Meme coins are making noise again, showing the ripple effect of Bitcoin's all-time high.
Companies that have made the most profits include:
—Dogwifhat (WIF), up over 235% this week and 17% in the past 24 hours.
— Frog-themed token PEPE has reached its highest price since May 2021, rising more than 38% in the past 24 hours and 163% in the past week.
—BONK (BONK) is up over 116% over the past week and 3% over the past 24 hours.
— Dogecoin (DOGE), Elon Musk's dog-themed token, is up 53% this week and has shown signs of easing over the past 24 hours.
—Shiba Inu (SHIB), up 50% this week and 4.4% in the past 24 hours.
And we'll save the meme winners for last:$PEPE 231% increase$ bonk 128% increase (overtook FLOKI today) $Floki 112% increase
…But if you follow memeland closely, you may have already noticed that this list is not completely accurate… 🐶🎩 pic.twitter.com/sesRcru7VN
— Jeff Park (@dgt10011) March 1, 2024
The coin's rise reflects a broader market rally led by Bitcoin, which is up more than 20% this week. This comes as the Securities and Exchange Commission has approved the first 10 Spot Bitcoin ETFs and the adoption of new investment vehicles has pushed Bitcoin's price towards an all-time high of around $69,000 in November 2021. The push is the driving force.
On Thursday, BlackRock received a record $612 million for its industry-leading Bitcoin ETF, pushing the asset class to over $10 billion in assets under management the next day. strike Trading volume reached $7.7 billion. (Yesterday's volume reached $4.7 billion.)
Traditionally, most people believe that memecoins are essentially worthless, but some risk-tolerant retail investors see memecoins as a potential source of quick profit from Bitcoin's tailwinds. It is considered to be an advantageous method.
Matt Barensweig, managing director and head of the Go network at BitGo, said that over the past few weeks, classic privately traded assets have underperformed compared to Bitcoin. luck. Memecoin's Rise Signals Retail Investors May Be 'Joining the Parade' and 'We Expect Waves of Retail Investor Participation to Build as We Enter the Later Stages of this Bull Market' ”.
the world is changing rapidly#bitcoin Its association with drug money has led to ads being placed on buildings in Wall Street, the world's financial capital, and the BTC ETF has more daily trading volume than any other ETF.
Bitcoin was probably the first meme coin that people memed… pic.twitter.com/DLNuqjBsqv
— Kibshi — AI meme coin — meme/acc (@KiboShib) March 1, 2024
Additionally, meme coins are seen as a way to bet on the growth of the underlying blockchain. Ethereum (ETH) and Solana (SOL) have rallied over 15% and 29%, respectively, over the past week, and some meme coins in the ecosystem have mirrored their upward trajectory.
