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AI Meme Cryptocurrencies Showing Stellar Performance in Recent Market

May 25, 2024

AI Meme Cryptocurrencies Showing Stellar Performance in Recent Market

Cryptocurrencies known as AI meme coins, emerging at the convergence of artificial intelligence and meme narratives, are showcasing remarkable performance in the latest 24-hour period. Despite the subdued trend in the overall cryptocurrency market, AI meme tokens and categories like LRTFi/LSDFi are standing out with strong results.

AI Meme Coins Leading the Rally: Noteworthy Growth of 100% in Seven Days

In the past day, the AI meme crypto segment has seen a surge of over 15% in value, contributing to a total growth of 100% over the span of seven days. This controversial sector, amalgamating two of the most hyped narratives of 2023-2024, has doubled in value within just one week.

Among the flagship cryptocurrencies in the AI meme sphere, Turbo (TURBO) and Corgi AI (CORGIAI) have emerged as top gainers within the top 250 rankings. Turbo (TURBO) recorded a 32.5% rise in 24 hours, while Corgi AI (CORGIAI) soared by 29.6%, reaching a market capitalization of $750 million.

Grok (GROK), a meme coin linked to the "community of Grok AI enthusiasts," experienced a 6% increase and is now eyeing a valuation in the nine-digit range for the first time.

As previously covered by U.Today, Grok serves as an AI-powered chatbot for Elon Musk's social network X (formerly Twitter), garnering early attention within the global crypto community.

Some traders speculate on the potential usefulness of Grok for identifying trending coins in the short term, although analysts caution on the possibility of Grok exacerbating issues related to bots on X.

Surge in Liquid Staking and Restaking Narratives

Alongside the rise of AI meme coins, there is a notable surge in the native coins of decentralized perpetual trading protocols and staking-associated assets.

Today, liquid restaking tokens, which offer users the opportunity to earn additional yield by restaking their assets, are witnessing a significant uptrend. Pendle (PENDLE) climbed by nearly 6%, reaching a valuation of $1 billion and securing a spot among the top 100 cryptocurrencies based on market capitalization.

In the liquid staking space, known for its conservative nature, prominent gains are being observed in protocols like Redacted (BTRFLY) and Origin Ether (OETH).

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