Bitcoin takes center stage but meme coins steal the show
The latest report revealed at a conference in Manhattan that attendees made more money on meme coins than on Bitcoin. However, the meeting was about the BTC’s surge into mainstream investing. Meme category tokens had blasted recently following the world’s biggest crypto’s lead.
Meme coin frenzy all the way
It mentioned that Bitcoin’s journey towards traditional investment portfolios dominated discussions. Somehow, It seems like Dogwifhat and other meme coins stole the spotlight. WIF price have exploded by more than 2100% in the last 90 days. It had now become the third biggest meme token.
Despite the arrival of long-awaited Bitcoin exchange-traded funds (ETFs), the crypto community looked impressed with meme coins. ETFs have helped in the integration of BTC into traditional brokerage accounts. On the other hand, fun tokens which are characterized by their playful logos and pop-culture references have seen skyrocketing popularity. They have managed to overshadow BTC’s gains.
The Solana blockchain’s meme coin trend is still on the rise as it raised millions of dollars through presales of new coins. The SOL ecosystem token’s market cap has breached the $230 billion market cap. It registered a 24 hour trading volume of $69 billion on March 29.
Solana leading the way
However, Solana had recorded a gain of 90% in the last 90 days. SOL is trading at an average price of $187, at the press time. SOL based meme coin Book Of Meme (BOME) price jumped by over 1300% in the same period of time.
While the meme coin’s market cap stands at over $67.3 billion value with a trading volume of $10.4 billion. Dogecoin is still the biggest meme coin with a market cap of $30.7 billion. DOGE price had jumped by 137% over the last 90 days marking a major comeback for the coin. Shiba Inu (SHIB) stands at the second spot with a cap of $18 billion.
Yet, the speculative nature of meme coins has led to incidents highlighting the risks involved, such as the accidental burning of tokens in a sloth-themed meme coin project.
While traditional investment giants like BlackRock acknowledge the fervor surrounding meme coins, they remain focused on more established assets like Bitcoin. Nonetheless, the allure of meme-coins persists, serving as a testament to the playful and speculative spirit driving segments of the crypto market.
As the crypto landscape continues to evolve, the enduring popularity of meme coins underscores the industry’s capacity for innovation and entertainment, even amid the pursuit of mainstream adoption and financial legitimacy.
