Meme coin prices are hot! Data from Coinglass shows shorting bets against meme coins such as Dogecoin (DOGE) , Shiba Inu (SHIB) , Pepe (PEPE) , Floki (FLOKI) , and Bonk (BONK) saw more than $50 million worth of liquidations in the last 24 hours .
This liquidation occurred because the price of the meme coin had risen drastically, so that shorters who had bet on the price falling had to close their positions at large losses.
This upward trend in meme coin prices is all the more interesting because it is considered an indirect bet on the growth of the blockchain on which the coin resides. Ethereum-based Dogecoin (DOGE), Shiba Inu (SHIB), Pepe (PEPE), and Floki (FLOKI) dominate meme trading activity on the network. Meanwhile, Bonk (BONK) and Dogwifhat (WIF) represent the Solana blockchain.
Long players (betting on price increases) on DOGE even broke a record by opening positions worth $1 billion last Thursday. Interestingly, almost 70% of the bets predicted a DOGE price increase. Since this spike in volume was reported, DOGE prices have indeed risen significantly.
Additionally, interest in futures contracts for PEPE, SHIB, BONK, and FLOKI has also surged rapidly to reach a cumulative $1.5 billion in recent days. This increase in futures trading activity indicates the influx of new funds which also drives up the price of meme coins.
Although often considered to have no intrinsic value, the popularity of meme coins continues to grow. In fact, some are starting to invest in these meme coins, recognizing the power of online communities and the appeal that memes can entice investors.
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Get to know MemeCoin
Memecoin is a term used to refer to cryptocurrencies that are based on memes or internet humor. This term is usually used to describe cryptocurrencies that have popularity or value primarily because of the entertainment or humorous aspects associated with them.
Memecoins often emerge from online communities inspired by a particular meme or internet trend, and often have a humorous or distinctive logo, name, or other feature that refers to the meme.
These types of cryptocurrencies often have a tendency towards high volatility and are often considered high-risk investments. Nonetheless, memecoins have sometimes become popular due to their entertainment appeal, and some of them have generated huge profits for investors who bought them at an early stage.
However, it is important to remember that investing in memecoins is often considered speculative and can present significant risks. While some memecoins may have long-term value, many others may simply ride a temporary trend or hype before losing significant value.
As a result, it is important to conduct careful research and understand the risks involved before deciding to invest in memecoins or other cryptocurrencies.
Also read How to Buy Crypto:
MemeCoin List
Below are some examples of popular or well-known memecoins.
1. DogeCoin (DOGE)
DogeCoin is one of the most famous memecoins. Launched in 2013, DogeCoin was initially created as a meme-based joke of a Shiba Inu dog image. However, it has since become one of the most popular cryptocurrencies in the world.
2. Shiba Inu (SHIB)
Shiba Inu is another cryptocurrency based on the Shiba Inu dog meme. SHIB is known for its strong community presence and high price volatility.
3. DogeCoin Killer (DOGEK)
DOGEK, also known as DogeCoin Killer, is one of DogeCoin's competitors that aims to be a cheaper alternative.
4. Safemoon (SAFEMOON)
Safemoon is a cryptocurrency that features automatic token burning and a reward system for holders. This memecoin has increased popularity, especially among novice investors.
4. CumRocket (CUMMIES)
CumRocket is a cryptocurrency based on adult memes and the adult entertainment industry. Despite its controversy, CUMMIES has attracted investor interest in recent months.
5. High Finance (HIGH)
Hoge Finance is a cryptocurrency that promotes itself as an alternative to DogeCoin. With an active and vibrant community, HOGE has created a significant presence among the crypto community.
6. FLOKI (FLOKI)
FLOKI is a cryptocurrency inspired by a related meme of the same name, featuring a Viking dog. Due to its strong public presence and interest from celebrities, FLOKI has become popular in recent months.
How to Buy Crypto on Bittime
You can buy and sell crypto assets in an easy and safe way via Bittime . Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti.
To be able to buy crypto assets on Bittime , make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet . For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application.
Monitor price chart movements of Bitcoin (BTC) , Ethereum (ETH ), Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.
Also Read:
What is Liza (LIZA)? Meme Coin with an AI Twist
Memecoin (MEME): Token Created by the Founder of 9GAG
What is bitsCrunch (BCUT)? Increasing Security in Cryptocurrency Transactions
DISCLAIMER : This article is informational in nature and is not an offer or solicitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.
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