Bitcoin's recent surge past $100,000 has created ripples in the meme coin market, with some tokens seeing sharp gains while others face steep declines.
Bitcoin's recent surge past $100,000 has created ripples in the meme coin market, with some tokens seeing sharp gains while others face steep declines. Among the winners is Gigachad (GIGA), which jumped 36% after being listed on Coinbase and Kucoin. The price spike took GIGA from $0.04146 to $0.06555, although it has since faced resistance around $0.050. Analysts are divided on its future, with some predicting further growth, while others warn of an imminent correction based on its overbought status.
Meanwhile, Turbo (TURBO) has also gained traction, buoyed by its listing on Coinbase which helped drive up its price. However, not all meme coins are thriving. Moo Deng (MOODENG) saw a significant 19.5% drop, and Fartcoin (FARTCOIN) plummeted 26.5%. Other tokens like Fwog (FWOG) and Non-Playable Coin (NPC) also experienced losses, down 9.4% and 13%, respectively. This comes amid a wider market shakeup, with $570 million in liquidations following Bitcoin’s brief dip from $100,000 to $93.7K on Dec. 5.
Despite the challenges, some meme coins are still posting gains. Dogecoin (DOGE) and Shiba Inu (SHIB) saw increases of 6.6% and 4.2%, respectively, over the past 24 hours. Newer entries like Ski Mask Dog (SKI) on the Base chain surged by 50.8%, while the meme coin Keyboard Cat on Base (KEYCAT) rose by 21.8%. These tokens are capitalizing on continued interest in meme coins, which remain popular despite the volatility.
Developer manipulation has caused issues for certain tokens. Flog the Frog (FLOG), once a promising meme coin, faced a sharp decline after its developers offloaded their holdings, causing its value to crash. This led to the creation of a new coin, FWOG, which outperformed FLOG in the market. Similar issues have emerged with Hawk Tuah (HAWK), which saw a 92% drop in value after being accused of being a scam following its launch.
The meme coin market remains volatile, with Bitcoin’s rally adding both momentum and uncertainty. While some tokens, like GIGA and SLAP, are seeing strong performances, others are struggling, underscoring the unpredictable nature of the space. As Bitcoin’s price continues to fluctuate, the meme coin market will likely follow suit, with both gains and losses continuing to shape the landscape.
This article contains links to third-party websites or other content for information purposes only (“Third-Party Sites”). The Third-Party Sites are not under the control of CoinMarketCap, and CoinMarketCap is not responsible for the content of any Third-Party Site, including without limitation any link contained in a Third-Party Site, or any changes or updates to a Third-Party Site. CoinMarketCap is providing these links to you only as a convenience, and the inclusion of any link does not imply endorsement, approval or recommendation by CoinMarketCap of the site or any association with its operators.
This article is intended to be used and must be used for informational purposes only. It is important to do your own research and analysis before making any material decisions related to any of the products or services described. This article is not intended as, and shall not be construed as, financial advice.
The views and opinions expressed in this article are the author’s [company’s] own and do not necessarily reflect those of CoinMarketCap.
