With Dogecoin (DOGE) or Shiba Inu (SHIB) as a reference today, memecoins are special cryptos. They are distinguished from other cryptos by the fact that they gain value and popularity through popular phenomena on the internet. And it seems that right now the valuation of memecoins is skyrocketing.
Memecoins are exploding in the crypto market
As the bear market hits the crypto industry hard, memecoins seem to be doing well. Indeed, recent information reveals an exponential growth of this market. An increase in value of almost 1000%, in just a few hours.
Contrary to what one might have thought, neither Dogecoin nor Shiba Inu are behind this unexpected rise. The explosion in the market valuation of memecoins is mainly driven by cryptos, hitherto little known to the public. In this case, Pepe Coin (PEPE).
Since its launch in April, PEPE has grown from a market cap of $50,000 to over $600 million! A dramatic rapid rise that created a wave pulling other memecoins in its tracks. This is notably the case of AIDOGE, launched in the same period as PEPE, on the Arbitrum blockchain. The price of this crypto is now worth a hundred times its initial valuation.
The immediate success of these two memecoins potentially influenced that of WOJAK and SHIBAI cryptos. Although the latter arrived much later on the market, they are now listed on several exchanges.
What about this increase for DOGE and SHIB?
If according to recent trends, we note a certain return to favor of memecoins, the dynamic must be nuanced. Especially for OG memecoins, those early memecoins like DOGE and SHIB.
For these, for example, it is still the lean period with a bear market that is still just as poignant. Thus, Dogecoin and Shiba Inu have respectively lost 0.83% and 0.39% of their valuation in the last 24 hours. This, to trade at $0.07757 for the former and $0.000009864 for the latter.
For some analysts, it is no coincidence that these OG memecoins do not take advantage of bullish market trends. They can no longer offer users the exponential returns offered by new memecoins.
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