The cryptocurrency market is witnessing an interesting phenomenon. Because meme coin projects are experiencing a revival and many tokens are experiencing explosive price increases. This rally, led by the popular Shiba Inu (SHIB), has sparked excitement among investors. Moreover, it has sparked debate about its potential importance in the broader crypto landscape. Especially the rise of new coins such as WIF, PEPE, BONK attracted attention. Here are the details…
SHIB and other meme coin prices are on the rise
In the last 24 hours, SHIB has increased by a staggering 69%. Because it pointed out the continuation of the positive trend that increased by 128% last week. This impressive performance caught the attention of investors. Because some benefited from their assets by selling some of their SHIB tokens. Notably, a crypto whale recently strategically bought and sold SHIB. He later made a profit of over $2.5 million.
However cryptokoin.com As we reported, the meme coin rally extends beyond SHIB. Other tokens such as PEPE, WIF, BONK, DOGE and FLOKI are experiencing significant increases. WIF, a Solana-based meme coin, has surged a notable 32% in 24 hours. Thus contributing to last week’s astonishing 319% increase. This remarkable growth generated significant profits for both early and late investors. Thus, Memememe highlighted the potential of coins even more.
Dogwifhat: Bold prediction from Arthur Hayes
While SHIB and other established meme coins dominated the headlines, Dogwifhat (WIF) emerged as a contender. Launched only in December 2023, this dog-themed memecoin skyrocketed from zero to a market cap of over $1 billion in record time. Robinhood Europe’s recent quiet listing further accelerated its growth, pushing it past the psychological $1 barrier and posting a 35% daily gain.
BitMex co-founder Arthur Hayes added to the excitement by sharing his bullish sentiment for Dogwifhat, predicting that the price could reach $2. This audacious goal resonated with social media traders, with many echoing the “hat will stay on” meme, referencing the meme coin’s signature image of a Shiba Inu wearing a beanie.
The current meme coin rally raises many questions. While some see this as a temporary trend driven by speculation and hype, others believe it could signal the start of a broader altcoin season in which lesser-known cryptocurrencies are outperforming established players like Bitcoin. Whatever the future path, the current volatility highlights the continued interest in meme coins and their potential to deliver significant returns despite inherent risks.
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