Meme coin is popular with Bitcoin
Digital currencies created for fun, without technology or applicability such as Dogecoin, Shiba Inu... all skyrocketed when Bitcoin peaked.
Pepecoin (PEPE), a coin inspired by the image of a green frog, increased more than 7 times after just one week of trading in early March. This meme coin also entered the top 50 cryptocurrencies with the highest market capitalization, according to CoinMarketCap .
Similar to PEPE, two long-standing meme coins of the market, Dogecoin and Shiba Inu, also recorded strong increases. Dogecoin more than doubled, from 0.085 USD to nearly 0.2 USD in just a few days. ShibaInu also more than tripled in just a short time. The capitalization of these two digital currencies at their recent peak is both over 20 billion USD.
Other notable meme coins, like dogwifhat (WIF) or Floki, have all jumped. The rise of meme coins in a short time pushed the capitalization of this group to more than 50 billion USD.
Meme coin is considered a joke in the cryptocurrency world. Digital currencies are created inspired by popular images on the Internet or events that take place in real life. Unlike cryptocurrency projects such as Bitcoin or Ethereum, meme coins were created for entertainment purposes, without any underlying technical value or solving any real-life problems. Most people play meme coin just for entertainment or speculation.