The allure for quick money is generating supersized returns is working out well as the prices of most meme coins surge. CatCoin (CAT), a new meme coin, has soared by more than 1,230% in the past seven days, giving it a market cap of more than $85 million.
Other meme coins have also done well. Book of Meme (BOME) price soared by over 31% in the past seven days and 1,512% in the past 30 days. This surge has brought its valuation to more than $810 million.
Pepe, the relatively new meme coin, soared by over 37% and 530% in the past seven and 30 days, respectively. Other meme coins like Floki Inu, Shiba Inu, and Bonk have also roared back in the past few months.
These meme coins are doing better than big coins like Bitcoin and Ethereum. Bitcoin has spiked to $71,000, a 38% in the past 30 days. Similarly, Ethereum, Solana, and Internet Computer (ICP) have soared by less than 100% in this period.
Meme coins have seen their market cap soar in the past few months. Data compiled by CoinGecko shows that the combined valuation of these coins soared to over $63 billion. The biggest of these meme coins are the likes of Dogecoin, Shiba Inu, Pepe, Dogewifhat, Floki, and Bonk.
Most meme coins have risen because of the rising demand from investors, who prefer their low prices compared to other big cryptocurrencies. As a result, most traders find it easy to invest in these meme coins than in Bitcoin.
The math is simple. With $1,000, one can only buy 0.014 Bitcoins. With the same amount, one can buy 71,420 Book of Meme tokens. As such, it is relatively easier for these altcoins to double than it is for Bitcoin to soar to $140,000. In line with this, most altcoins do well when Bitcoin is rising.
Therefore, the outlook for meme coins like Book of Meme, CatCoin, and Pepe is bullish. The catalysts are the upcoming Bitcoin halving and the ongoing Bitcoin ETF inflows. Recent data shows that the iShares Bitcoin Trust (IBIT) is nearing $16 billion in assets.
The post Lure of quick riches pushes Pepe, Book of Meme, CatCoin prices higher appeared first on Invezz
