Meme cryptocurrencies Bonk, Fartcoin, and Dogwifhat saw sharp price increases on Thursday, highlighting the volatility of this segment. Each of these cryptocurrencies posted double-digit gains for the day.
Movement of Meme Cryptocurrencies
Market desks note that price swings in meme cryptocurrencies are often linked to rising interest from retail investors. Lighter trading volumes combined with a growing popularity of cryptocurrencies contribute to rapid price changes.
Market Prices and Gains
According to CoinMarketCap data, on Thursday Bonk (BONK) showed a 16.5% increase, trading around $0.00001674. Fartcoin (FARTCOIN) jumped 15.2% to $1.23, while Dogwifhat (WIF) reached $0.9279 after a 14.1% rise over 24 hours.
Cautions from Analysts
Despite impressive gains, analysts warn that rallies in meme cryptocurrencies can be misleading. Often such changes arise due to thin order books and community-driven sentiment. Nevertheless, the current situation emphasizes that niche tokens can attract considerable attention.
Thus, despite the wild volatility and risks associated with meme cryptocurrencies, they continue to capture investor interest, indicating a growing acceptance of cryptocurrencies overall.
