- Crypto memecoins are experiencing a record rally.
- Memecoin listings from Coinbase and Robinhood have excited retail investors.
- Investors are looking for the “big win.”
Memecoins have never been better.
The 29% rise in the price of Bitcoin since Donald Trump’s election victory may now seem outdated. But memecoins are out of control.
The market value of many jokey offers has exploded by 127% in the last seven days, reaching $126 billionaccording to CoinGecko.
Among the most widely held memcoins, Dogecoin is up 104%, Shiba Inu is up 33%, and Pepe is up 120%.
Decent returns
Retail traders love the zetgeisty nature of memecoins.
Peter Kris, CEO of cross-chain decentralized exchange Gasp, said DL News that individual investors are increasingly losing interest in so-called utility cryptocurrencies.
“When opportunities to make decent returns or income are removed, as we have recently seen with the majority of utility tokens, people are more likely to seek a ‘big win’ and take high risk for the potential of a high reward. “Kris said.
“Stories of investors turning $1,000 into $1 million on the latest dog coin are fueling this sentiment and solidifying the growth of memecoins.”
Join the community to receive our latest stories and updates
Pepe, the third largest memecoin with a market value of $8.9 billion, is up 67% in the last 24 hours. This increase in trading comes after Coinbase and Robinhood listed the token on Wednesday.
Even a planned listing announcement is enough to drive up the price of a memecoin in the current market climate. Coinbase plans to list dogwifhat and the token is already up 34% in the last 24 hours.
PayPal and Coinbase registered decrease in crypto trading activity last quarter.
Newbies enter the market
New entrants are also attracting investors’ attention.
PNUT, a memecoin inspired by “Peanut the Squirrel” soared to $1.9 billion. It was created only two weeks ago.
Solana has been the biggest beneficiary of this year’s memecoin craze among blockchain networks.
Solana-based meme tokens account for nearly a fifth of the market value of memecoins, according to CoinGecko data.
Crypto market players
- Bitcoin is down 3.7% over the past 24 hours to trade at $88,912.
- Ethereum is down 4.5% to trade at $3,138.
What we read
Osato Avan-Nomayo is our DeFi correspondent based in Nigeria. He covers DeFi and technology. To share tips or story information, please contact him at osato@dlnews.com.