Is Meme Season The New Bull Run?
Release: 2024/03/07 15:44 Reading: 396
The crypto market is heading to the bullish zone, with Bitcoin crossing its previous ATH value, but that’s not the only thing that’s happening. More than the Bitcoin growth, altcoins have presented a much better performance, where not only the top meme coins, but also the newly launched ones have shown impressive growth over the last few days. The analysts have called it the meme season, not Bitcoin, not altcoin, but meme season, highlighting the price growth dominance of meme coins in the market. So, is meme season the new bull run? Let’s talk about that in this blog.
Understanding The Meme Coins & Meme Season
Meme coins come under the category of altcoins, curated to enact a popular meme or trend from the internet. These are created solely for keeping a meme alive and letting its followers or users earn profit by holding the meme coins.
Most of the time, there’s no actual use case for these meme coins, but some solve issues like high gas fees, transaction speed, etc. One of the most famous concepts in meme coins is the dog species, which led to the creation of Dogecoin, Shiba Inu, and many others.
In the past few years, a significant surge in the popularity of meme coins has happened. That surge is because of various reasons, like their fair market capitalization, engaging communities and low prices, high supply, etc.
The current market situation indicates the dominance of meme coins because of their incredible performances. It is also spread among the community that the ongoing period is the meme season, where meme coins will take over the crypto market.
Should Meme Coins Be Part Of Your Portfolio?
Meme coins cover 2.19% of the total crypto market cap, which comes to $53.27 billion out of the total market cap of $2.49 Trillion. These cover a small portion of the total number of cryptocurrencies but still have the potential to make big profits for its investors.
Dogecoin price has surged more than 90% in the past few days, whereas Shiba Inu has surged more than 200%. There are meme coins like Pepe Coin, Bonk, and dogwifhat whose performance has outperformed and created a new ATH value a day or two ago.
Meme season is around the corner, and most of the meme coins are in trend and have shown a 3000% surge in the weekly trading volume. Pepe Coin has surged around 600% in less than a month, whereas dogwifhat has more than 800%. It is an incredible growth in just a few days.
As an investor, a person’s portfolio should be diversified, carrying different types of digital assets. It is the most advised approach for newbies or people who want to invest with fewer chances of loss.
Top meme coins like Dogecoin and Shiba Inu might be a good option for people who want to invest in this type of crypto. But before choosing any crypto, the investor should follow the market trends and analyze the market before going ahead with their investment.
Conclusion
Meme season is a time zone, when the meme coins’ performance will take over the rest of the altcoins. The peaks of many meme coins, including Pepe Coin, dogwifhat, and BONK token, have indicated the possibility of an upcoming meme season. Whether these coins get to take over the crypto market or not, their performances and price growth have helped investors make huge profits. Read more about how to handle risk in a cryptocurrency portfolio.
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