The meme coin market has seen a revival as investors have begun to show a renewed appetite for risk. Some meme coins have reported astonishing gains exceeding 700%.
Lesser-Known Meme Coins
Lesser-known meme coins have registered substantial gains due to their relatively low market capitalization. The CREPE Token alone saw a staggering 762% increase this week. Despite having a market value of $6.2 million, its trading volume exceeded $4.7 million. Priced at $0.00001084, this asset, launched on the BNB Chain, is designed to scan and list profitable wallets but is available only on a few DeFi platforms.
Meanwhile, BITTY experienced a 677% gain, with a market value exceeding $11 million and 24-hour trading volume almost half its market cap. The YZY Token rose by 600%, and the DO Token increased by 143%. With a market cap of $40 million, DO Token joined the ranks of the largest 1000 altcoins, although it is risky due to the potential for contract modifications. Some altcoins may alter contracts to disable transactions or impose exorbitant fees, jeopardizing investors. Therefore, investors should remain cautious despite the DO Token's rise.
Lastly, NOBODY Token increased by 97% for the week. Created by Kael Cabral as a token for a social media meme character, NOBODY currently lacks utility or promises. Positioned on the Solana network, it may benefit from sustained hype.
Major Meme Coins: DOGE, SHIB, and PEPE
The three largest meme coins gained lesser profits compared to the smaller, lesser-known coins. Unfortunately, PEPE Coin has not met expectations. Despite ETH's price increase, it has not quickly capitalized on this as it did in previous months.
DOGE has the potential to reach $0.28 if it manages to close above $0.255, though it has yet to approach this critical threshold. SHIBA Coin faces a larger issue due to its dwindling trading volume. Despite remaining the second-largest meme coin by market value, the team needs to innovate as they did during previous trends. Should the SHIBA Coin team announce something akin to a SHIB reserve, it would signify a return to form.
Meme Coin Market and Investor Recommendations
Given the sharp rise in some meme coins alongside the stability of more established tokens, potential investors are advised to exercise caution. It is important to remember that this market is highly speculative, and changes may occur swiftly. Investors should closely monitor market dynamics and stay informed about potential contract changes and other attractive aspects of meme coins.
Despite the rising interest in meme coins, it is crucial to remain aware of the risks associated with these types of assets. Analyzing the market and staying informed about new opportunities can assist in making more prudent decisions.
