Posted on

‘The Dog Days Are Over’: Cat Memecoins Soar 16.1% After Roaring Kitty’s Return

On Monday, popular internet figure and trader “Roaring Kitty” made a surprise comeback to social media that sent the crypto market into shock and excitement.

His return post was followed by a series of cryptic videos, including catsm, which seemingly fueled a price increase for cat-themed memecoins in the past 24 hours.

Memecoin Frenzy And Market Reaction

Keith Gill, known as “The Roaring Kitty,” returned to social media after a three-year hiatus by posting the popular “leaning forward in the chair” meme.

His comeback propelled GameStop’s meme stock (GME) price to rise 201% in the past day, as he was a major player during the 2021 meme stock frenzy.

Alongside the image, the trader shared a series of video edits that also fueled the memecoin market. As reported by News BTC, Wolverine-inspired memecoins soared after featuring the Marvel character in one of his edits.

Other big players in the sector saw green numbers in the following hours, like Pepe (PEPE) and many of the top market cap dog-themed memecoins.

As part of the ripple effect, the largest frog-themed memecoin has flipped Solana (SOL) in its daily trading volume, registering a 238% increase in volume in the past day.

Moreover, smart traders benefited from the surge after buying large token amounts. According to Lookonchain, one whale bought 195 billion PEPE, worth $1.98 million, and had already made $236,000 in unrealized profit a few hours later.

Dog Days Are Over, Cat-Themed Memecoins Gain 16%

The impact of Roaring Kitty’s return didn’t stop at the dog-themed memecoins. Several images and references to cats were part of the trader’s edits, fueling a 16% surge in the cat-themed sector.

Feline-inspired memecoins have been gaining popularity during this cycle, with tokens like cat in dog word (MEW) and Popcat (POPCAT) joining the top-ten memecoins list in the past month.

One of Roaring Kitty’s edits included a fragment of Florence + The Machine’s song “Dog Days Are Over.” Alongside the video, the trader emphasized the lyrics, “The dog days are over, the dog days are done.”

Additionally, he added cat images, seemingly insinuating that a future memecoin rally could be led by cat-themed memecoins instead of the usual dog-themed ones.

Whales Hear The ROAR

Lookonchain reported that, alongside GME, the memecoin Roaring Kitty (KITTY) skyrocketed 13,000%. Other feline-themed tokens, including POPCAT, MichiCoin (MICHI), and Roaring Kitty (ROAR), also saw a significant surge.

Popcat has registered a 24.4% and 276% increase in the one-day and monthly timeframes, while MichiCoin surged 38.9% in the past day and 333.5% since its launch on April 26. Both tokens also saw an 80% increase in the daily trading volume.

Among the top gainers were the tokens inspired by the trader. The Ethereum-based SOAR skyrocketed over 1162% in hours, going from $0.00024830 to $0.0031338. This surge also represented a massive 3216.8% increase in the weekly timeframe, with a similar daily trading volume increase of 826%.

Per the report, whales took advantage of the momentum and loaded their bags with these tokens. One whale withdrew SOL from Binance and bought 490,400 POPCAT, worth around $235,472.

Another big player, who had previously made 2,170 SOL, about $320,000, on POPCAT, spent another 4,000 SOL, approximately $592,000, to buy POPCAT and MICHI tokens. The whale acquired 587,3830 POPCAT for 2,000 SOL and 626,616 MICHI for the same amount.

Memecoins, POPCAT, POPCATUDT

Posted on

GameStop Stock And Wolverine Memecoins Explode As Roaring Kitty Returns To The Spotlight

GameStop, the video game retailer that took Wall Street by storm in 2021, has once again become the talk of the town as its share price surges 100%. 

Fueling this rally is the return of the influential social media figure Keith Gill’s “Roaring Kitty.” After a long hiatus, Roaring Kitty’s recent activity on social platforms, including an image and video, has ignited excitement among investors and triggered a renewed frenzy for GameStop’s meme stock and the emerging world of memecoins. 

GameStop Memestock Frenzy

The meme-stock phenomenon gained widespread attention in 2021 when cash-rich investors pumped up the stock market and bet against short-selling hedge funds. 

Keith Gill’s “TheRoaringKitty” account and the subreddit “WallStreetBets” played a pivotal role in the meme stock frenzy, driving stocks like GameStop and AMC Entertainment to surge over 1,000% by the end of the same year. 

While some early investors reaped rich returns, hedge funds such as Gabe Plotkin’s Melvin Capital Management suffered significant losses, leading to closures.

According to Bloomberg, short sellers betting against GameStop initially enjoyed gains in the year’s first four months. Still, the volatile nature of meme stocks quickly erased those paper gains. Per the report, “skeptics” were up an estimated $400 million from January to April before slipping into the red by Monday morning.

The percentage of GameStop shares sold short relative to those available for trading has remained at approximately 24%, a relatively high level for a typical company but significantly lower than the 140% levels witnessed during the 2021 mania. 

As GameStop’s shares gained momentum, the cost to bet against the company increased. Recent data from S3 indicates borrowing costs exceeding a 10% annual financing fee range.

Roaring Kitty’s Ripple Effect

Roaring Kitty’s influence extended beyond GameStop, as Wolverine-themed memecoins flooded various blockchains. In response to a social media post featuring a video of Marvel superhero Wolverine, more than 30 new tokens were launched on platforms like Ethereum and Solana, as data by Dextools shows. 

Notably, the newly minted “Roaring Wolverine” token on the Ethereum blockchain experienced an astonishing 80% surge within hours of its release.

Furthermore, the memecoin market has witnessed a notable resurgence, with tokens such as Dogecoin (DOGE), Shiba Inu (SHIB), Pepe (PEPE), Dogwifhat (WIF), Floki Inu (FLOKI), and Bonk Inu (BONK) recording significant gains, according to CoinGecko data. 

For instance, PEPE, the market leader, surged by 15% in the past 24 hours, complementing its 20% uptrend over the previous week. It reached a new high of $0.00001077 during early Monday trading.

GameStop

Ultimately, GameStop’s meme stock resurgence, fueled by the return of Roaring Kitty, inflicted substantial losses on short sellers of the meme stock on Monday. 

The impact of Roaring Kitty’s social media presence has extended to the memecoin market, with several Wolverine-themed tokens experiencing significant surges. 

Featured image from Shutterstock, chart from TradingView.com

Posted on

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

Posted on

Fantom (FTM) Bull Run: 8% Price Surge And Robust Double-Digit Growth In Key Metrics

Fantom (FTM), a Layer-1 (L1) protocol, and its native token, FTM, have experienced significant gains and notable achievements in the first quarter (Q1) of 2024. 

According to a comprehensive performance analysis conducted by Messari, amid the emerging crypto bull market, Fantom has emerged as one of the major beneficiaries, showing significant growth in key metrics and market capitalization. 

FTM Market Cap Soars 101% QoQ

By the numbers, FTM’s circulating market capitalization saw a substantial 101% quarter-over-quarter (QoQ) increase, jumping from $1.3 billion to $2.6 billion, vaulting it up ten spots to 48th among all tokens (currently 58th). The token’s rally extended for two consecutive quarters, resulting in a fourfold increase since the end of Q3 2023.

Fantom

Although Fantom experienced a decrease of 53% QoQ in revenue measured in FTM, amounting to 1.8 million FTM, revenue denominated in USD exhibited a 4% QoQ increase, reaching $1.2 million. 

According to Messari, the revenue decline was primarily due to reduced inscription activity across all smart contract platforms in Q1. 

Despite this, Fantom maintained an upward trend in average daily transactions, excluding inscription-related activity, surpassing the Q3 average and reaching 247,000 daily transactions. Daily active addresses also rebounded, rising by 24% QoQ to 40,500.

In Q1, the staking requirement for Fantom validators was significantly reduced from 500,000 FTM to 50,000 FTM, aiming to increase accessibility. However, the number of active validators remained unchanged at 55. 

Notably, the total amount of FTM staked increased by 17% QoQ, from 1.1 billion to 1.3 billion FTM, resulting in a 135% QoQ surge in the total dollar value of staked FTM, reaching $1.2 billion. Among proof-of-stake (PoS) networks, Fantom ranked 22nd in the dollar value of funds staked by the end of Q1.

Memecoin Mania Boosts Fantom On-Chain Activity

During the year’s first quarter, Total Value Locked (TVL) denominated in USD experienced a substantial 59% QoQ increase, rising from $810.8 million in Q4 to $1.28 billion. 

Conversely, TVL-denominated in FTM decreased by 21% QoQ, indicating that the surge in USD-denominated TVL was partly attributed to FTM’s price appreciation.

Fantom’s average daily decentralized exchange (DEX) volume surged by 64% QoQ, from $10.2 million to nearly $176.8 million. In Q1, the “Memecoin Mania” trend contributed to elevated on-chain activity across various networks, including Fantom.

Fantom

Fantom’s monthly DEX volume surpassed $1 billion in March, marking the first time since March 2023. The number of DEXs on Fantom increased to 31 by the end of Q1, with no single DEX dominating more than 30% of the market share.

Lastly, following an exploit in the Multichain: Fantom Bridge, which affected stablecoins on Fantom in Q3 2023, the Fantom Foundation took steps to increase the liquidity of stablecoins. 

As of Q1 2024, two independent third-party bridging solutions, Axelar (axlUSDC and axlUSDT) and LayerZero (lzUSDC and lzUSDT), have emerged. USDC remains the predominant stablecoin on Fantom, accounting for 98% of the stablecoin market cap. USDT also experienced considerable growth, with an 86% QoQ increase.

Fantom

The FTM token is currently trading at $0.7037, reflecting an 8.7% increase in price over the past seven days. However, it has experienced a decline of nearly 20% in the monthly time frame.

Featured image from Shutterstock, chart from TradingView.com

Posted on

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

Posted on

1,503x Profit: How A Memecoin Trader Made $13 Million With PEPE

A strategic trader has made the most of his money after making over 1,000x profit with PEPE.  Despite the recent frog-themed token slump, the memecoin investor gained millions. Similarly, whales have continued accumulating PEPE while it resumes its upward trajectory.

Memecoin Trader Makes Millions

According to Lookonchain data, a memecoin trader named James Wynn multiplied its PEPE investment by 1,503. Wynn bought the token in its earlier stages, acquiring 2.83 trillion PEPE for $8,524. When the token started gaining momentum, he sold over half his holdings, 1.81 trillion tokens, for $4.57 million.

After the frog-themed memecoin became a market sensation, the trader’s unrealized profits on his remaining bag exponentially increased. Currently, Wynn holds 1.02 trillion PEPE in three wallets worth $8.25 million.

The trader’s total profits from PEPE total $12.8 million. However, if he had held onto his tokens, the gains would have exceeded $20 million.

Per the blockchain research platform, Wynn’s feat doesn’t end with PEPE. He has also made over $800,000 trading other memecoins over the week. He recently bought five tokens, two of which remain profitable: BOBO and ANDY.

At the time of the report, the trader bought over 273.62 billion BOBO for $138.263, making a profit of $430,000. Similarly, he acquired 4.711 billion ANDY for $115.493, gaining over $338,000.

Nonetheless, not all of Wynn’s trades resulted in success. According to the X post, the trader has a 45% success rate, gaining over $13.7 million with nine memecoins and losing around $350,000 on eleven tokens, including some rug pulls.

pepe, memecoins

Whales Go On PEPE Buying Spree

As reported by NewsBTC, recent data showed that PEPE’s price decline over the last month has reduced the number of addresses carrying gains. However, this has not stopped whales from accumulating the token.

This week, a whale accumulated 211.6 billion PEPE from Binance, Gateio, and Uniswap. The address bought the tokens at an average of $0.000007291, spending $1.54 million. The buying spree turned profitable as, some hours later, the token’s price increased by 17%.

According to Spot On Chain, the holdings’ worth surged to $1.72 million, making $173,000 in unrealized profits. Other reports suggest that whales have continued accumulating and taking profits from their PEPE holdings.

However, the token’s market activity decreased by 22.1% in the last 24 hours, with a $1.2 billion daily trading volume. PEPE’s market capitalization has also dropped 1.58%.

Despite this, the token has regained its spot as the third largest memecoin by this metric, as dogwifhat (WIF) lost 13.88% of its market cap on the last day. It’s worth noting that WIF flipped PEPE on March 28 after becoming the newest sensation in the crypto market.

As of this writing, PEPE is changing hands for $0.000007821, representing an 11.4% drop in the monthly timeframe. Nonetheless, the token continues recovering, registering a 52.2% surge in the last seven days.

PEPE, PEPEUSDT, memecoin

Posted on

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

Posted on

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

Posted on

Shiba Inu & Other Memecoins See 3,000% Spike In Volume: Good Sign For Rally?

On-chain data shows Shiba Inu (SHIB) and other memecoins in the sector have observed a sharp boost in their volumes alongside their rallies.

These Memecoins Have Enjoyed 3,000% Average Volume Increase

According to data from the on-chain analytics firm Santiment, the trading volume of the memecoins has shot up recently. The “trading volume” here refers to the total amount of a given cryptocurrency involved in trading activities on the various spot exchanges in the sector.

When the value of this metric is high, it means that the asset in question is observing a large amount of trades right now. Such a trend implies that the interest around the coin is high among the investors.

On the other hand, the low indicator suggests that investors may not pay too much attention to the cryptocurrency as they are not making trades.

Now, here is a chart that shows the trend in the trading volume for four different memecoins: Shiba Inu, Pepe (PEPE), FLOKI (FLOKI), and Bonk (BONK).

Shiba Inu Memecoin Trading Volume

As displayed in the above graph, the Bitcoin trading volume for all four of these memecoins has surged to high levels recently as their prices have gone through a rally.

Santiment notes that, on average, the trading volume across Shiba Inu, FLOKI, Pepe, and Bonk has increased by more than 3,000% over the past week. This would imply that crowd interest in these assets has witnessed a significant uplift.

Generally, it’s not surprising to see the volume jump alongside price surges, as such sharp price action is attractive to investors, so they tend to make more moves in such periods.

For any rally to be sustainable, it must keep attracting fresh volume. This is because moves like these require a large amount of fuel to keep going, which they can only get if more and more interest comes into the asset.

Sometimes rallies start sharp, but fail to amass any appreciable volume, so, predictably die off before too long. As the volume of Shiba Inu and others has rocketed up recently, at least their current rallies shouldn’t face an issue like this.

Now, while the trading volume can be something that can help rallies stretch longer, a high volume itself doesn’t imply a bullish prediction. This is because the volume can also spike during a selloff, as the indicator merely keeps track of the activity and not whether said activity is buying or selling dominated.

As such, all that can be said about the implications of the current high trading volume on the prices of Shiba Inu and the company is that they should likely continue to see high volatility in either direction in the coming days.

Shiba Inu Price

Shiba Inu has enjoyed an extraordinary run of more than 180% in the past week, which has taken its price to the $0.00002746 mark.

Shiba Inu Price Chart

Posted on

FLOKI Skyrockets 32% Higher Following DWF Labs’ $10 Million Acquisition Plan

In a significant development for the Floki Inu memecoin, digital asset market maker investment firm DWF Labs has revealed its plans to purchase $10 million worth of FLOKI tokens. The announcement has triggered a remarkable surge in the token’s price, propelling it to a new 9-month high at $0.00005097.

DWF Labs Strengthens Partnership With Floki Inu

According to the official statement, DWF Labs will acquire the tokens directly from the Floki treasury over two years, reflecting DWF Labs’ commitment to support the protocol’s ecosystem. 

As announced, the firm recognizes the potential for an “explosive” bull run in the cryptocurrency industry and aims to leverage FLOKI’s utility and marketing strength to capitalize on this opportunity.

The partnership between Floki and DWF Labs was initially established in May 2023, when DWF Labs purchased $5 million worth of FLOKI tokens. Since then, DWF Labs has played a pivotal role in boosting FLOKI adoption. 

Through the partnership, DFW Labs reportedly facilitated key exchange listings, introduced Floki to influential industry projects, and publicly championed the token’s progress and achievements. DFW Labs concluded in the announcement:

This massive FLOKI token purchase will further deepen our relationship with DWF Labs while strategically positioning FLOKI for dominance in an increasingly competitive landscape during this bull run

Price Soars, TVL Rises, And Chinese TV Exposure

Exciting developments continue for FLOKI as it gains significant exposure on China’s national sports TV channels, CCTV5 and CCTV5+. This exposure results from a strategic market partnership announced in 2023, which took place during the ITTF World Team Table Tennis Championships Finals in Busan 2024.

According to the memecoin development team, this opportunity to be featured on mainstream Chinese television has introduced Floki and its sister asset, TokenFi (TOKEN), to an extensive audience of over 340 million people and solidified their presence in the Chinese market.

The Floki Inu team expressed their excitement about this milestone, emphasizing that being featured on mainstream Chinese television is remarkable, making them among the very few cryptocurrencies to receive such recognition.

Another achievement for Floki Inu is the success of their FlokiFi Locker, a decentralized finance (DeFi) crypto locker protocol. The team announced that the Total Value Locked (TVL) in the FlokiFi Locker had reached an all-time high of $111 million, setting a new record and highlighting the widespread adoption of the token’s utility products.

In addition, the team announced that the total value locked for staked FLOKI tokens has reached an all-time high of $105 million. This represents 25% of the token’s supply, with $105,313,899 worth of tokens locked and staked for up to 4 years.

This position of dominance in staking distinguishes the dog-themed token from other major “memecoins” such as DogeCoin (DOGE), Shiba Inu (SHIB), BONK, and PEPE, as FLOKI has the largest share of its supply staked among them.

FLOKI

The memcoin token is trading at $0.00004080, maintaining its gains with a surge of over 32% in the last 24 hours. As a result, the market capitalization has jumped to nearly $500 million, reaching $475 million, according to the latest update.

Additionally, the trading volume for FLOKI has significantly increased, reaching $204 million in the past 24 hours.

Featured image from Shutterstock, chart from TradingView.com

Posted on

Meme Coin Mania Sweeps The Globe: Top 10 Countries Leading The Craze In 2023

The rise of the meme coin mania in 2023 has taken the cryptocurrency world by storm, and a new report by CoinGecko shows that the trend is most popular in the United States, India, and the United Kingdom. These countries account for over 50% of all meme coin fans this year, indicating a strong interest in these assets.

But the appeal of meme coins continues beyond there. The report also highlights the popularity of these coins in other regions, including Southeast Asia’s Philippines and Malaysia, Nigeria and Morocco in Africa, Oceania’s Australia and New Zealand, and Canada. This diverse mix of countries suggests that meme coins have a global appeal.

From the US to India, The Global Phenomenon Of Meme Coins Takes Hold

The top 10 countries leading the meme coin craze in 2023 make up the majority of interest in these assets, representing 82.9% of all fans. This indicates that even though meme coins may have started as a niche trend, they have quickly gained a following worldwide.

Meme Coins

According to the report, the United States is at the forefront of the meme coin craze in 2023, accounting for a whopping 23.6% of the global interest in these speculative assets. With over 2 million views on the top meme coin pages, it is clear that Americans are embracing this new type of cryptocurrency.

The report shows that the most popular meme coin in the US this year is Shiba Inu, which generated 60.7% of all US interest in meme coins. This is not surprising given the coin’s recent surge in popularity due to celebrity endorsements and high-profile listings on major cryptocurrency exchanges.

Following closely behind Shiba Inu is Pepe, a trending crypto that recently drove 11.8% of meme coin interest in the US. Other popular meme coins in the country include Bonk and Volt Inu, which generated 5.7% and 4.9% of US interest, respectively.

Moreover, India will be the second-largest driver of the meme coin hype in 2023, accounting for 20.3% of all interest across the countries. Shiba Inu is the most popular coin in India, generating 55.8% of the country’s interest in these speculative assets. Baby Doge Coin also received a relatively high share of interest, with 29.9% of India’s meme coin interest.

Floki is the most popular meme coin in the Philippines, generating 26.7% of the country’s interest in these assets. Shiba Inu and Bonk also received similar interest levels at 18.3% and 17.8%, respectively. Baby Doge Coin and Pepe were close behind, with 12.7% and 10.2% share of Philippines meme coin interest, respectively.

Shiba Inu Reigns Supreme

According to the report,  Shiba Inu is the most popular meme coin among investors in 2023, driving 46.7% of interest among the top meme coins. 

Baby DogeCoin is the second most popular, generating 12.3% of investor interest. This is followed by more recent coins, Pepe (9.4%), Floki (8.6%), and Bonk (8.2%). Furthermore, Pepe captured the most interest in Canada, accounting for 26.9% of all interest in the country.

Interestingly, while Dogecoin pioneered the meme coin space, it generated only 61.1% of interest in Morocco and received only minor interest in the other countries surveyed. 

Overall, the report by CoinGecko shows that meme coins continue to gain popularity and are a force to be reckoned with in the cryptocurrency market. As new coins emerge and gain traction, it will be interesting to see how this market evolves and whether meme coins will continue to be a dominant trend in the cryptocurrency world.

Meme coins

Featured image from Unsplash, chart from TradingView.com 

Posted on

Recapping 2021 Memecoin Mania: Dogecoin, Shiba Inu, & More

With Dogecoin and Shiba Inu at the center, 2021 observed an incredible memecoin mania.. Both DOGE and SHIB saw rallies that were unprecedented even in the crypto world.

Dogecoin Vs Shiba Inu: The Stage Of The 2021 Memecoin Mania

2021 had some absurd memecoin rallies, but at the center of it all was of course the battle between the two dog coins, DOGE and SHIB.

It all began when, soon after Tesla had made its purchase of Bitcoin, Elon Musk began to make frequent tweets about Dogecoin. This would become the spark for several incredible runs that the coin would have shortly after.

At the same time, the WallStreetBets community also started making deep option bets on AMC, GME, and CLOV. The rally was carried by memes, and one of the catchphrases used by users was “We Like The Stock.”

A similar thing was seen in the crypto community, where members would say “We Like The Coin” regarding Dogecoin and other memecoins.

Supported by community memes and Elon “Doge father” Musk’s tweets, the memecoin went on an absurd run. Many other new coins were inspired by it, including Shiba Inu.

Here is a chart that shows how Dogecoin performed over the course of the year 2021:

Doge’s incredible 2021 | Source: The Arcane Research Weekly Update – Week 51

SHIB (and some other memecoins) had rallies even more incredible than DOGE’s. However, following the Tesla CEO’s appearance at the Saturday Night Live where he jokingly called the coin “a hustle,” the coins had a quick market-wide crash.

Nonetheless, the market made a comeback later in the year. And in October, Shiba Inu had an out-of-the-world rally where at one point the memecoin was 1000% up over the span of 30 days.

Related Reading | Bitcoin Bearish Signal: Trend Is Again Shifting From Outflows To Inflows

The below chart shows how SHIB’s price changed over the period of 2021:

SHIB’s run during 2021 | Source: The Arcane Research Weekly Update – Week 51

During the latest rally, Shiba Inu briefly entered into the top ten crypto by market cap list, and for a duration even surpassed Dogecoin on it.

However, both the coins have faltered in the past couple of months, and are now out of the top ten crypto list entirely.

Related Reading | Why Bitcoin Will Never Surpass The Market Cap Of Gold

The Arcane Research report predicts that most of the memecoins will have become obscure in 2022, only serving as a reminder of the bizarre year that was 2021.

DOGE Price

At the time of writing, Dogecoin’s price floats around 0.17043, down 18% in the past month. Here is a chart that shows the trend in the price of the coin over the last five days:

DOGE has plunged in the past couple of days | Source: DOGEUSD on TradingView
Featured image from Unsplash.com, charts from TradingView.com, Arcane Research