The crypto realm is ever-evolving and meme coins seem to lead a few of the ladders of crypto market trends.
It is always known that crypto is subject to high volatility and price fluctuations and the matter of meme coins is more complex.
Even though a considerable group of investors seems to lean towards meme coins. It is evident that something has changed in the crypto market or attests in the minds of the investors.
Are we about to witness a world in which meme coins get a significant dominance over the crypto market? We can not rule out this entirely.
This news piece is where you find the key roles that meme coins currently play in shaping the latest trends in the cryptocurrency market.
Do Meme Coins Have A Leader?
Bitcoin can be said as the leader of the cryptocurrency market, likewise, do meme coins have a leader?
Well, it seems that Dogecoin is the leading meme coin. Dogecoin was incepted in 2013 and is the first ever meme coin to garner wide attention and it is also referred to as the original meme coin.
The coin was based on the Doge meme which was viral on the internet in 2013. The meme showed a Shiba Inu dog which had multiple multi-colored texts on it as an internal monologue.
Soon, the name was adopted by communities all across the world. In short, the dog became a meme king and this was adopted to the meme coin. Since the coin is based on a dog, it was referred to as a canine coin.
Following these trends, many meme coins appeared and currently, there are canine, feline, monkey, frog, and meme coins based on many other animals, real-life people, popular social media, and cartoon characters.
Upcoming Leaders Of Meme Coin Market
As of the latest statistical reports we received and based on the historical data and market trends, it can be seen that a few meme coins seem to be emerging and evolving to become the next dominating meme coins.
PEPE
Pepe coin based on the Pepe the Frog meme is another coin gaining momentum. Currently, it has a 76% bullish sentiment in the market and has exploded. Within 20 days, the coin was able to cross the 1 billion USD market cap threshold.
BONK
Bonk coin faced a 40% explosion in April 2024 and was listed among the top 10 best-performing cryptocurrencies in the market. Bonk Crypto has a Shiba Inu dog as its mascot, inspired by the Dogecoin.
Meme Coins Investor Sentiments
The recent reports hint that investors seem to be open to risks. They are ready to take risks in order to get high returns. The volatility of cryptocurrencies goes without being said. Likewise, meme coins are risky too.
It can be said that meme coins are more risky than crypto. Over the last few weeks, we have seen that more people are investing in meme coins such as Dogecoin, Shiba Inu, and Floki.
Another factor that is driving many toward the meme coin market is that real estate and other investments becoming affordable for many.
Some of the potential investors have started to find crypto more affordable than real estate, the latest reports state.
The regulation by the federal government and the financial enforcement bodies are also affecting investor sentiments. According to the US Federal Reserve, there is a decreasing possibility of interest cuts in 2024.
This was announced in FOMC statements that came out on the 1st of this month. Following this risk-off sentiment in the crypto market surged and this has a special influence on the meme coins.
As of what we know from the data collected from different investors, meme coins are viewed as the most profitable digital assets in 2024.
However, this is the current situation and this may or may not change in the coming days.
What More Do We Know?
So far in 2024, meme coins have gained a 1313% appeal and at the same time, the appeal gained by the risk-weighted assets is 286%. There are related reports that the US economy is about to strengthen which may shift the pics back at it and the yield assets.
This may pull down the appeal that meme coins and crypto have in the market right now. There are predictions that investors may take their memes’ coin profit and reinvest them in the U.S. Treasurys and other yield assets.
