As the overall market stagnated, meme coins stood out as the best performing tokens, with Brett, a token on the Base chain, leading the way.
While major cryptocurrencies like Bitcoin and Ethereum have remained relatively stable over the past 24 hours, Brett (BRETT) surged 7%, Pepe (PEPE) surged 6%, and Bonk (BONK) surged 4%. This performance puts them among the six biggest gainers among the top 100 cryptocurrencies by market cap, with Brett firmly at the top.
Meme Coin performs better
Brett has also led the gains over the past week, up 51%. For reference, the second-largest gainer over the same time frame is Injective (INJ), up just 10%. In contrast, Bitcoin and Ethereum are down 4% and 6.5% respectively over the past seven days.
While Brett had a stellar week, other well-known meme coins did not fare as well. Dogecoin (DOGE) fell 13% to $0.1405, Shiba Inu (SHIB) dropped 14.5%, Dogwifhat (WIF) plunged 23%, and Floki (FLOKI) dropped 27%.
As of now, Brett is priced at $0.1673 on Gate.io with a trading volume of nearly $130 million in the past 24 hours.
Inspired by Matt Free's comic book series Boys Club (which also featured Peppa the Frog), Brett is billed as Peppa's "best friend". According to the official website, Brett is a "dancer who loves video games".
Last week, Brett surged 24% in a single day, surpassing $1 billion in market cap. Currently, the token has a market cap of $1.7 billion, making it the 67th largest cryptocurrency on CoinGecko. It is about to surpass its Solana-based competitor BONK, which is only $200 million ahead in market cap.
Meanwhile, PEPE, the memecoin issued in honor of Brett’s more famous friend, has a market cap of $5.6 billion, making it the 23rd-largest cryptocurrency and the third-largest memecoin.
Explaining BRETT, PEPE, SHIB, DOGE, WIF, and FLOKI
BRETT:
Brett (BRETT) is a meme coin inspired by Matt Furie's comic book series Boy's Club, which also introduced the iconic Pepe the Frog character. According to the coin's official website, Brett is described as Pepe's "best friend" and is a dancer and video game enthusiast. Brett has gained a lot of attention in the cryptocurrency market recently, especially after growing in value by 51% in a week and surpassing a $1 billion market cap. Positioned on Coinbase's Ethereum Layer 2 network, Brett has become a well-known player among meme coins, attracting a lot of trading volume and investor interest.
PEPE:
Pepe (PEPE) is another meme coin that was inspired by the popular online meme Pepe the Frog. PEPE is deeply rooted in online culture, leveraging its widespread popularity to become a significant player in the cryptocurrency market. Currently, PEPE has a market cap of $5.6 billion, making it the 23rd largest cryptocurrency and the third largest meme coin. Its popularity and market performance highlight the enduring appeal of meme-based cryptocurrencies to investors and the broader cryptocurrency community.
BONK:
Bonk (BONK) is a meme coin that runs on the Solana blockchain, which sets it apart from many of its meme coin peers that are typically based on the Ethereum network. BONK has successfully carved out a niche for itself in the competitive meme coin space. Despite its recent gains, BONK has performed similarly to other meme coins, with high volatility. Its current market cap is just $200 million ahead of Brett, indicating that there is competition between the two. The token's connection to the Solana blockchain gives it unique advantages in terms of transaction speed and scalability, which may appeal to a different group of crypto enthusiasts.
Dogecoin (DOGE):
Dogecoin (DOGE) is one of the earliest meme coins, created as a joke by software engineers Billy Markus and Jackson Palmer in 2013. With the Shiba Inu from the "Doge" meme as its logo, Dogecoin was originally intended to be a fun and lighthearted cryptocurrency. Over the years, DOGE has grown significantly in popularity and market value, in part due to support from high-profile figures such as Elon Musk. Despite its meme origins, Dogecoin has developed a strong community and has been used in various charity and crowdfunding campaigns, solidifying its position in the cryptocurrency market.
Shiba Inu (SHIB):
Shiba Inu (SHIB) is a meme coin that calls itself the "Dogecoin killer." Launched in August 2020, SHIB is based on the Ethereum blockchain and leverages the network's smart contract capabilities. Named after the Shiba Inu breed, the token quickly gained popularity through clever marketing and community engagement. SHIB has a decentralized exchange called ShibaSwap and has launched other tokens in its ecosystem, such as LEASH and BONE. Despite its recent decline, SHIB remains a prominent player in the meme coin space, often leveraging social media hype and community-driven initiatives.
Bear hat (WIF):
Dogwifhat (WIF) is a lesser-known meme coin that is also inspired by dog-themed internet culture. While not as well-known as Dogecoin or Shiba Inu, WIF has attracted a niche following within the meme coin community. The coin has a playful name that combines a dog theme with an element of humor. Despite its recent underperformance, WIF has managed to maintain its position in the market, attracting investors seeking novelty and high-risk, high-reward opportunities that are typical of meme coins.
FLOKI:
Floki (FLOKI) is a memecoin named after Elon Musk's Shiba Inu, which in turn is named after a character from the hit TV series Vikings. FLOKI is a community-driven project that aims to combine the virality of meme culture with tangible utility through various partnerships and projects. The coin has gained attention through an aggressive marketing campaign and a dedicated community. Despite a recent drop in value, FLOKI remains a well-known player in the memecoin space, leveraging its unique brand and association with Musk's pet to maintain interest and engagement.
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