Amid the bullish sentiment in the general crypto market and with Bitcoin above $70k, savvy investors are now developing appetite for assets that can give short-term returns. Therefore, being the assets with such potential, meme coins have witnessed remarkable interest in the past few weeks.
Don’t forget that meme coins are tokens whose price value is based on internet memes, community hype, and the general conditions of the market. The reinvigorated appetite for these tokens raises indications that the meme coin mania might be back. Don’t forget that the prices of major meme coins, like Doge, Shiba, Pepe, Bonk, Myro, and many others have in the last few weeks jumped up on the charts.
Recent Price Performances of Top Meme Coins
Dogecoin, for instance, surged to its highest levels since 2022. Presently, the market cap of the coin is around $24 billion according to CoinMarketCap. Similarly, Bonk entered 2024 on a high level after securing multiple listing on popular crypto exchanges, Binance and Coinbase late last year.
Following its listing on these platforms, the Solana-based meme coin attained its all-time high of $0.00003416. Although it suffered a little drop in its price within the first few days of the year, Bonk quickly recovered amid the approval of Bitcoin ETF applications by the United States Security and Exchange Commission (SEC). Overall, Bonk, since its market debut, is up by more than 2800% and has what it takes to become the next 1000x crypto.
How about Myro? This is another token that has greatly benefitted from the ongoing meme coin mania. With about 4000% rise since its launch, the token has taken an established posture in the market. At a time, Myro even outperformed top meme coins in the market like Doge, Pepe, Shiba, and more. Recently, the meme-based token reached its all-time high of $0.26 and looks set to retest this feat.
Factors Contributing to the Surge
After taking a closer look at emerging market indications, it’s safe to say that indeed without a doubt meme coins are making a comeback. It is impossible to undermine how these categories of tokens have taken a significant leap, finding their way into the league of top gainers in the market. Meanwhile, there are factors driving the growth of meme coins, projecting them well enough to gain attention.
One of the major drivers behind the growth of these homourous tokens is the impressive price rally of Bitcoin which in return led to increased sentiment towards cryptocurrency. Also, the growing sentiment toward crypto resulted in a large inflow of investment into meme coins. For the first time since 2021, Bitcoin surpassed the 60k price benchmark soaring as high as $72,850 and setting a new all-time high.
The impressive price trajectory of Bitcoin triggered a belief among whales that the bull market is right around the corner. Therefore, giving this group of investors the confidence to go all out on meme coins and scoop as much as possible.
Likewise, another pointer behind the notable comeback of meme coins is their active and vibrant community. As Bitcoin recorded impressive figures and sentiments around cryptocurrency began to grow, investors were attracted to meme coins as most communities of these projects kept conversations around them alive. This led to a surge in the hype around most meme coins, attracting the attention of investors.
Additionally, meme coins are based on amusement, and most projects have distinctive comical foundations. Most investors were captured by the funny concepts of these tokens, compelling them to invest in them as they got acquainted with their humorous nature.
Conclusion
It is imperative to note that the price of meme coins is mostly driven by the general sentiment towards crypto and market hype. Hence, most of these comical tokens lack real utility which may put their sustainability in the long run under doubt.
We’ve witnessed how most of these projects fade out when the hype around them dies down. While they may be posting impressive figures at the moment, it is important for investors not to invest more than what they can afford to lose.