Led by Bitcoin (BTC), the crypto market rallied strongly over this week. Large meme coins such as PEPE, Dogecoin (DOGE) and Shiba Inu (SHIB) also benefited from this. FLOKI even made a 100 percent weekly gain.
Read more about the performance of meme coins and find the latest financial news of the day with our companion app Born2Invest.
Meme coins mark one of the most controversial divisions of the crypto industry
Mostly provided with cute animal pictures, representatives like Dogecoin (DOGE) have become a symbol for highly speculative cryptocurrencies – because all of the meme coins cannot show real purposes. But the speculative nature of Shiba Inu, PEPE and Co. has made many a risk-taking investor rich, despite all the criticism. This week, Bitcoin (BTC) has experienced its momentum, and in the wake of the cryptocurrency, the Meme-Coins were also able to make strong gains. In detail:
- Dogecoin has made almost 20 percent plus over the last seven days and thus confidently defends its place among the ten strongest capital cryptocurrencies in the world.
- PEPE cleaned up a black chapter of its past during the boom week, which proved to be perfect timing. The bottom line is a good 80 percent weekly gain for PEPE.
- Shiba Inu, the self-proclaimed dogecoin killer, remains in waiting with a 12 percent weekly gain.
- FLOKI recorded an incredible 100 percent weekly increase. Here, the announcement of a staking program for a sister token provided an additional boost.
- After its dream start at the turn of the year, BONK had already fallen into oblivion. Now the data service Coingecko has recorded a weekly increase of 185 percent for BONK – and even experts have no conclusive explanation for this price explosion.
Conclusion: Volatility of Meme coins like PEPE and DOGE hugely high
As an investor, you have probably already formed an opinion about meme coins. Nevertheless, it is worth remembering that compared to the 17 percent weekly increase in Bitcoin, PEPE, FLOKI, Dogecoin and Co. have almost consistently beaten the mother of all cryptocurrencies in price development over the last seven days. But this is immediately put into perspective when looking at the distance to previous all-time highs.
Bitcoin is still 50 percent short of its best times. For Dogecoin and Shiba Inu, on the other hand, it is 90 percent, for FLOKI and BONK 88 percent and finally for PEPE 70 percent. In the medium and long term, the meme coins have not been able to keep up with Bitcoin in terms of performance, and the recent price jumps should not hide that fact.
DISCLAIMER: This article was written by a third party contributor and does not reflect the opinion of Born2Invest, its management, staff or its associates. Please review our disclaimer for more information.
This article may include forward-looking statements. These forward-looking statements generally are identified by the words “believe,” “project,” “estimate,” “become,” “plan,” “will,” and similar expressions. These forward-looking statements involve known and unknown risks as well as uncertainties, including those discussed in the following cautionary statements and elsewhere in this article and on this site. Although the Company may believe that its expectations are based on reasonable assumptions, the actual results that the Company may achieve may differ materially from any forward-looking statements, which reflect the opinions of the management of the Company only as of the date hereof. Additionally, please make sure to read these important disclosures.
First published in BLOCK-BUILDERS.DE. A third-party contributor translated and adapted the articles from the originals. In case of discrepancy, the originals will prevail.
Although we made reasonable efforts to provide accurate translations, some parts may be incorrect. Born2Invest assumes no responsibility for errors, omissions or ambiguities in the translations provided on this website. Any person or entity relying on translated content does so at their own risk. Born2Invest is not responsible for losses caused by such reliance on the accuracy or reliability of translated information. If you wish to report an error or inaccuracy in the translation, we encourage you to contact us
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