Meme tokens are back in the spotlight, with prominent tokens like Pepe (ETH) and Dogwifhat (WIF) experiencing rallies in the past 24 hours.
Meme tokens are back in the spotlight, with prominent tokens like Pepe (ETH) and Dogwifhat (WIF) experiencing rallies in the past 24 hours. Pepe, the frog-themed token, surged by 37% in the last 24 hours and 142% over the past 7 days, reaching its highest price since May 2021. Similarly, Solana's WIF token saw a 69% increase over the past week.
This surge is attributed to several factors. Firstly, meme coins are increasingly seen as a way to bet on the growth of their underlying blockchains. As both Ethereum (ETH) and Solana (SOL) rallied over 8% in the past day, meme tokens within their ecosystems followed suit.
This comes amidst a broader market rally led by Bitcoin, which reached a two-year high of $58,000. BTC gained over 11% in the past week, as outflows from Grayscale’s GBTC have slowed down.
This renewed interest in meme coins also stems from their potential profitability. While traditionally considered lacking intrinsic value, some investors view them as a risky but potentially lucrative way to capitalize on ecosystem growth. Additionally, meme culture and the community engagement that meme tokens often spark are recognized as valuable assets. The Avalanche Foundation recently announced a $100 million culture fund to invest in such tokens.
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