Bitcoin and Ethereum may have slowed down, but top meme tokens are riding high today.
Solana-based Dogwifhat (WIF) is leading the charge, having jumped by 11%. It’s now priced at $3.68. Meanwhile, Bonk is up by over 6% and is now trading hands for $0.00004148, CoinGecko shows.
Zooming out, all three assets have boomed over a seven-day period—all by over 33%.
The meme coin and token mania comes after meme stocks continue to surge. GameStop (GME), the original asset of the space, is up 37% today following news that the video game retailer netted nearly $1 billion from selling more of its own stock. The gaming retailer has not skipped out on the chance to capitalize on the resurgence of its brand—at least among investors.
Its Solana-based tribute token, GME, is also surging today, shooting up by over 20%. CoinGecko says that GME is now priced at $0.004725.
Meme coins and tokens are assets that gained popularity through online communities and social media. Meme stocks grew a cult following in 2021 after amateur traders started buying up GameStop, which had been shorted by Wall Street firms.
The craze led to a surge in interest in meme cryptocurrencies, which are basically based on internet jokes but can still generate astronomical gains for some lucky traders.
Meme coins and tokens are just as risky, though, and are known to plunge in price and disappear altogether as quickly as developers launch them.
Bitcoin took a hit today after defunct crypto exchange Mt. Gox moved more than $9 billion in “digital gold” to an unknown wallet yesterday—spooking industry observers.
Edited by Ryan Ozawa.
