meme coin The industry has been in the spotlight lately, with its market capitalization recently crossing $60 billion and many tokens witnessing triple-digit gains.
According to some industry participants, the cohort has great potential for additional progress during this bull cycle, while some of the top trending assets could generate significant profits in a short period of time.
In this news, the meme coins that attracted the most attention and became a sensation will be examined.
Shiba Inu (SHIB)
Self-proclaimed Dogecoin killer Shiba InuWith more than 1.3 million investors, it is undoubtedly among the trendiest meme coins.
The Shiba Inu has experienced a significant rise in the past few weeks. In this context, its price increased by 160% on a monthly basis. Its market cap briefly surpassed the $25 billion level, threatening to disrupt leading meme coin Dogecoin (DOGE). SHIB’s impressive rise benefited investors. In this context, at one point, more than 63% of owners were making profits on paper.
However, the asset’s valuation fell on a weekly basis, coinciding with the broader correction in the crypto sector.
Yet the Shiba Inu remains in the spotlight. Additionally, interest in the meme coin (in terms of Google searches) has reached a two-year high. Additionally, global media company Forbes has outlined ten cryptocurrencies that people should put on their watchlists for March, and SHIB is one of them.
Dogwifhat (WIF)
One can’t talk about meme coins without mentioning the ones built on the Solana blockchain. Because these have been the subject of heated debates and witnessed significant gains. An example of this is the trend, which is up more than 400% on a 30-day scale. dogwifhat (WIF).
Launched at the end of last year, the token became a sensation, receiving official support from leading crypto exchanges such as Binance, Kucoin, Bybit and more. Its price recently rose to an ATH of almost $3.50, while its market cap approached $3.5 billion.
Additionally, WIF has attracted the attention of prominent industry participants such as BitMEX co-founder Arthur Hayes. First, he posted a photo of himself wearing a hat (notable with the entity’s name and logo). He later predicted that the token’s value could jump to $10.
Despite its rapid success, WIF has been severely impacted by the ongoing market correction. Its price is currently around $2.24 (according to data from CoinGecko) and is down 18% on the day.
Book of Meme (BOME)
Another Solana-based meme that has been making headlines lately is BOME. While its price reached its peak on March 16, its market value reached $1.5 billion. BOME also received support from some cryptocurrency exchanges such as Bitrue and Binance. In this context, trading services were allowed on these exchanges.
Similar to WIF, the token’s value has fallen over the past two days, decreasing by 23% in the last 24 hours. It is also no longer among the top 100 crypto assets. Additionally, it is currently the 148th largest asset.
Slerf (SLERF)
The last Solana meme coin we will cover is SLERF‘truck. Meme coin is among the few good coins in the green amidst the current market decline.
Its price reached $1.30, probably due to the great excitement created around the token and the support from HTX.
However, SLERF encountered some obstacles. Yesterday (March 18), it was involved in suspicious activity when the developer behind it accidentally burned $10 million worth of funds raised from investors during the pre-sale.
The team explained that the incident occurred as a result of a “simple mindless misclick” while burning LP tokens. But they added that it may be impossible to fix the situation.
Floki Inu (FLOKI)
This meme coin was launched in the summer of 2021. Additionally, it reached an all-time high a few months later. FLOKI struggled to rise to its former glory throughout the long bear market of 2022 and 2023, but trends changed at the beginning of this year.
While the price of the asset has increased by 400% monthly, its market value remains just inches away from reaching $3 billion. One of the reasons behind the rise in the first weeks of March is Floki DAO’s decision to burn more than 190 billion tokens.
FLOKI is also somehow linked to Elon Musk. This may explain the great interest in it over the years.
However, investing in meme coins may seem like an excellent opportunity for people to make significant profits. But it’s also possible that the asset class’s notorious volatility could lead to devastating losses. Therefore, investors need to do their own research.
