TL;DR
- A meme coin on the Bitcoin network saw its value increase substantially, reaching an ATH of over $70.
- The field is experiencing significant gains but comes with high volatility, posing risks of crucial losses alongside potential profits.
During this bull market, the meme coin category has gained significant popularity due to various coins experiencing dramatic price increases in a short amount of time.
A clear illustration is the rapidly rising cryptocurrency called PUPS (ORDINALS), whose value has skyrocketed by nearly 1,000% in just one week and an astonishing 2,800% within the past month. This digital asset peaked at a record high of more than $73, according to CoinGecko’s statistics, on April 12.
PUPS’ market capitalization surged above $500 million, making it the 12th biggest in its cohort.
The asset marks the debut of a meme coin on the Bitcoin network. Its governance is entirely in the hands of the community, prioritizing lighthearted interaction over functional uses.
Recently, PUPS isn’t the only cryptocurrency token of its kind to generate headlines. Shiba Inu (SHIB), Dogecoin (WIF), Bonk Inu (BONK), Book of Meme (BOME), Slerp (SLERF), and several others have seen significant price surges as well.
At the beginning of last month, SHIB, the second-largest meme coin by market value, experienced a significant surge, gaining over 100% in value. Consequently, its market capitalization reached an impressive $25 billion, positioning it among the leading top 10 cryptocurrencies.
Trading meme coins has been lucrative for early investors who have reaped substantial profits. For instance, as CryptoPotato shared in a report, one SHIB investor transformed a $2,500 investment into over $2.5 million, and a WIF trader pocketed more than $5 million with an initial investment of only $310.
However, hopping on the bandwagon could also lead to devastating losses due to the sector’s notorious volatility. Please take a look at our dedicated video to check the most common mistakes that successful traders need to avoid when delving into the matter:
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2024-04-12 11:30