Recent days in the cryptocurrency market have brought about a resurgence in interest in so-called. “meme coins”, or digital tokens mainly based on internet jokes. Among them, Pepe, a well-known cryptocurrency, recorded a 19% increase. But it’s not the only player in this particular niche. What’s behind this phenomenon?
Recently, there’s been an uptick in interest in meme-based cryptocurrencies in the market. One of the main beneficiaries of this trend is the Pepe token ($PEPE), whose value has increased by 19% in the last 24 hours. Other such currencies, like Wall Street Memes ($WSM) and Cowabunga Coin ($COWABUNGA), are also benefiting from the renewed investor enthusiasm.
The current price of Pepe is around $0.00000126, approaching its 20-day Exponential Moving Average (EMA) – an indicator often used to identify short-term trends. The trading volume of this token, as reported by CoinMarketCap, exceeded $197 million in the last day.
However, it’s interesting that there are no clear catalysts for Pepe’s current positive price movements. There are no significant updates or announcements about new uses for this coin. All signs suggest that the price increase is solely based on popularity and speculation. Data from CoinGecko suggests that the value of the entire meme cryptocurrency market has risen by 5.4% in the last day, reaching a value of $17.9 billion.
While established meme-based cryptocurrencies like Pepe are experiencing a revival, new projects are also gaining significance. A prime example is Wall Street Memes ($WSM), a new token that has drawn investor attention due to its unique brand and massive community support. So far, over $22.5 million has been raised during its presale.
Another noteworthy new project is Cowabunga Coin ($COWABUNGA), inspired by the iconic “Teenage Mutant Ninja Turtles” series. Over $35,000 has been raised in the first week of its presale. A rapid growth in interest in this cryptocurrency can also be observed on social channels, such as Telegram.
In the world of meme-based cryptocurrencies, nothing is certain. The values of these currencies can rise sharply but can also plummet just as quickly. The key is to follow trends, market analysis, and a sensible approach to investing. One thing is certain: meme-based cryptocurrencies provide endless excitement in the world of digital finance.
