#Write2earn #Memecoin market Resurgence : Reasons behind that! #PEPE #WIF #FLOKI $FLOKI $PEPE $WIF
Meme coins are making a comeback in the cryptocurrency market after a period of low activity.
The resurgence of interest can be attributed to the return of famed meme trader Keith Gill, also known as Roaring Kitty, to social platforms on May 13. Gill, who gained prominence for his role in the GameStop short squeeze in 2021 and subsequent pump of Dogecoin (DOGE), has once again sparked excitement in the meme coin space.
According to data from Santimentâs SanBase Pro, provided by Vinicius Barbosa for Finbold on May 14, there is a noticeable uptrend in meme coins. Among todayâs trending coins, PEPE leads the pack, followed by FLOKI, DOGE, Shiba Inu (SHIB), and dogwifhat (WIF).
Notably, the Ethereum-based meme token PEPE, featuring Pepe The Frog, has seen a remarkable surge of over 21% in the last 24 hours, reaching $0.000011. This level is reminiscent of the peak reached during the massive meme coin boom in early March. Furthermore, PEPEâs social dominance, represented by its share of the overall social interest in the market, has spiked to a record high of 2.46%.
While other meme coins have yet to mirror PEPEâs price action, the increasing social indicators prompt traders to speculate whether the meme coin frenzy is resuming in cryptocurrency trading.
The reactivation of Roaring Kittyâs X (formerly Twitter) account after three years of dormancy has added fuel to the fire. His latest post on May 12 depicts a meme of a âgamerâ actively engaging in trading, signaling his return to the scene.
Itâs important to note the inherent risks associated with trading meme coins or meme stocks. Experts caution against succumbing to âThe Greater Foolâ theory dynamics, reminiscent of financial bubbles, where late buyers incur substantial losses when speculative demand dwindles. As the marketâs speculative nature unfolds, traders must exercise caution to avoid significant losses when the music inevitably stops.