Memecoins Doubles Crypto Investments In A Month
Release: 2024/03/06 14:54 Reading: 766
The ongoing bull run in the crypto market over the last month has made the crypto investors Millionaires or billionaires with Bitcoin at $66K and Ethereum at $3.7K with a 30% to 50% growth. The growth has increased the hopes of investors in the crypto market but that’s not all the real story begins with Memecoins which has shown a growth rate ranging from 100% to 500% and hence yielded more profits to their investors as compared to the traditional cryptocurrencies like Bitcoin, Ethereum, etc.
Top Memecoins in the Bull Run
Dogecoin (DOGE):- The first Memecoin with the biggest market cap in the meme coins has shown an extreme growth of around 131.5% in a month and was trading at $0.1825 while I am writing this news.
Shiba Inu (SHIB):- Launched in August 2020 with a current market cap of around $24 billion is one of the most beneficial Memecoin with 300% growth in a month and was trading at around $0.00003943.
Pepe Coin (PEPE):- Pepe was inspired by the popular internet meme “Feels Good Man” frog, also known as Pepe the Frog launched in April 2023. Pepe continues to display significant bullish momentum, the price surged over 700% in the last month with a current market cap of around $3 billion and was trading at $0.000007326
Why Dog runs like a Bull?
The recent surge in Meme Coins is attributed to the Bitcoin Halving Event in April and a significant purchase of SHIB tokens by a crypto whale. The whale bought 75.9 billion Shiba Inu tokens valued at $893,000, contributing to the overall rise in Meme Coin values. Additionally, Dogecoin's increase is linked to a recurring falling wedge pattern observed between December 2013 to May 2015, January 2018 to February 2019, and May 2021 to June 2022.
This pattern suggests a potential future rise in Dogecoin prices. The meme token PEPE experienced over $50 million in future contract liquidations, driving up its prices in the last 30 days. Experts predict that this trend will persist in the upcoming days.
Thus Considering the substantial profits generated by Memecoins in the recent bull run, investors might find diversifying their portfolios to include these meme tokens a worthwhile consideration. However, it's crucial for investors to conduct thorough research (With Coin gabbar), stay informed about market trends, and carefully assess the risks associated with the volatile crypto market before making any investment decisions.
Also Read:- Tectonic Crypto’s Web3 Version of Lending and Borrowing
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