In summary
- Bitcoin is not the only asset that skyrocketed yesterday; The meme coin market is also having its moment, continuing a rally that began on Thursday.
- Established coins and tokens like Dogecoin, Floki, and Pepe have seen a surge in price, but new investments like Moo Deng (MOODENG) have seen even bigger increases.
- Moo Deng has risen more than 90% in 24 hours, almost doubling its price in the last day and trading near $0.27, with a gain of 1,300% in one week.
Bitcoin isn’t the only asset that soared yesterday—the meme coin market is also having its moment, continuing a rally that began Thursday.
Established coins and tokens like Dogecoin, Floki, and Pepe have seen a surge in price, but new investments for degens are seeing even bigger increases.
Solana-based memecoin Moo Deng (MOODENG) is up more than 90% in 24 hours, nearly doubling its price in the past day and trading near $0.27, according to CoinGecko. Moo Deng, inspired by a viral baby pygmy hippo from Thailand, continues to hit new all-time high prices.
The most surprising thing is that if you had invested a week ago, you would now have more than 1,300% profit. MOODENG was launched on the Pump.fun meme coin mill this month and now has a market capitalization of $265 million.
Meanwhile, BILLION•DOLLAR•CAT, a Runes token that runs on the Bitcoin network, is up nearly 240% in the last week, with a further 32% increase for Friday.
The rise of that Runes token comes as the price of Bitcoin continues to rise. Investors have poured money back into Bitcoin exchange-traded funds (ETFs) following the Federal Reserve’s decision last week to cut interest rates.
The largest digital asset is now trading above $66,200 per coin, marking an increase of more than 5% in seven days.
Among major coins and tokens, Dogecoin is one of the best performers of the week, having risen 20%. Its price now stands at $0.126.
But compared to its rival Shiba Inu, the 13th largest Cryptocurrency overall running on the Ethereum network, its gains are small: SHIB is up almost 50% for the week. Its price now stands at almost $0.000021.
Pepe, which also runs on Ethereum, is up more than 30% this week, an impressive gain, although overshadowed by some of this week’s other big gainers.
Meme coins or memecoins are highly volatile as they are based on internet jokes and trends. Such assets are born quickly, but can disappear and lose value in an instant. Very few meme cryptocurrencies, such as DOGE and SHIB, have managed to maintain their value and relevance while remaining in demand for years.
Edited by Andrew Hayward
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