The craze for meme coins has made a strong comeback just days after a slump in major risk assets. Tokens such as Ethereum-based Pepe and Solana’s Dogwifhat have seen significant gains. In the past 24 hours, Pepe (PEPE) and Dogwifhat (WIF) have emerged as top performers in the crypto market, with Pepe rising 21% and Dogwifhat climbing 18%, according to CoinGecko data. Pepe’s current price is $0.00001256, while Dogwifhat has reached $2.24.
Waves in the meme coin world
Another meme token on the rise is Popcat, based on the Solana blockchain. It has surged nearly 18% in the last day, now trading at $0.8995 POPCAT/USDT on Gate.io. Among the largest-cap meme coins, Dogecoin—the original meme cryptocurrency and the 10th largest by market cap—has increased nearly 5% in the past day, outpacing both Bitcoin and Ethereum. Dogecoin is currently trading at $0.1252 DOGE/USDT.
Meme coins are digital currencies often inspired by internet memes, jokes, real-world events, and trends. These cryptocurrencies, which can operate on their own blockchain or on major networks like Ethereum and Solana, are known for their high volatility.
“Risk-on” assets—investments that typically experience significant price fluctuations—have performed well following an unsuccessful assassination attempt on Donald Trump last weekend.
During a rally on Saturday, a bullet grazed the presumptive Republican candidate’s ear. Investors are now speculating that Trump will not only secure a victory in November but also emerge as the most Wall Street-friendly candidate.
Consequently, the value of crypto and meme stocks has surged, with Trump-themed meme coins particularly skyrocketing over the weekend. Trump has recently positioned himself as a crypto-friendly presidential contender, pledging to “defend the right to mine Bitcoin.” He is also scheduled to speak at the 2024 Bitcoin Conference in Nashville, TN, later this month. Bitcoin has broken above $65,000 per coin for the first time in nearly a month, currently priced at $64,359, marking a more than 1% increase over the past 24 hours.
What is Popcat?
Popcat meme coin originated from an internet sensation that took the web by storm, known simply as “Popcat.” The meme started with a humorous, short video of a cat named “Oatmeal” whose mouth opens and closes in a comical manner, synchronized with popping sounds. This video quickly went viral, leading to countless remixes, adaptations, and internet jokes. The simplicity and universal appeal of the video made it a popular choice for meme creators, helping it gain widespread recognition and a dedicated following.
As the meme’s popularity grew, enterprising developers saw an opportunity to leverage its fame within the cryptocurrency space. They created the Popcat meme coin, capitalizing on the viral nature of the Popcat video. This new cryptocurrency was built on the Solana blockchain, chosen for its high speed and low transaction costs, making it an attractive option for new investors and meme enthusiasts alike. The coin was designed to capture the playful spirit of the original meme, with a lighthearted approach that appealed to a broad audience.
The launch of Popcat meme coin was met with significant enthusiasm, particularly among younger investors and those active on social media platforms where the meme had flourished. Its marketing strategy was heavily reliant on the viral momentum of the Popcat meme, utilizing the same catchy and amusing elements that made the original video a hit. This connection to a beloved internet meme, combined with the burgeoning interest in meme coins as a speculative investment, helped Popcat coin gain a foothold in the competitive cryptocurrency market.
As with many meme coins, the value of Popcat coin is driven largely by community engagement and the ongoing popularity of the meme itself. Its success illustrates the power of internet culture in shaping modern investment trends and highlights how digital assets can emerge from seemingly trivial origins to become significant players in the crypto financial landscape.
Top Solana meme coins
Solana has become a popular platform for meme coins due to its high transaction speed and low fees. Here are some of the main meme coins on Solana that have gained significant attention:
- Dogwifhat (WIF): Dogwifhat is currently the largest meme coin on Solana by market cap, valued at around $2.4 billion. Launched in late 2023, it quickly became popular due to its humorous concept of a dog wearing a hat. Despite its lack of inherent utility, the coin has maintained high trading volumes and community engagement, and it is listed on major exchanges like Gate.io.
- Bonk (BONK): Bonk is another top meme coin on Solana, with a market cap of approximately $1.5 billion. It was initially airdropped to the Solana community, which helped it gain a large number of holders quickly. Bonk features a burning mechanism to reduce supply and has integrated with various decentralized applications (dApps), making it a versatile token within the Solana ecosystem.
- Book of Meme (BOME): This coin capitalizes on the popularity of meme culture, with connections to famous memes like Pepe and Dogwifhat. The project plans to develop a meme generator for creating new memes. Despite a recent market correction, it remains a strong contender with a market cap of over $500 million.
