After Bitcoin briefly touched 64K and ETH reached 3500, their prices moved around 62K and 3400 respectively. At the same time, meme coins experienced a significant increase, entering the meme season commonly seen in bull markets. The meme coins FLOKI and SHIB, both from the dog series, led the surge, with each coin seeing a 111% and 82% increase in the past 24 hours. On March 2nd, meme coins dominated the daily gainers list among the top 100 coins.
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New and old generation meme coins rise together: FLOKI leads the dog series, while new generation coins PEPE and WIF skyrocket.
In the previous bull market, FLOKI/SHIB were the meme coins that emerged after the traditional meme coin DOGE (2013) and showcased astonishing gains in the 2024 meme season. FLOKI has already risen by 323% in the past 30 days, and SHIB has risen by 155%.
In this bull market, new generation meme coins have emerged (April 2023):
PEPE has seen a 442% increase in the past 30 days, with a nearly 70% increase on March 2nd. Another meme coin from the 2023 generation is dogwifhat (WIF), which has seen an almost 500% increase in the past 30 days. It is also unique among meme coins as it runs on the Solana blockchain.
Furthermore, Bonk (BONK), which gained popularity due to the Solana airdrop, also originates from the Solana blockchain. It was created during the bear market period at the end of 2022 and is also present in today’s meme coin gainers list.
(BitMEX founder keeps calling for WIF long positions)
DOGE, a meme coin created in 2013, has become one of the top ten cryptocurrencies by market capitalization after experiencing multiple bull and bear cycles. It is the classic representation of meme coins. However, its gains in this meme coin craze are not as impressive as before, lagging far behind the new generation like FLOKI/SHIB.
On February 3rd, meme coins occupied the entire top gainers list among the top 100 coins, including some non-meme coins that also exhibited meme-like characteristics. This may also be a testament to their meme nature.
Coins like Terra Classic (LUNC), which collapsed due to the LUNA/UST incident, the ancient Bitcoin fork coin Bitcoin Cash (BCH), and ApeCoin (APE) founded by the BAYC community, all enjoyed fame but lacked practical ecosystems and applications.
In the past, the period of meme coin surges often signaled the end of a bull market, sparking discussions. However, with Bitcoin yet to reach a new all-time high, the idea of the end of a bull market may not convince everyone. Both the Bitcoin and Ethereum communities still have many topics to explore, especially considering the market factors during non-Bitcoin ETF trading days.
Regardless, interesting and low-priced meme coins often attract many people to invest. However, due to the difficulty of predicting their price movements, risk control should be exercised.
Ape
DOGE
Floki
PEPE
SHIB
WIF
Meme coins