO has been launched on Uniswap, the world's largest decentralized exchange, combining artificial intelligence technology, NFT, Web3.0, DEFI and other blockchain technologies, providing investors with more choices and possibilities.
In general, the investment potential and opportunities of PEPE coin are still quite large, but investors need to carefully consider various factors when making decisions and make rational investments. It should be noted that the cryptocurrency market fluctuates greatly, and investors should fully understand and assess the risks and make investment plans based on their own circumstances.
BONK, like PEPE, is one of the most famous MEMEs in 2023. When Solana was so hot, BONK also became popular, and even helped many people become millionaires. Last year, BONK's increase reached 3382%, which is really amazing! By the end of 2023, its growth slowed down slightly, but in March, it began to rise more violently. Now looking at the data, BONK's increase is 9%, and the price has reached 0.00002595 US dollars. After this increase, its market value has also exceeded 1.68 billion US dollars.
Why is Meme Coin so popular?
This is mainly due to the simplicity and fairness of Meme coins. Generally, Meme coins are issued and traded in a relatively fair environment, which gives every investor the opportunity to participate and share potential benefits.
In addition, the appeal of Meme coins is mainly reflected in their potential high growth. Many investors buy Meme coins in the hope of making huge profits. This speculative mentality makes Meme coins attractive in the market.
Of course, we must also admit that the Meme coin market also has risks. However, due to its unique narrative and market positioning, investors are willing to take corresponding risks while pursuing high returns.
Therefore, it is not difficult to imagine why the growth of Meme coin surpassed all other sectors in this round of market - because in the previous market performance, MEME coin has always been the leading group.
How to judge whether Meme coin can be charged?
You need to have the latest and most accurate information. For this, tools like Dexscreener and Blockchain Explorer are your best friends to help you collect the necessary data points.
For example, for meme coins, token distribution is a key metric. It tells you whether a meme coin is truly supported by the community or just a few insiders trying to monopolize it to make a quick profit.
Here’s how to view the distribution of Meme Coin tokens:
Find whales - Use a blockchain explorer to enter the contract address of the token. Navigate to the "Holders" section to see how the tokens are distributed among the holders. If no whale holds all the tokens, that's a good sign.
Healthy spread and growing token holders - A good distribution of tokens is generally indicative of a more stable and broader community. If you find a diverse group of holders that are slowly but steadily increasing their token holdings, it probably means they are confident in the future of the token.
Fair distribution - Pay attention to the initial distribution of tokens after they are issued. If the initial distribution pattern is fair, i.e. there is no disproportionate allocation to the development team or early investors, that can be a positive sign.
In general, the value of these projects in the MEME sector has increased by dozens of times, but they also suffered the biggest declines when the market fell. The declines were all over 50%. Therefore, for newcomers who have just entered the market, they will definitely choose to sell at a loss when they encounter a decline of more than 50%. Unless their cost is very low, they will choose to increase their positions to dilute the cost. In addition, institutions are also willing to intervene, and they enter the market quickly, so the increase and rebound speed of Meme coins in this round are very fast.
