Meme Coins Roar Back: Animal Tokens Lead Charge Amid Crypto Recovery
Resurrected Meme Coins from Last Year, Solana and Ethereum, Exhibit Revitalized Growth
Things are heating up in the world of meme coins as once-prominent tokens make a comeback, fueled by a rebounding Bitcoin and Ethereum.
Stepping into the spotlight
Leading the charge are MOODENG and PNUT, animal-inspired tokens that have seen a whopping $900 million in trading volume each in the last 24 hours. Solana is hot on their heels, with its memes taking a two-month high price this Friday.
Making their way back
MOODENG and PNUT were previously valued at $680 million and $2.4 billion respectively, but they've dropped around 80% from their all-time highs—even after their recent surge. Other meme coins on Solana are following in their footsteps, with FWOG, UFD, and GOAT seeing considerable gains as well.
The meme coin market: a force to be reckoned with
The meme coin category as a whole has seen a rise of over 23.7% in the last 24 hours, according to CoinGecko. Longtime favorites like CHILLGUY and NEIRO have also joined the party, with gains of 33.6% and 23% respectively. And even meme coins from years ago are experiencing renewed interest, like ConstitutionDAO's PEOPLE token.
A Turnaround in the Market
Despite some skepticism earlier this year about the viability of Solana meme coins, their resurgence seems to be unfolding before our eyes. As Bitcoin, Ethereum, and Solana all recover, so too does the meme coin market.
Analysis
The resurgence of meme coins can be attributed to several factors: a powerful social media presence, the increased investor interest following the recent Bitcoin halving, and a favorable market climate provided by Bitcoin's gradual climb towards $62,000. Platforms like Ethereum and Solana, with their robust ecosystems, may be playing a role as well, with the underlying infrastructure and community support they provide potentially amplifying each meme coin's visibility and trading activity.
Stay tuned for more updates on this exciting and evolving corner of the crypto world!
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- The animal-inspired meme tokens MOODENG and PNUT, previously valued on Ethereum, have surged in trading volume, despite dropping from their all-time highs.
- Other meme coins like FWOG, UFD, and GOT on Solana have also experienced considerable gains, following in the footsteps of MOODENG and PNUT.
- The meme coin category as a whole has seen a 23.7% rise in the last 24 hours, with tokens like CHILLGUY, NEIRO, and even older ones such as ConstitutionDAO's PEOPLE token experiencing renewed interest.
- As Bitcoin, Ethereum, and the underlying technology on platforms like Solana see recovery, the meme coin market seems to be thriving, fueled by factors such as social media presence, investor interest, and a favorable market climate.
