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Crypto Traders Discuss Why Memecoins Have Been 2024’s Most Profitable Narrative

Journalist and host Laura Shin interviewed crypto traders Ansem and Kel, known on X as blkoiz06 and Kelxyz, for her Unchained Podcast.  They discussed why memecoins had become the most profitable crypto trade this cycle and what the future might hold for the sector.

Is There Value In A Memecoin?

To begin with, Shin asked the traders whether there was substance in tokens based on memes, as it has been a big argument against them. To Ansem, people “think too hard” about the value of memecoins as projects. Moreover, he considers there’s no real gain in comparing whether other altcoins deserve or have more value than meme-based tokens.

Ansem further explains that the crypto community is “very internet-centered,” with its members being “internet people” since crypto’s origin.  As a result, the community is knowledgeable about the financial aspect but is also knees-deep in online culture.

The trader believes “there’s value in memes and culture on the internet.” People in the community are “financializing” meme virality and realizing that it’s a possibility with crypto.

Shin jokingly added that if this trend had been popular in 2016, the Drake meme creator would be a “bazillionaire” by now. The host seemingly referenced the still-popular meme that originated from Drake’s Hotline Bling music video.

Agreeing with this argument, Kel asserted that, over the last 20 years, many trillion-dollar businesses have capitalized attention as their “winning trade businesses idea.”

All these trillion-dollar businesses (…) facilitate directing attention and the way they’ve done that successfully has been, oftentimes, via memes. One could even make the argument that memes are the core engine of the entire Internet.

The Risks And Criticisms Of Memecoin Mania

To understand why memecoins have become the narrative of Q1 2024, the traders discussed the risks and arguments against the tokens.

One of the biggest criticisms of memecoins is their high-risk nature. Because they are much smaller and not backed by institutional money, they can “be riskier” and “more easily go to 0.”

Despite this, traders consider that many investors, especially new ones, find memecoins attractive because they have the potential to give 100x to 1000x returns.

Moreover, losing money is not exclusive to memecoins. To illustrate his point, Ansem compared the people who bought Doge’s top to those who bought Bitcoin at $69,000 last cycle before it fell to $15,000.

To the trader, how much a token can drop and investors buying the top is part of the general market dynamics instead of a characteristic of memecoins. However, he clarifies that there is better criticism of the sector.

Ansem considers the shady behavior behind the projects’ teams a crucial issue to address. To him, a framework could prevent creators from controlling a large supply of the tokens and dumping them immediately after launch or rug-pulling investors.

In the replies to the podcast, a user argued that the reason behind the recent frenzy is driven by “the Financial nihilism and the lack of liquidity that the youth has.” Adding that investors are “Buying a mere coin is like a lottery ticket.”

It is worth mentioning that trading memecoins like lottery tickets is not an unseen phenomenon. On-chain research platform Lookonchain recently reported a trader seeing 4,906x gains in one day by precisely doing that.

Per the report, the trader invests 0.1/0.2/0.3 SOL for each memecoin. Yesterday, the investor turned $30 into $147,000 by turning 0.2 SOL into 2 million AGORA.

What’s In Memecoins’ Future?

When asked what is in store for the sector, both traders concurred that memecoins are not going away. To Ansem, the community behavior towards memecoins is like that of NFTs last cycle. With NFTs, investors felt like they were part of a community and were working towards developing it.

The shared experience of relating is another crucial factor in the craze of meme-based tokens, as seen in communities of tokens like Dogwifhat (WIF).

Adding to that idea, Kel asserted that “all memes will become coins” in the next ten years.  Moreover, the trader wouldn’t be surprised if “the creation of a meme was natively financialized” by then, as the trend of financialization of things continues to increase.

Ultimately, he believes the sector is in the early stages of this trend as the community tries to “capture the moment of a meme” and capitalize on it now that crypto has made financialization “trivial from a tech perspective.”

crypto, crypto market cap, memecoins

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PEPE Whales Move $21 Million Worth Of Coins – Here Are The Destinations

On-chain data shows PEPE whales have moved large amounts of the memecoin during the past day. Here’s where these tokens have been heading.

PEPE Whales Have Been Active On The Network Today

According to data from the cryptocurrency transaction tracker service Whale Alert, two large PEPE transactions have occurred in the space of a few hours during the past day. Both of these moves are of a scale that’s typically associated to the whales, humongous entities that can carry some influence in the market thanks to their ability to make such large transfers.

Because of their position on the network, their moves can be worth watching, as they may end up reflecting on the price of the cryptocurrency. As for how exactly the asset may be impacted by the transfers of these investors can come down to what they intended to achieve with the moves.

It can be hard to say about any exact motive, but the details of the transactions on the blockhain can sometimes provide hints about the context surrounding it.

Below are the details of the first PEPE whale transfer from the past day:

PEPE Whale Inflow

As is visible, the sending address in the case of this PEPE whale transaction was an unknown wallet, meaning that it was unattached to any known centralized platform like an exchange. Such wallets are usually the investors’ personal, self-custodial addresses.

The receiving address, on the other hand, does have a platform affiliated to it: the cryptocurrency exchange Binance. Thus, it would appear that the whale moved 1,238,332,920,144 PEPE (worth over $10.5 million at the time the transfer went through) from their personal wallet to the custody of the exchange.

Transfers of this type are known as exchange inflows. The investors make exchange inflows whenever they want to make use of one of the services that these platforms provide, which can include selling. As such, exchange inflows can end up being bearish for the price.

If the whale, in the current case, indeed made the deposit to sell, then PEPE could naturally be negatively impacted, given the large scale of the transaction. Fortunately for the investors of the meme coin, though, the second transaction from today is actually the exact opposite of this transfer; it’s an exchange outflow.

PEPE Whale Outflow

As displayed above, this PEPE whale moved coins from Binance to an unknown wallet through this transaction. Investors generally transfer to personal addresses when they plan to hold in the long term, as it’s safer to do so outside the custody of central entities. Thus, it’s possible this whale plans to HODL these coins.

Interestingly, the amount involved in this move, 1,241,850,000,000 PEPE ($10.5 million), is quite similar to the exchange inflow. Given that the same exchange is also involved in both, it’s possible that the same whale may in fact be responsible for the both of them.

Though, since the addresses don’t quite match, it’s still uncertain. Either way, the fact that an equal-sized exchange outflow has occurred mere hours after should be able to balance out any bearish effects arising out of the inflow, at least in theory.

PEPE Price

At the time of writing, PEPE is floating around the $0.000008445479 mark, up more than 21% over the past week.

PEPE Price Chart

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Memecoins Resurgence? POPCAT And MEW Lead The Way With 20% Surge

As the crypto market settles in on this new phase of the crypto cycle, some memecoins have shown remarkable performance over the last couple of days.

Cat-theme tokens have significantly grown in popularity during this bull run, with some, like Cat in a Dog’s World (MEW), making it to the top 10 memecoins list. Other feline-inspired tokens like Popcat (POPCAT) and Wen (WEN) have had a stellar week after recent partnerships that caused the price to surge by 20% overnight.

Was The Memecoin Surge Fueled By Bitcoin?

The memecoins sector has been dominated by dogs, with tokens like Dogecoin (DOGE) and Shiba Inu (SHIB) being the flagship memecoins for the last few years. During this bull cycle, dog-themed tokens like Bonk (BONK) and dogwifhat (WIF) have been the talk of the town, and some of the tokens with the strongest performance.

Since its launch in January 2023, Bonk has surged around 4291%, while WIF has soared about 1512% since December 2023. Moreover, the sector has shown stellar performances with cryptocurrencies like PEPE and Book of Meme (BOME).

Bitcoin (BTC) has dominated this cycle alongside memecoins, as highlighted by top crypto analysts like Alex Krüger and Altcoin Sherpa. However, their performance has been strongly co-related to BTC’s in most cases.

The rest of the market has gone down with Bitcoin whenever the flagship cryptocurrency faces a strong retrace. Consequentially, when BTC has recovered, most sectors, including memecoins, have regained their levels. It’s worth noting that some tokens like Popcat have continued to perform well, even during the recent rally slowdowns.

On Thursday, Bitcoin successfully tested the $59,000 resistance level after spending most of May’s first days hovering between $57,000-$58,000. In the last hours of the day, the largest cryptocurrency seemingly turned the resistance level into a support zone, pumping the price of several memecoins.

As a result, the memecoin market was 9.46% up on Thursday night. Similarly, cat-themed tokens were up by 22.09% with a market capitalization of $1.581 billion, per CoinMarketCap data.

Cat-Themed Memecoins Take The Lead With Popcat

Despite dominating the memecoins market, canine-inspired tokens have lost some ground against the increasing popularity of feline-inspired ones. While the cats’ tokens had increased over 20% in the previous 24 hours, the dogs’ sector only surged 3.7% in the same timeframe.

Over the last few days, cat-themed memecoins have been among the top gainers in the crypto market. For instance, Popcat has remarkably maintained its upward trajectory during the recent retrace and also joined the top 10 memecoins list.

Popcat, which seems to be building a loyal community, has continuously shown double-digit gain percentages this week. As reported by SolanaFloor, the token momentarily flippled BOME with its $570.3 million market capitalization.

Moreover, as Bitcoin reclaimed the $59,000 level, the cat-themed token saw a 31% price increase in the daily timeframe. This made Popcat the largest gainer among the top ten memecoins.

According to memecoin analyst Murad, Popcat will surge to $5-10 in the short-term as “the Crowned Top Cat.” As the token reached its all-time high (ATH) of $0.618 on Thursday, the trader highlighted several targets, including a long-term $20 scenario.

popcat, memecoins

Murad expects the token “to go to $1 quickly” next time it closes above $0.63. Per the analysts, “It’s Cat Season baby and $POPCAT is in control.”

MEW Remains A Popular Cat

A month ago, MEW joined the dogs’ pack after becoming the eighth largest memecoin by market capitalization. Since then, the lonely cat’s performance has struggled, with a 51.8% and 28.4% price decrease in the monthly and weekly timeframes.

Despite the recent drop in performance, the token has remained one of the hottest topics among altcoins. On Monday, crypto exchange Bidget crowned MEW as the most searched altcoin on the exchange, beating PEPE and SOL on the “#BidgetTrendingSpot.”

At the time of writing, the token has shown a remarkable 12% price recovery in the last 24 hours, currently trading at $0.00424.

memeocoins, cat-themed memecoins, Poppet, POPCATUSDT

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Shiba Inu Surprise! Binance Japan Listing Ignites 360% Price Spike

Shiba Inu (SHIB), the meme coin with a loyal following, experienced a whirlwind of activity in the Japanese market this week. The catalyst? The listing of a new SHIB/JPY trading pair on Binance Japan, a move that initially sent the price soaring.

Shiba Inu Soars On Binance Listing, But Briefly

On April 30th, Binance Japan announced the addition of the SHIB/JPY pair to its spot trading platform. This move provided Japanese investors with a convenient way to trade SHIB directly with their yen, eliminating the need for currency conversions. The news was met with excitement in the Shiba Inu community, particularly in Japan, where the dog-themed coin enjoys a strong following.

Following the listing, SHIB experienced a momentary surge, with its price briefly reaching ¥0.016666 (approximately $0.00011). This represented a staggering 360% increase from the opening trading price of the pair.

A prominent Japanese Shiba Inu community member, KURO, documented the surge on social media, further fueling the buzz.

However, the jubilation proved short-lived. The price quickly stabilized at a much lower point, ¥0.003741 (around $0.000024), highlighting the volatility inherent in the cryptocurrency market. While the initial spike generated excitement, it’s crucial to remember that such surges are often fleeting and don’t necessarily translate to long-term growth.

Can SHIB Maintain Its Footing? A Look Beyond The Listing

The impact of the Binance Japan listing on SHIB’s long-term price trajectory remains to be seen. While it undoubtedly increased accessibility for Japanese investors, several factors will determine the coin’s future performance.

The cryptocurrency market itself is currently facing headwinds. Bitcoin, the world’s leading cryptocurrency, has seen a significant price correction in recent months, dragging other digital assets down with it. SHIB’s fate is likely intertwined with the overall market sentiment.

The success of the Shiba Inu development team’s ongoing projects, such as the Shibarium Layer 2 blockchain and token burning initiatives, could significantly impact the coin’s value proposition. If these projects gain traction and deliver on their promises, they could attract more investors and drive up demand for SHIB.

The Rise Of Litecoin As A Fiat Onramp

Interestingly, the increased focus on fiat-to-crypto gateways like the SHIB/JPY pair coincides with the growing popularity of Litecoin (LTC) as a method to buy other cryptocurrencies. Unlike Bitcoin, Litecoin boasts faster transaction times and lower fees, making it an attractive option for investors seeking a smoother entry point into the crypto market.

Whether LTC can capitalize on this trend and establish itself as a preferred fiat onramp remains to be seen, but it presents an alternative pathway for those hesitant about the volatility associated with direct fiat-to-meme coin purchases.

Featured image from Pexels, chart from TradingView

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Solana Memecoin Hits $320 Trillion Market Cap, But There’s A Catch

The Solana memecoin frenzy has made many investors score a home run or be out of the game this cycle. Traders are looking for new projects that could be the next hit while the market enters a new re-accumulation phase.

Solana Memecoins’ New Strike

Memecoins have been the narrative of this bull cycle. As a result, those who wanted to make big profits mainly invested in newly launched projects. While some have made millions by trading the week’s top gainers, others have lost significant amounts trying to climb the ladder.

Solana-based memecoins have been the most popular, with some, like dogwifhat (WIF) and cat in a dog’s world (MEW), leading the way. However, not all projects have achieved recognition and support for these tokens.

A considerable number of the Solana memecoins launched in the last two months have left investors empty-handed. The latest culprit is the recently launched Bonk Killer (BONKKILLER), which became the hottest topic on Monday for the wrong reasons.

The token surpassed the $100 trillion market capitalization only a few hours after launching. Nonetheless, the reason behind what could have been the most impressive feat in crypto history is no other than a honeypot scam.

solana memecoin, crypto, memecoin

As reported by SolanaFloor, the memecoin is a scam token that attracts investors with high-profit potential but prevents them from selling their holdings. Many realized they couldn’t move their tokens only after the project’s creator activated the “freeze authority.”

This action allowed the creator to avoid selling the token, which skyrocketed the market capitalization metric to $328 trillion. According to analytics platform Birdeye, the Solana-based memecoin registers a $318 trillion market cap at the time of writing.

It’s worth noting that the token isn’t backed by the amount reflected in the metric. As one X user pointed out, the token is worthless if you cannot sell it.

Half A Million Stolen By Memecoin Scammer

Unfortunately for investors, the creator didn’t use the freezing authority to boost the token’s market cap. The scammer took advantage of the function and stole nearly half a million dollars in BONKKILLER and SOL tokens.

The creator, who holds around 90.8% of the total supply, removed 30,500 BONKILLER and 1,561 SOL, worth around $420,000. According to Birdeye data, the token is valued at $32.81 as of This writing.

Even after the community’s warning, some investors continued to buy the project. In the last 12 hours, investors have spent nearly $40,000 on the token. As some X users pointed out, the false market cap might be misleading inexperienced investors into buying the memecoin.

Although it’s not the first scam of this type, the increasing rate of new launches turning fraudulent seems alarming. As reported by NewsBTC, $27 million vanished over the last month after 12 projects were abandoned by their creators.

Ultimately, this incident highlights the importance of thoughtfully researching a project’s background and carefully deciding whether the possibility of massive gains outweighs the risks.

Crypto market cap

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Is SUI Sinking? TVL Tanks As Crypto Price Fails To Keep Afloat

For crypto investors, the last several weeks have been a rollercoaster, with many assets seeing price dips and failing to post meaningful gains. The short-term outlook is bleak, despite some analysts’ continued optimism on the market’s long-term prospects.

Halving Hype Fades

Even the granddaddy of cryptocurrencies, Bitcoin (BTC), hasn’t been immune to the market downturn. Currently trading around $63,400, BTC is down 5% in the past day and a staggering 13% from its all-time high of over $73,000.

This sluggish performance follows the recent Bitcoin halving event, which some enthusiasts believed would trigger a price surge. However, market experts had predicted otherwise, and it seems their forecasts were on point.

The halving, which cuts the number of new Bitcoins entering circulation in half every four years, is intended to control inflation and theoretically increase scarcity over time. However, its impact on short-term price movements appears minimal.

SUI Ecosystem Feels The Squeeze

One cryptocurrency experiencing a particularly harsh beating is Sui (SUI), the native token of the Sui blockchain ecosystem. SUI has been on a downward trajectory for the past week, plummeting a staggering 30% from its all-time high of $2.20.

This week alone, SUI has dipped as low as $1.15 before experiencing a brief uptick, only to fall again. The current price sits around $1.18, reflecting a 10% loss in the past 24 hours.

SUI’s TVL Tumbles

Adding to Sui’s woes is the significant decline in its total value locked. TVL refers to the total amount of cryptocurrency locked in DeFi (Decentralized Finance) protocols within a particular blockchain ecosystem.

A high TVL indicates strong user activity and locked funds, which are seen as positive indicators for the health of the ecosystem. Unfortunately for Sui, its TVL has tumbled 30% from its record high earlier this year, currently sitting at around $535 million according to DefiLlama data.

This drop in TVL suggests a decrease in user engagement and locked funds within the Sui ecosystem, mirroring the broader negative sentiment.

Broader Market Correction Or Underlying Issues?

The current market slump isn’t limited to Sui or even Bitcoin. Major altcoins like Ethereum, Solana, and Curve DAO have also seen losses ranging from 4% to 6% over the past week. This suggests a broader market correction rather than an issue specific to Sui.

Analysts point to several factors potentially contributing to the downturn, including rising inflation concerns, ongoing geopolitical tensions, and a general risk-off sentiment among investors.

What Lies Ahead For Crypto?

While the short-term outlook for the crypto market appears uncertain, many analysts remain optimistic about the long-term potential of the technology. The underlying innovation and potential for disruption across various sectors continue to attract interest.

However, navigating the current volatility will likely require a strong stomach and a long-term investment horizon for those looking to weather the storm.

Featured image from Charleston Dermatology, chart from TradingView

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Hedge Funds Fall For The Memecoin Frenzy: “Mind-Boggling” Returns Tempt Financial Giants

In a recent Bloomberg report, it has come to light that the hedge fund industry is increasingly drawn to the allure of the memecoin sector, given the recent price increases and substantial profits that surpass those of Bitcoin (BTC) or the largest altcoins in the market.

Memecoin Mania

One example of the appeal of memecoins to traditional finance institutions is Newport Beach-based Stratos, which launched a liquid fund with the Dogwifhat token in December. 

The Solana-based memecoin Dogwifhat, known for its mascot – a beanie-wearing dog – became a major player in the crypto world, with its price increasing more than 300 times. 

This substantial spike reportedly helped Stratos achieve a staggering 137% return in the first quarter of 2024, outperforming gains in the broader crypto market. However, Dogwifhat has since retraced more than 35% from its March 31 all-time high (ATH) of $4.83 and is currently trading at $3.09.

Interestingly, Stratos is not alone in venturing into memecoins; other hedge funds are also doing so. 

Asset manager Brevan Howard, for instance, has reportedly made a “tiny” investment in memecoins. Pantera Capital, a crypto fund, recently emphasized the staying power of memecoins and the “enormous” trading opportunities they present. 

Is It Just Gambling?

Despite the enthusiasm from some hedge funds, the report notes that many crypto participants remain skeptical of memecoins. 

Quinn Thompson, the founder of Lekker Capital, a hedge fund experimenting with trading memecoins, likened the current frenzy to the speculative fervor seen in traditional markets with stocks like GameStop. 

In addition, Thompson described memecoins as the “tip of the spear for speculation” and emphasized the “gambling-like” nature of their trading.

Still, Cosmo Jiang, a portfolio manager at Pantera Capital, noted the evolution of memecoins beyond mere jokes, calling some “culture coins” that symbolize membership in a particular group or belief system. 

The report notes that the ease of creating and launching memecoins has increased with the availability of apps like Pump.fun, which allow users to mint coins in minutes. Blockchains like Solana and Coinbase’s Base, which offer low trading fees, have been flooded with these tokens. 

In light of these developments, Josh de Vos, research lead at CCData, highlighted the improved infrastructure supporting memecoins, including increased liquidity and the development of advanced futures markets on centralized exchanges (CEX). 

As more hedge funds take memecoins seriously, Rennick Palley of Stratos anticipates a growing focus on these crypto assets. 

Drawing parallels to the initial skepticism surrounding cryptocurrencies, Palley suggests that meme-only funds may emerge, mirroring the creation of non-fungible token (NFT) funds.

To further demonstrate the interest and adoption of these emerging tokens, in the first quarter of 2024, memecoins emerged as the most profitable crypto narrative, delivering massive average returns of 1312.6% across its top tokens, according to a recent study conducted by CoinGecko.

Memecoin

Currently, the largest memecoin on the market, Dogecoin (DOGE), is trading at $0.1616, up 5% in the last seven days. It has a market cap of $23 billion. 

Featured image from Shutterstock, chart from TradingView.com

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Solana Meme Coin Massacre: 12 Projects Gone In 30 Days, $27 Million Vanished

The Wild West of cryptocurrency just got a little wilder. Solana, the blockchain known for its lightning-fast transactions, recently became a breeding ground for a peculiar phenomenon: the meme coin frenzy.

While these dog-themed, cat-inspired, or just plain nonsensical tokens promised moon landings, many investors landed face-first in a crater of lost cash.

Solana Stampede: A Frenzy Of Frivolous Finance

Fueled by social media hype and the fear of missing out (FOMO), a stampede of investors poured money into meme coin presales. A project with a name like “I Like This Coin” (LIKE) sprouted like weeds, promising outlandish returns.

The “I Like This Coin” story, however, turned out to be a classic case of “buyer beware.” Despite an initial market cap of a staggering $577 million, the token’s value plummeted by a disastrous 90% within a mere eight hours of launch.

The party didn’t stop there. Blockchain investigator ZachXBT uncovered a particularly galling trend: a dozen meme coin projects vanished into thin air after their presales, taking a combined $26.7 million from investors with them.

Solana Slowdown: When Meme Mania Clogs The Network

The meme coin craze wasn’t without collateral damage. The massive influx of transactions clogged the Solana network, leading to transaction failures and frustrating delays. This highlighted a fundamental issue with meme coins: they often lack real-world applications and contribute little to the underlying blockchain’s development.

Solana’s founder, Anatoly Yakovenko, wasn’t shy about expressing his skepticism. He questioned the very concept of meme coin presales, suggesting they were better suited for projects with strong tech foundations. Yakovenko’s comments resonated with many who saw the meme coin frenzy as a speculative bubble fueled by empty promises and social media hype.

Meme Coin Meltdown: A Cautionary Tale For Crypto Curious Investors

The rise and fall of Solana’s meme coins serves as a stark reminder of the inherent risks associated with investing in unregulated, highly speculative assets. While the allure of quick riches might be tempting, the potential for scams and rug pulls (where developers abandon a project after raising funds) is significant.

The fallout from the meme coin frenzy could have lasting repercussions. Regulatory bodies might take a closer look at this corner of the crypto world, potentially leading to stricter measures to protect investors.

For those interested in exploring the exciting world of cryptocurrency, the lesson is clear: conduct thorough research, prioritize projects with real-world use cases, and always remember what the sages mean when they say if it sounds too good to be true…

Featured image from Pexels, chart from TradingView

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Shiba Inu (SHIB) Price Jumps On Growing Support From 1.4 Million Holders

Shiba Inu (SHIB), the self-proclaimed “Dogecoin Killer,” is making headlines again. After a rollercoaster year in 2023, the canine-themed meme coin is exhibiting signs of life in the first half of 2024.

With a growing holder base, a strategic support network, and a recent price jump, SHIB seems poised for a potential climb. However, lingering sell pressure and the ever-present shadow of its all-time high keep investors cautious.

Shiba Inu Finds Strength In Numbers

SHIB’s popularity continues to rise. The number of Shiba Inu holders on the Ethereum blockchain has surpassed a staggering 1.4 million, a new milestone that reflects the coin’s expanding reach.

This surge in holders indicates a growing community of believers in SHIB’s potential, potentially translating to a more stable and resilient market presence.

Shiba Inu Establishes Support System For Price Stability

Beyond the expanding holder base, SHIB has built a strategic support system that could act as a safety net in case of price fluctuations. These zones, dubbed “support clusters,” sit at $0.00001 and $0.000014, and concentrate buying pressure zones.

Essentially, a significant number of holders originally bought Shiba Inu at these price points, meaning a large number of tokens would be bought again if the price dips below these levels.

Additionally, data suggests that a large portion of current SHIB holders are in profit. This metric, often visualized as “In & Out of the Money” by blockchain analysis tools, incentivizes them to hold onto their tokens rather than sell at a loss.

Shiba Inu Still Barks For Its All-Time High

Despite the positive developments, a cloud of caution hangs over SHIB. The current price sits comfortably above the aforementioned support clusters, but it remains significantly lower than its all-time high of $0.00008616, reached in the meme coin frenzy of 2021.

Furthermore, while the recent price increase is encouraging, there’s still more sell pressure than buy pressure in the spot markets. This imbalance suggests that some investors are eager to cash out, potentially hindering a sustained price surge.

The Road Ahead For The Meme Coin

Shiba Inu’s future remains uncertain. While the recent developments paint a cautiously optimistic picture, the meme coin market is notoriously volatile. The success of SHIB hinges on several factors beyond its current holder base and support structure.

Continued positive developments in the broader cryptocurrency market, increased utility for the SHIB token itself, and a potential reduction in sell pressure are all crucial for a sustained price increase.

Featured image from Pexels, chart from TradingView

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69% Of PEPE Holders Left In Profits After 26% Plunge

On-chain data shows the percentage of the PEPE investors currently in the green has fallen to 69% after the 26% plunge the memecoin has seen in the past week.

69% Of All PEPE Addresses Are Carrying Some Gains Right Now

In a new post on X, the market intelligence platform IntoTheBlock has posted an update on how the investor profitability is looking for the memecoin PEPE currently.

The analytics firm’s metric gauges whether a holder is in profit or not by reviewing their address’s on-chain history. Based on when the wallet acquired the coins, the indicator calculates the investor’s average cost basis using the spot price of the asset at the time of those purchases.

If the current spot value of the cryptocurrency is higher than this average cost basis for any address, then that particular investor is carrying net gains currently. IntoTheBlock categorizes such addresses to be “in the money.”

Similarly, investors with a cost basis higher than the latest price are considered “out of the money.” Naturally, the two values being exactly equal would suggest the holder is just breaking even on their investment or is “at the money.”

Now, here is the data shared by the analytics firm that shows how this investor breakdown looks like for PEPE at the moment:

PEPE Profits

As is visible above, 69% of the total addresses holding PEPE have their cost basis higher than the current spot price of the coin, while 27% are in losses. 4% of the investors are sitting on their cost basis right now.

This profitability ratio isn’t that high, as, for example, 89% of Bitcoin investors are currently in profit, according to IntoTheBlock data. The reason behind the lower profits for the memecoin is that its price has seen a steep drawdown recently.

Historically, the addresses in the green have been more likely to sell to harvest their gains. As such, when the market profit-loss balance is overwhelmingly towards profits, a mass selloff can occur.

Naturally, this means the chances of a top being hit increase with increasing investor profits. However, a low percentage of investors being in profits can be conducive to bottoms forming, as profit-selling exhausts at these levels.

At present, PEPE is neither dominated by green investors nor red ones. In bull runs, however, profitability levels generally remain higher, so any cooldown can help prices rebound.

Thus, the fact that investor profitability has returned to the 69% level for the memecoin could be a sign that a bottom is close if the bullish regime has to continue.

PEPE Price

PEPE has returned to the $0.0000050913 mark after having declined more than 26% over the last seven days. The chart below shows the memecoin’s performance over the past month.

PEPE Price Chart

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Cat-Themed Memecoin Surges 14.9% After Major Exchange Listing And Whale Frenzy

Memecoins have been the most popular narrative of Q1 2024, with dog-inspired tokens leading the pack. However, one memecoin has been jumping on the roofs and assuring everybody hears it meow.

Cat in a dogs world (MEW) is a new player in the memecoin market, having been out for less than a month. In this short time, the token has left its clowder behind and joined the high ranks of the top ten memecoins by market capitalization.`

From The Roofs To The Ocean

The memecoin started remarkably, with a 267.54% growth during its first week. However, MEW is not immune to the crypto market dynamics, as its rally has slowed down with the corrections of Q2.

During the latest Bitcoin correction, MEW experienced a price drop of over 52%, going from trading at $0.00402 to as low as $0.00189 over the weekend, as seen in the chart below. A whale didn’t miss the chance to profit from the dip and bought 479.6 million MEW on Sunday.

Memecoin, MEW, cat in a dogs world, Bitcoin, BTC

According to Lookonchain data, a whale withdrew 10,438 SOL, worth around $1.54 million, from Binance to buy MEW. The whale bought the cat-themed token at an average price of $0.0032, doubling its investment in 48 hours.

At the time of this writing, the whale’s holdings are worth $3.12 million, and it has made over $1.56 million in profits. Moreover, after the first whale transaction, the token’s price began to recover from the drop, surging over 119% from its lowest point during the weekend as Monday started.

Major Exchange Listing Boosts The Memecoin

MEW continued its upward trajectory after being listed on one of the largest crypto exchanges by volume. On Monday, OKX announced the listing of popular token dogwifhat (WIF) and cat in a dogs world.

After the announcement, the cat-themed memecoin’s price surged 38.22% before retracing to the support zone of $0.00450 as the day closed. Nonetheless, MEW stole WIF’s hat, as the dog-themed sensation registered a 15.2% drop in the last 24 hours.

The popularity of feline-inspired tokens has increased throughout 2024’s Q1. Several cat memecoins launches offered massive gains to investors during the first days of Q2. Despite many of those gains being driven by the Solana memecoin frenzy, it appears that MEW holds stronger than others among the clowder.

As Tuesday started, the token began to soar again, skyrocketing 21.3% in just one hour. MEW’s market activity also rose 17.7% in the past day, with a daily trading volume of $227.6 million.

Similarly, the token has become a hot topic, according to CoinMarketCap data. In an X post, the crypto data platform revealed that MEW was third as the most mentioned token in its CMC community.

Cat in a dogs world is trading at $0.00634 at writing time, jumping 14.9% from yesterday’s price. Despite being 38.3% down from its all-time high (ATH) of $0.00971, MEW registers a 60% surge in the weekly timeframe.

memecoin, MEW, MEWUSDT,

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Elon Musk Latest Tweet: How Much Did Dogecoin Gain From It Today?

The cryptocurrency market tends to thrive on a blend of innovation, utility, and sometimes, just a good meme. This week, the spotlight shone brightly on Dogecoin (DOGE), the Shiba Inu-themed meme coin, after a characteristically playful tweet from tech billionaire Elon Musk sent prices soaring.

While the tweet itself referenced a scene from Monty Python and didn’t directly mention Dogecoin, its timing, with DOGE hovering near the cusp of the top 10 cryptocurrencies by market cap, proved to be enough to ignite a firestorm of trading activity.

This latest episode serves as a stark reminder of the immense influence Musk wields over the meme coin market, and the hair-trigger reflexes of Dogecoin’s dedicated community.

Dogecoin Rollercoaster Ride Continues

This isn’t the first time Musk has sent shockwaves through the Dogecoin world. In 2021, his enthusiastic endorsements, including a now-famous appearance on Saturday Night Live where he jokingly referred to himself as the “Dogefather,” propelled DOGE to its all-time high. However, the meme coin’s meteoric rise proved unsustainable, and prices eventually settled into a lower, but still respectable, position.

Currently, Dogecoin sits comfortably as the eighth-largest cryptocurrency, boasting a market cap of over $22 billion. However, there was a different narrative in the price department.

At the time of writing, DOGE was trading at $0.15, down 8.4% and 22.9% in the daily and weekly timeframes, data from Coingecko shows. Clearly, the Musk tweet magic didn’t work this time. Or, perhaps not yet?

A quick look at DOGE’s daily chart reveals a classic case of price resistance, where the coin struggles to break through specific price ceilings. This back-and-forth price action reflects the ongoing battle between enthusiastic buyers, emboldened by figures like Musk, and more cautious investors wary of the coin’s unpredictable nature.

No Price Boost This Time

Elon Musk’s tweets have long been synonymous with skyrocketing memecoin values, yet today’s unexpected downturn in Dogecoin following his latest post underscores the volatile and unpredictable terrain of cryptocurrency markets.

This stark deviation from the usual trajectory serves as a poignant reminder that even the most influential voices in the industry cannot fully control or anticipate the market’s whims and fluctuations. It highlights the inherent risks and complexities investors face as they navigate this ever-evolving landscape, where sentiments can shift swiftly, leaving even seasoned traders reeling from the abrupt changes.

Featured image from Pexels, chart from TradingView

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Dogwifhat To The Vet! Meme Coin Needs Medical Attention After Price Plunge — Analyst

Dogwifhat (WIF) witnessed a sharp decline, with its price plummeting by nearly 20% over the past 24 hours. This latest downturn marks a continuation of the downward trend that began in late March, culminating in a significant 40% decrease.

Analysts Raise Concerns: ‘It Needs To See A Vet’

The drastic price drop has prompted analysts to voice their concerns, with one commentator humorously remarking, “It needs to see a vet.”

The analogy underscores the severity of the situation, suggesting that Dogwifhat’s current state requires careful attention and intervention.

While the surge in trading volume may signal short-term interest, analysts remain cautious, emphasizing the need for a thorough assessment of the coin’s health.

Mixed Predictions: Uncertainty Looms Over Dogwifhat Future

Amidst the uncertainty, analysts are divided on the future trajectory of Dogwifhat. Some foresee a continuation of the bearish trend, anticipating further dips in the coin’s value.

However, others adopt a more optimistic stance, suggesting that while short-term challenges persist, Dogwifhat may offer significant returns in the long run.

One analyst predicts a period of ranging for WIF, followed by a stronger pump, hinting at a potential summer resurgence for the embattled coin.

According to CoinMarketCap data, Dogwifhat overtook Pepe (PEPE) on March 29 to take the third spot as the largest meme coin in terms of market capitalization.

But Dogwifhat’s elation turned out to be fleeting. In comparison to the meme coin market as a whole, the Solana meme coin category, which included WIF, saw a more severe decline.

This implies that conditions unique to Solana meme currencies, like as network bottlenecks or worries about the capacity of the platform, may be causing the price decline.

Other Meme Coins Take A Hit

Meanwhile, as the fate of Dogwifhat hangs in the balance, its decline has reverberated across the meme coin landscape, impacting other notable cryptocurrencies in the market.

Coins like Dogecoin (DOGE), Shiba Inu (SHIB), Pepe (PEPE), Floki (FLOKI), and Bonk (BONK) have all registered significant dips in the wake of WIF’s downward spiral.

The interconnectedness of these meme coins underscores the volatility inherent in the cryptocurrency market, where price movements in one asset can trigger cascading effects across the ecosystem.

Featured image from Pexels, chart from TradingView

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Analyst Cites Favorable Market Trends That Could See Bitcoin Touch $300,000 This Cycle

Amid the renewed strength recently displayed by Bitcoin, Michael Van De Poppe, a recognized cryptocurrency analyst and trader has offered an intriguing prediction for BTC, highlighting that the crypto asset is likely to reach the $300,000 threshold in this bull cycle.

Bitcoin Price Targetted At Unprecedented Heights This Cycle

Over the past month, the price of Bitcoin has been consolidating and hasn’t been able to sustain its rise beyond its new peak of $73,000. However, things could soon be changing, as Michael Van De Poppe expects the coin to surge immensely in the short term.

His forecast coincides with anticipation around the upcoming Bitcoin Halving expected to take place in less than 12 days, fueling optimism within the crypto community.

According to the expert, the largest cryptocurrency asset by market cap is still experiencing significant resistance. Nonetheless, if Bitcoin manages to break out of this zone, the coin could witness a progression towards new all-time highs in the coming months.

Bitcoin

Given that BTC achieved the $70,000 price level ahead of the halving event, Poppe believes that it is likely to surge to unprecedented levels, particularly topping out at $300,000 in this bull run.

The post read:

Bitcoin still facing crucial resistance. If this breaks, then we will be seeing a continuation towards new all-time highs. Bitcoin at $70,000 pre-halving. Likely $300,000 this cycle.

Poppe underscored that the price of Bitcoin returned to $70,000 level over the weekend. As a result, he has pointed out bullish indicators that are presently occurring in the crypto landscape.

The analyst also noted that the strength of the cryptocurrency markets has now exceeded our perceptions, and dips in altcoins represent opportunities for good entries. In addition, BTC’s price action demonstrates the potential to reach a new all-time high pre-halving, and the shift in favor of altcoins is on the horizon.

Altcoin Season Set To Kick Off In Weeks

Poppe is super bullish toward an ‘altcoin season’. However, it is important to note that altcoins’ value has frequently coincided with shifts in Bitcoin’s supremacy. But even though Bitcoin’s dominance is still at its peak prior to the halving, Poppe thinks these coins still have a lot of momentum.

He advocates that a new altcoin season will undoubtedly begin in the upcoming weeks. “We always have one, we have seen Meme coins, Solana (SOL) ecosystem, and AI,” he stated.

The expert’s statement suggests that the Solana ecosystem, AI projects, and meme coins in recent months have led the altcoin market. Thus, Michael Van De Poppe has contended that in the impending alt season, crypto initiatives that prioritize the tokenization of Real-World Assets (RWA), the Ethereum (ETH) ecosystem, and the Decentralized Physical Infrastructure Network (DePIN) are likely to be next, paving the way for alts this cycle.

At the time of writing, the altcoin’s overall market excluding Bitcoin and Ethereum was valued at $753.47 billion. This indicates a 2% increase in the market cap in the past 24 hours.

Bitcoin

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Cat-Themed Memecoins Growing Popularity: Traders Earn Millions With MEW and MOEW

The memecoin market has been dominated by dog-themed tokens for the past few years. Despite not being as popular and well-known as their canine crypto counterparts, cat-themed tokens are starting to appear at the forefront of the meme-inspired market.

Cats In A Dogs Crypto Market

Memecoins can become a market sensation overnight, and their communities can be some of the most supporting investors, as seen with the Vegas Sphere “wif on sphere” fundraiser campaign.

Dogecoin and Shiba Inu remain the biggest tokens by market capitalization in this category. About a month ago, eight of the ten largest memecoins by market capitalization were canine-inspired.

Nonetheless, cat-themed tokens have started infiltrating the pack of dogs after a recently launched player made it to the top ten memecoins list.

Cat in a Dogs World (MEW) launched on March 26 and just 48 hours later reached a $200 million market cap. MEW surpassed BONK, WIF, and PEPE as the fastest fair launch to accomplish this feat.

MEW’s market cap reached $644 million in just eight days, making it the eighth largest memecoin by this metric. Moreover, the token rallied over 50% on Wednesday after crypto exchange KuCoin announced its listing.

Crypto, memecoins

MEW’s performance in the past seven days shows an impressive 267.54% surge. Despite this, the token’s rally slowed down today. The cat-themed cryptocurrency lost over 15% of its value from the day prior. At writing time, MEW is trading at $0.00737049.

Similarly, its daily market activity took a hit, decreasing 35.3% to $208.4 million traded in the past 24 hours.

What Are They Feeding Cat-Themed Memecoins?

The growing interest in feline-inspired tokens has resulted in many newly launched memecoins quickly surpassing massive levels.

On Wednesday, a new token called Ansem’s Cat (HOBBES), inspired by Hobbes, the cat of crypto trader Ansem, broke a $100 million market cap on its launch day.

MOEW, a Base token launched on Wednesday, made the news after a trader turned $13,000 into $2 million in just one hour. According to data provided by Lookonchain, the crypto trader spent 3 ETH ($13,000) to buy 499.9 million MOEW, a 158x gain.

Then, the trader sold 116 million MOEW for 99 ETH, around $328,000, when the rice surged. At the time of the report, the trader had 388.24 million MOEW left, worth over $1.7 million.

Similarly, another trader made a profit on MEW’s opening day. In 20 minutes, this crypto trader made almost $900,000 in profits from selling SOL and buying the memecoin.

Nonetheless, the community has questioned these whale moves. Many wonder whether the cat-themed profits come from strategic trading or insiders from the projects.

Whichever the case, cat-themed tokens are starting to make a sound in the crypto market. Ultimately, the crypto community has begun noticing potential in the feline-inspired coins.

memecoin, MEW, MEWUSDT, Cat-themed tokens, crypto

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Memecoins Reign Supreme: CoinGecko Reveals Most Profitable Crypto Narrative Of Q1

In the first quarter of 2024 (Q1), memecoins emerged as the most profitable crypto narrative, delivering massive average returns of 1312.6% across its top tokens, according to a recent study and report conducted by CoinGecko.

This figure far surpassed the returns of other narratives, highlighting the growing popularity and frenzy surrounding memecoins in the cryptocurrency market.

RWA Vs Memecoins

Three newly launched tokens were among the top 10 memecoins by market cap at the end of the quarter: Brett (BRETT), BOOK OF MEME (BOME) and Cat in a dogs world (MEW). 

BRETT generated the highest returns since its launch with a gain of 7727.6%, closely followed by dogwifhat (WIF) with a gain of 2721.2% during the quarter. Notably, the memecoin narrative outperformed other crypto narratives by a significant margin.

memecoins

 

Compared to the second most profitable narrative, RWA, memecoins were 4.6 times more profitable, and their returns were 33.3 times higher than those of the Layer 2 narrative, which experienced the lowest gains in Q1.

The RWA narrative, which stands for “Real-World Assets“, returned 285.6% in Q1. Although it briefly held the title of the most profitable narrative in early February, memecoins and artificial intelligence-based (AI) tokens outperformed RWA in terms of returns. However, RWA managed to regain its position ahead of the AI narrative by the end of March. 

Notable winners in the RWA category included MANTRA (OM) and TokenFi (TOKEN), which posted quarter-to-date (QTD) returns of 1074.4% and 419.7% respectively. XDC Network (XDC) was the only RWA token to decline, falling 15.6% for the quarter.

Artificial intelligence closely followed RWA as the only other narrative to deliver three-digit returns, reaching 222.0% in Q1. All large-cap AI tokens experienced gains, with AIOZ Network (AIOZ) leading the pack at 480.2% and Fetch.ai (FET) following closely at 378.3%. 

Even the lowest gainer in the AI category, OriginTrail (TRAC), returned a respectable 74.9% during the quarter, indicating the overall interest in AI-related tokens.

Layer 1 Tokens Trail Behind

The decentralized finance (DeFi) narrative delivered moderate returns of 98.9% in the first quarter. In late February, DeFi returns were boosted by the Uniswap (UNI) fee switch proposal. DeFi tokens that performed well included Jupiter (JUP) with gains of 125.7%, Maker (MKR) with 121.2%, and The Graph (GRT) with 111.0% QTD.

In contrast, the Layer 1 (L1) narrative delivered relatively lower profitability with 70.0% returns in Q1 2024. While Solana (SOL) garnered attention as a popular memecoin chain, the top-performing large L1 cryptocurrencies were Toncoin (TON) and Bitcoin Cash (BCH) with gains of 131.2% and 130.5%, respectively. 

Bitcoin (BTC) achieved a 65.1% gain, reaching new all-time highs, while Ethereum (ETH) posted a more modest 53.9% increase, despite the anticipation surrounding US spot Ethereum ETF applications.

Layer 2 (L2) emerged as the least profitable crypto narrative in Q1, with a relatively lower gain of 39.5%. Established Ethereum L2 solutions underperformed, with Arbitrum (ARB) returning 5.6%, Polygon (MATIC) seeing a 1.2% gain, and Optimism (OP) closing the quarter with a slight decline of 1.2%. However, Stacks (STX) and Mantle (MNT) recorded relatively strong returns of 142.5% and 95.8% QTD, respectively.

Memecoins

As of this writing, Dogecoin (DOGE), the largest memecoin by market capitalization, is trading at $0.1745. Over the past 24 hours, it has experienced a price correction of nearly 7%. In the last month, Dogecoin has shown limited bullish momentum, with a marginal gain of only 0.7% during this time period.

Featured image from Shutterstock, chart from TradingView.com

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Crypto Exec Reveals Why Meme Coins Are The Next ‘Trojan Horse’ For Crypto Adoption

Maartje Bus, Vice President of Research at Messari, a prominent crypto market intelligence company, has declared meme coins as the Trojan Horse of the cryptocurrency space. She has highlighted their potential to foster massive adoption and increase engagement within the cryptocurrency space. 

Why Meme Coins Are Crypto’s Trojan Horse For Adoption

Speaking at BUIDL Asia, a global developer community in Seoul, South Korea, on Thursday, March 28, Bus gave a presentation on the emerging trends in crypto in 2024. The Messari crypto executive had primarily focused on the impact and potential benefits of meme coins in driving adoption within the crypto space. 

According to Bus, meme coins have become an integral part of the crypto market and are evolving towards potentially establishing themselves as a distinct asset class. The Messari executive has described these humor themed coins as a “Trojan horse” which could potentially facilitate the entry of new users into the realm of cryptocurrency, effectively boosting adoption.

During her speech, Bus disclosed that the introduction of these coins has successfully attracted the attention of both crypto and non-crypto enthusiasts. This is seen in the cryptocurrency’s ability to capture the attention of investors, utilizing its meme-based marketing strategies to fuel engagement while also providing opportunities for massive profitability due to its speculative nature. 

Bus believes that meme coins could be likened to a long tail speculative service like lottery tickets which attract investors seeking high risk, high reward opportunities. Additionally, owing to their relatively low price value, they cater to individuals across various income brackets, who are willing to take speculative bets in the hopes of securing significant returns. 

Moreover, according to the Messari executive, meme coins serve as a gateway for newcomers to the Web3 space, exposing them to fundamental crypto concepts like decentralization.  

The Growing Allure In Crypto Space

Lately, the rise in interest in meme coins has been growing at an exceptional rate, attracting both investors and traders from all over the world. This surge in interest has propelled meme coins in the spotlight, pushing their prices to unprecedented highs. 

Unlike traditional cryptocurrencies, which are backed by underlying projects and practical use cases, meme coins derive their value largely from their community and speculative appeal. Additionally, these cryptocurrencies offer a more approachable entry point into the realm of crypto investments, utilizing their affordability and susceptibility to social media trends and user sentiments to attract seasoned investors and newcomers alike. 

Crypto total market cap chart from Tradingview.com (Meme coins)