ReportWire

Tag: meme coins

  • Massive Shiba Inu (SHIB) Update: Details About Upcoming DAO

    Massive Shiba Inu (SHIB) Update: Details About Upcoming DAO

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    TL;DR

    • Shiba Inu (SHIB) is moving toward greater decentralization by launching a DAO.
    • The anonymous developers of the meme coin announced they will step back by the end of 2024, handing full control over to the community to further empower decentralized governance.

    Shia Inu’s Next Step

    The popular meme coin – Shiba Inu (SHIB) – was launched four years ago as an experimental community-driven cryptocurrency. The project was inspired by the popularity of Dogecoin (DOGE) and aimed to build upon the concept of a decentralized token.

    LUCIE (Shibarium’s Marketing Strategist) recently revealed another step toward that goal. Specifically, the team is getting ready to launch a DAO (Decentralized Autonomous Organization).

    “This transition will empower every holder, regardless of the size of their stake, to have a say in the community’s direction,” the announcement reads.

    LUCIE added that the DAO is yet to be implemented and its introduction would give “Shibizens” further control over decisions that impact the ecosystem.

    The Marketing Strategist also revealed that the team will launch a designated governance structure anchored by two key councils: Charity Council and Culture & Heritage Council:

    “These councils will steer community initiatives, from charitable outreach to preserving the unique culture that defines Shib. With a focus on transparency and inclusivity, these efforts ensure that Shib’s growth remains true to the values that have driven it from the start.”

    More Control for the Community by the End of 2024

    Last week, two of the anonymous developers of Shiba Inu using the nicknames Shytoshi Kusama and Kaal Dhairya dislcosed that they will step back by the end of the year and hand full control over to the community.

    Kusama said this move aligns with their vision for true decentralization in the cryptocurrency space. The development is not about abandoning the project but rather “empowering the community even more than they already have.”

    While Shiba Inu is decentralized in terms of its governance and ecosystem, the actual level of decentralization can depend on how actively the community engages in development activities. If a significant portion of the SHIB Army (the collective term depicting SHIB investors, supporters, and traders) remains inactive, decision-making may become concentrated among a smaller, more engaged group of participants.

    Additionally, the developers said they will not reveal their identities, arguing that the power of the meme coin is based on its devoted community and not on just a few individuals. 

    “There’s no need for my face to become a public figure. Let the mask remain famous. The power of SHIB is not because of me or because of Kaal, it is because of the community. And that is what is most important: the technology to take Web 2 to Web 3 and the brand of a very special dog breed that has gone viral many times as a meme,” Kusama said.

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    Dimitar Dzhondzhorov

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  • Is This Why Tron (TRX) Tapped 3-Year Peak Above $0.165?

    Is This Why Tron (TRX) Tapped 3-Year Peak Above $0.165?

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    Tron is currently seeing historic levels of trader interest on the backdrop of a newly launched meme coin deployer and price pump.

    According to Santiment, TRX has emerged as the top trending asset in the crypto market, fueled by the debut of – SunPump – on August 12th.

    Tron’s Meme Coin Boom

    Since the launch, over 7,000 new coins have been created, helping to fuel the interest in the blockchain’s native token. As a result, TRX’s market price soared by 22%, which briefly neared $0.17. This surge has sparked long-term optimism, with analysts predicting mid-term bullish momentum despite short-term volatility, as per Santiment’s latest analysis.

    The spike in Tron network activity, particularly in meme coin launches, has led to increased TRX burns, reflecting heightened demand and a shrinking supply. The platform’s growing status as a hub for meme coins, exemplified by the popularity of tokens like SUNDOG, has drawn parallels to past meme seasons that saw massive price rallies.

    Additionally, ongoing developments and partnerships, including collaborations with hedge funds, are expected to boost visibility and trading volume for Tron-based tokens. Santiment also pointed out that Tron founder Justin Sun’s influence and reputation further boost investor confidence, driving the project’s potential for growth.

    SunPump Growth Trajectory

    Data compiled by Dune Analytics revealed that SunPump has generated over $1.14 million in revenue since its launch. On August 20, Sun shared on X that the platform went offline due to overwhelming traffic, prompting developers to scale up their operations to restore service quickly. The platform was back online within an hour.

    That same day, SunPump recorded its highest revenue yet, earning nearly 2.78 million TRX.

    Despite the backlash of meme coin resurgence this year and the subsequent scams and rug pulls, Sun remains optimistic on meme coins and said that he believes the success of these tokens “isn’t by chance.”

    “When every dev can build a community through a fair launch, gain everyone’s support, and foster enthusiasm and loyalty, the community can share in the success of the cryptocurrency. Who would still pay for tokens with absurd valuations pumped up by VCs to billions of USD? Even the smallest growth of a meme token brings joy and satisfaction to everyone because, with a community and decentralization, you have everything.”

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    Chayanika Deka

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  • Controversial Meme Coin Explodes by 150% Following Interaction From Football Legend Lionel Messi: Details

    Controversial Meme Coin Explodes by 150% Following Interaction From Football Legend Lionel Messi: Details

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    TL;DR

    • One meme coin spiked 150% daily after Lionel Messi promoted it on Instagram. However, concerns arose about a potential hack of his account.
    • Meme coins are volatile and can be linked to “pump and dump” schemes. Investors are urged to conduct due diligence and be cautious.

    Support or Hack?

    The meme coin sector rebounded substantially in the past 24 hours as numerous assets, such as Bonk Inu (BONK) and Pepe (PEPE), recorded double-digit price gains. Some lesser-known tokens have rallied even more impressively, with WATER Coin (WATER) being one evident example. 

    WATER Price
    WATER Price, Source: CoinGecko

    Its price is up a whopping 150% daily following an interaction from the football icon Lionel Messi. The Argentine promoted the token via a story to his more than 500 million followers on Instagram.

    Messi Instagram Story
    Messi Instagram Story, Source: Instagram

    Multiple industry participants on X noted the effort, with some assuming that hackers might have taken over Messi’s account to attract his fans to enter the meme coin’s ecosystem. Others think the most decorated player in the history of the Ballon d’Or award might be unaware of the hack due to preparing for the Copa America semi-final against Canada on July 10.

    Blockchain data platform Bubblemaps also chipped in, warning that 30% of WATER’s supply is controlled by insiders. 

    For its part, the security platform designed to enhance the safety of users’ online identities across the blockchain – Webacy – said people should do their own research before hopping on the bandwagon, even if they spot an endorsement from a prominent figure such as Messi. 

    Another Controversial Meme

    Meme coins have been crypto’s rock stars during the latest bull cycle, with some hitting unseen price peaks. However, many of them are based on trends, are highly volatile, and have been rumored to be connected to certain “pump and dump” schemes.

    DADDY – a token shilled by the online influencer Andrew Tate – rallied impressively in mid-June and early July following interaction from the popular figure. Most recently, he claimed preparing a “grand plan,” urging holders to accumulate as many assets as they can in a period of 72 hours:

    “We are going to build a place built on honor, hard work and diligence as opposed to simply being in first, getting lucky, rugpulled. I’ve been working on this for a very long time, and this is your 72-hour warning.”

    DADDY’s price soared to $0.23 after the announcement before plummeting to its current level of around $0.15 (per CoinGecko’s data). 

    In addition, Bubblemaps maintained that insiders purchased 30% of the supply at launch. The entity further stated that Tate received 40% of all DADDY tokens, which are currently worth more than $37 million.

    Considering those dangers, people should enter the ecosystem after proper due diligence and invest only as much as they are ready to lose. For more important tips, please check our dedicated video below:

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    Dimitar Dzhondzhorov

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  • Top Meme Coins Crash as Crypto Markets Decline

    Top Meme Coins Crash as Crypto Markets Decline

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    The cryptocurrency market is going through another decline on Monday morning, with major coins charting notable decreases.

    For example, ETH is once again trading below $3K and is down 4% on the day. XRP dropped by 5%, and now the bulls are fighting to defend the critical $0.4 level.

    Source: Quantify Crypto

    As seen in the heatmap above, there are absolutely no exceptions from the large-cap altcoins, all of which are trading well in the red. The downturn in the past hours has resulted in almost $300 million worth of liquidated leveraged positions, the majority of which were long. Although $113M were short positions, indicating the choppy price action.

    One category that hit substantially, however, is that of meme coins. According to CoinGecko, the entire meme coin sector is down 10% in the past 24 hours alone.

    That said, the major meme coins are downright plummeting at the time of this writing.

    • DOGE is down 6.4%
    • SHIB is down 4.8%
    • PEPE declined by 10%
    • WIF dropped by 9.5%
    • BONK is down 6%
    • FLOKI is down 6%

    According to the popular Crypto Fear and Greed Index, the current market sentiment is fearful at 28 points. Just for comparison – it was 53 this time last week and 72 this time last month.

    It appears that the market remains cautious of the potential selling pressure that might be induced by creditors disposing of their recovered BTC and BCH from the Mt. Gox exchange. As CryptoPotato reported earlier, the defunct trading platform has started repaying its creditors after a saga that lasted around 10 years.

     

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    George Georgiev

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  • Solana Meme Coins Outperform Ethereum 800% YTD – Top Winners Revealed

    Solana Meme Coins Outperform Ethereum 800% YTD – Top Winners Revealed

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    In the first quarter of the year, Solana-based meme coins have emerged as the frontrunners, surpassing Ethereum’s meme coin ecosystem and artificial intelligence (AI) tokens, according to a recent report by market data platform CoinMarketCap. 

    This shift in popularity signifies a change in dynamics within the cryptocurrency market, with meme coins gaining traction and challenging previously dominant narratives such as smart contracts, decentralized finance (DeFi), and non-fungible tokens (NFTs).

    Solana Ecosystem Dominates Growth Chart

    The CoinMarketCap report highlights that the Solana ecosystem has consistently topped the growth chart for the past eight months, with over 20 new tokens introduced in Q2 alone. 

    Ethereum’s ecosystem followed closely behind with 14 new tokens, while Derivatives and Stablecoins witnessed relatively lesser growth with 5 and 4 new tokens, respectively. This surge in Solana-based token offerings indicates a growing interest in the network and its potential.

    Related Reading

    Solana’s meme coin ecosystem, in particular, has gained significant momentum in price performance and popularity since October 2023. Although Ethereum remains the dominant blockchain, Solana’s growing prominence suggests a noteworthy trend in the crypto space.

    Interestingly, SOL memes have significantly outperformed ETH memes, delivering an average return of 8,469% compared to 962% for Ethereum, as seen in the chart below. 

    Top Solana and Ethereum meme coins winners. Source: CoinMarketCap

    As “speculative capital” from other chains rushed into Solana, attracted by the explosive rallies of tokens like dogwifhat (WIF) and Bonk Inu (BONK), more meme coins experienced price surges, attracting additional attention and capital. 

    The top winners in the meme coin space include the cat characters MEW, POPCAT, and Book of Meme (MEME). These tokens have outperformed even the most popular ones like WIF, BONK, Ethereum’s Pepe coin (PEPE), and Shiba Inu (SHIB).

    Notably, political memes also emerged as a popular subcategory, with the leading MAGA (TRUMP) meme coin gaining over 5100% year-to-date, largely due to vocal support for crypto from former President Donald Trump and the acceptance of crypto for campaign donations.

    Ethereum Tops Fee Income Rankings

    Despite Solana’s significant gains, Ethereum continues to dominate the Layer 1 (L1) smart contracts market, representing 62.11% of the major L1s. The report notes that Ethereum’s recent milestone was propelled by the SEC’s approval of Ethereum Spot ETFs. 

    However, Binance Smart Chain (BNB) and Solana have also gained traction, adding $42 billion and $18 billion to their market share among L1 networks. Solana currently leads with over 1.6 million active daily addresses, followed by BNB with 1 million active addresses.

    Related Reading

    In Q2, Ethereum experienced record low gas fees, reaching levels not seen since 2020 due to the growing adoption of Layer 2 solutions and the market excitement surrounding Solana-based meme coins. 

    Despite representing 62% of the market cap among major L1s, Ethereum accounted for 70% of the daily revenue, generating approximately $2.7 million. Solana ranked second with around $900,000 in daily revenue.

    According to Lookonchain, Ethereum topped the fee income rankings in the past year with $2.728 billion, followed by Bitcoin with $1.302 billion. 

    Other notable networks include Tron ($459.39 million), Solana ($241.29 million), Binance Smart Chain ($176.56 million), Avalanche ($68.83 million), zkSync Era ($59.77 million), Optimism ($40.4 million), and Polygon ($23.91 million).

    Solana
    The 1-D chart shows SOL’s price volatility experienced in the past few days. Source: SOLUSD on TradingView.com

    Despite both platforms experiencing success in various financial metrics and growth charts, Solana’s native token, SOL, has significantly outperformed Ethereum’s ETH token. 

    As of the current trading price, SOL is valued at $143.25, showcasing a year-to-date growth of 650%. ETH has seen a more modest surge of 68% during the same time frame, currently trading at $3,310.

    Featured image from DALL-E, chart from TradingView.com 

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    Ronaldo Marquez

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  • These Meme Coins Skyrocket Triple Digit as ‘Roaring Kitty’ Returned to Reddit

    These Meme Coins Skyrocket Triple Digit as ‘Roaring Kitty’ Returned to Reddit

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    Keith Gill, known online as “Roaring Kitty,” posted on Reddit that he is holding $181.4 million worth of GameStop (GME) stock and call options.

    Following his Reddit post, GME, ROAR, and KITTY meme coins gained 315%, 660%, and 477%, respectively.

    GameStop Meme Coin Rally

    Gill’s post, titled “GME YOLO update – June 2, 2024,” marks his first Reddit activity in three years. Under his account “u/DeepFuckingValue,” Gill disclosed $65.7 million in GameStop call options and $115.7 million in shares.

    According to Jason Hitchcock, Head of Ecosystem at web3 development platform thirdweb, Gill’s combined holdings effectively equate to owning 17 million GameStop shares. At the last trading price of $23 per share, this puts the value of his position at approximately $391 million, representing 5.6% of GameStop’s market cap.

    Following Gill’s post, meme coins inspired by GameStop and Roaring Kitty saw significant growth. GME, ROAR, and KITTY surged by 315%, 660%, and 477%, respectively, according to CoinGecko data. However, they have retraced, trading at $0.01005, $0.00959, and $0.00181, respectively, at the time of writing. GameStop’s stock itself has had a pre-market increase of over 300%.

    GME is a Solana-based token that uses the same ticker as GameStop but has no official affiliation with the company. Similarly, ROAR and KITTY are themed around Gill’s online persona but are not officially connected to him.

    Roaring Kitty Teases GameStop Frenzy Return

    The Roaring Kitty X account was also reactivated last month, with a Sunday post featuring an Uno reverse card hinting at a repeat of the 2021 GameStop frenzy, where Gill and the subreddit /WallStreetBets were central figures in the meme stock frenzy that saw shares of GameStop and AMC Entertainment soar over 1,000%.

    However, not all reactions were positive. A post on r/WallStreetBets expressed frustration at Gill’s long absence and the resulting uncertainty for retail investors. “DFV posted in r/Superstonk, and you should go over there and do ape stuff if you’re into that,” wrote contributor u/zjz.

    “Good luck RK, crazy f—ing position, but your whole schtick and disappearance really f—ed retail up and it’d be nice if you didn’t leave them on a cliffhanger for the rest of the world to deprogram this time.”

    Trader Keyboard Monkey on X cautioned that Gill’s recent actions might be a setup to capitalize on the renewed hype.

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    Wayne Jones

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  • We Asked ChatGPT if Shiba Inu (SHIB) Can Become a Top 5 Cryptocurrency This Year

    We Asked ChatGPT if Shiba Inu (SHIB) Can Become a Top 5 Cryptocurrency This Year

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    TL;DR

    • Shiba Inu (SHIB) saw a price surge earlier this year but has since lost some of its momentum. ChatGPT sees low chances of reaching the top 5 cryptocurrencies despite further growth from Shibarium and a strong community.
    • Dogecoin (DOGE), backed by Elon Musk and Tesla, has better prospects for entering the elite club, driven by potential celebrity endorsements and market optimism.

    Is That a Mission Impossible?

    The popular meme coin experienced an impressive revival earlier this year, with its price tapping a two-year high in March. Back then, its market capitalization surged above $25 billion. Despite heading south in the following months, the asset remains one of the hottest topics across the community and one of the 15 biggest cryptocurrencies.

    As such, we decided to ask ChatGPT whether it can witness another substantial rally in the following months and whether it can enter the top 5 club before the end of 2024.

    The AI-powered chatbot said the chances are relatively low considering the current market dynamics. However, it claimed that SHIB has shown significant progress as of late, suggesting that further advancement of the layer-2 scaling solution—Shibarium—and other developments related to Shiba Inu’s ecosystem can help achieve that goal.

    ChatGPT also noted the meme coin’s devoted community, assuming that its potential growth could be beneficial for a price rally. A recent study revealed that Shiba Inu has the strongest community base among all meme coins, with Dogecoin (DOGE) occupying the second spot. 

    Last but not least, the chatbot maintained that favorable regulatory developments and endorsements from prominent figures might fuel additional adoption and price surge.

    “Overall, while Shiba Inu has opportunities for growth and can achieve significant milestones, becoming a top 5 cryptocurrency would require extraordinary gains and favorable conditions. This remains an ambitious and challenging goal given the current market landscape and competition,” Chat GPT concluded.

    Currently, Solana is the fifth-largest cryptocurrency, with a market cap of over $77 billion, meaning a gap of over $60 billion between SOL and SHIB.

    What About Dogecoin (DOGE)

    Dogecoin is the biggest meme coin, and according to ChatGPT, it has better chances to join crypto’s top 5 club this year. The chatbot assumed that the asset’s market cap could head north following possible support from celebrities. 

    Recall that DOGE is the favorite cryptocurrency of Tesla’s CEO – Elon Musk. One of the wealthiest people often praises its merits, whereas the EV giant recently integrated the token as a payment option on its website.

    In addition, ChatGPT noted that many industry participants are quite bullish on DOGE, expecting its price to soar in the following months. The popular X user Ali Martinez argued that the asset faces “significant resistance” between $0.166 and $0.171, where 75,000 addresses have accumulated approximately 10 billion coins. 

    “However, once this barrier is overcome, DOGE has the potential to double, with the next key resistance around $0.322,” he predicted.

    As of the moment, DOGE has a market capitalization of more than $23 billion, making it the ninth-biggest in the crypto industry. 

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    Dimitar Dzhondzhorov

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  • This Shiba Inu Rival Rallies 20% Ahead of an Important Announcement: Details

    This Shiba Inu Rival Rallies 20% Ahead of an Important Announcement: Details

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    TL;DR

    • Floki Inu (FLOKI) saw a 20% rise in the last 24 hours, boosting its market cap to around $2.6 billion and reclaiming the fifth position in the meme coin sector.
    • Increased trader interest, upcoming announcements, and a significant token burn by the Floki DAO might have contributed to the price surge.

    FLOKI on the Move

    The meme coin sector experienced a substantial revival in the past 24 hours, with multiple assets of that type being well in the green. The dog-themed Floki Inu (FLOKI) is among the best performers, registering a nearly 20% increase on a daily scale.

    Its market capitalization briefly jumped to almost $2.7 billion, currently hovering around $2.6 billion. Thus, it became the fifth-biggest meme coin, surpassing the Solana-based Bonk Inu (BONK), whose market cap is approximately $2.5 billion.

    FLOKI Market Cap
    FLOKI Market Cap, Source: CoinGecko

    FLOKI’s latest spike coincides with increased interest from traders. The team behind the project revealed that the asset has become the hottest meme coin on Binance’s platform as of late, trending above the latest sensation Pepe (PEPE). Shortly after, the token topped the same ranking on OKX, outperforming ETH, PEPE, and BONK.

    The ongoing week promises to be quite eventful for Floki Inu. The team said it will release an “important announcement” today (May 27), while three days the US-based crypto exchange Coinbase will launch FLOKI perpetual contracts. 

    This type of derivative product in the cryptocurrency market enables traders to speculate on the future price movements of certain digital assets without owning them. Perpetual contracts are similar to traditional futures contracts but have no expiry date. This means people can hold their positions indefinitely as long as they maintain the necessary margin.

    The Burning Efforts

    Another potential factor that could have contributed to FLOKI’s latest rally is the Floki DAO’s decision to burn over 15 billion tokens. The vote was passed with an overwhelming majority of 99.84% in mid-May.

    Removing a substantial amount of assets from the circulating supply results in increased scarcity and a potential price appreciation (assuming demand remains the same or rises).

    Shiba Inu is another popular meme coin that has adopted such a burning mechanism. A week ago, SHIB’s burn rate soared by almost 600%, resulting in approximately 10 million assets sent to a null address. 

    Meanwhile, the price of the self-proclaimed Dogecoin killer is up around 6% on a seven-day scale, while its market capitalization recently crossed the $15 billion mark.

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    Dimitar Dzhondzhorov

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  • Shiba Inu Surprise! Binance Japan Listing Ignites 360% Price Spike

    Shiba Inu Surprise! Binance Japan Listing Ignites 360% Price Spike

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    Shiba Inu (SHIB), the meme coin with a loyal following, experienced a whirlwind of activity in the Japanese market this week. The catalyst? The listing of a new SHIB/JPY trading pair on Binance Japan, a move that initially sent the price soaring.

    Shiba Inu Soars On Binance Listing, But Briefly

    On April 30th, Binance Japan announced the addition of the SHIB/JPY pair to its spot trading platform. This move provided Japanese investors with a convenient way to trade SHIB directly with their yen, eliminating the need for currency conversions. The news was met with excitement in the Shiba Inu community, particularly in Japan, where the dog-themed coin enjoys a strong following.

    Following the listing, SHIB experienced a momentary surge, with its price briefly reaching ¥0.016666 (approximately $0.00011). This represented a staggering 360% increase from the opening trading price of the pair.

    A prominent Japanese Shiba Inu community member, KURO, documented the surge on social media, further fueling the buzz.

    However, the jubilation proved short-lived. The price quickly stabilized at a much lower point, ¥0.003741 (around $0.000024), highlighting the volatility inherent in the cryptocurrency market. While the initial spike generated excitement, it’s crucial to remember that such surges are often fleeting and don’t necessarily translate to long-term growth.

    Can SHIB Maintain Its Footing? A Look Beyond The Listing

    The impact of the Binance Japan listing on SHIB’s long-term price trajectory remains to be seen. While it undoubtedly increased accessibility for Japanese investors, several factors will determine the coin’s future performance.

    The cryptocurrency market itself is currently facing headwinds. Bitcoin, the world’s leading cryptocurrency, has seen a significant price correction in recent months, dragging other digital assets down with it. SHIB’s fate is likely intertwined with the overall market sentiment.

    Total crypto market cap currently at $2.14 trillion. Chart: TradingView

    The success of the Shiba Inu development team’s ongoing projects, such as the Shibarium Layer 2 blockchain and token burning initiatives, could significantly impact the coin’s value proposition. If these projects gain traction and deliver on their promises, they could attract more investors and drive up demand for SHIB.

    SHIB price action in the last day. Source: Coingecko

    The Rise Of Litecoin As A Fiat Onramp

    Interestingly, the increased focus on fiat-to-crypto gateways like the SHIB/JPY pair coincides with the growing popularity of Litecoin (LTC) as a method to buy other cryptocurrencies. Unlike Bitcoin, Litecoin boasts faster transaction times and lower fees, making it an attractive option for investors seeking a smoother entry point into the crypto market.

    Whether LTC can capitalize on this trend and establish itself as a preferred fiat onramp remains to be seen, but it presents an alternative pathway for those hesitant about the volatility associated with direct fiat-to-meme coin purchases.

    Featured image from Pexels, chart from TradingView

    Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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    Christian Encila

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  • Dogwifhat To The Vet! Meme Coin Needs Medical Attention After Price Plunge — Analyst

    Dogwifhat To The Vet! Meme Coin Needs Medical Attention After Price Plunge — Analyst

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    Dogwifhat (WIF) witnessed a sharp decline, with its price plummeting by nearly 20% over the past 24 hours. This latest downturn marks a continuation of the downward trend that began in late March, culminating in a significant 40% decrease.

    Analysts Raise Concerns: ‘It Needs To See A Vet’

    The drastic price drop has prompted analysts to voice their concerns, with one commentator humorously remarking, “It needs to see a vet.”

    The analogy underscores the severity of the situation, suggesting that Dogwifhat’s current state requires careful attention and intervention.

    While the surge in trading volume may signal short-term interest, analysts remain cautious, emphasizing the need for a thorough assessment of the coin’s health.

    Mixed Predictions: Uncertainty Looms Over Dogwifhat Future

    Amidst the uncertainty, analysts are divided on the future trajectory of Dogwifhat. Some foresee a continuation of the bearish trend, anticipating further dips in the coin’s value.

    However, others adopt a more optimistic stance, suggesting that while short-term challenges persist, Dogwifhat may offer significant returns in the long run.

    One analyst predicts a period of ranging for WIF, followed by a stronger pump, hinting at a potential summer resurgence for the embattled coin.

    Bitcoin is now trading at $64.752. Chart: TradingView

    According to CoinMarketCap data, Dogwifhat overtook Pepe (PEPE) on March 29 to take the third spot as the largest meme coin in terms of market capitalization.

    But Dogwifhat’s elation turned out to be fleeting. In comparison to the meme coin market as a whole, the Solana meme coin category, which included WIF, saw a more severe decline.

    WIF weekly price action. Source: Coingecko

    This implies that conditions unique to Solana meme currencies, like as network bottlenecks or worries about the capacity of the platform, may be causing the price decline.

    Other Meme Coins Take A Hit

    Meanwhile, as the fate of Dogwifhat hangs in the balance, its decline has reverberated across the meme coin landscape, impacting other notable cryptocurrencies in the market.

    Coins like Dogecoin (DOGE), Shiba Inu (SHIB), Pepe (PEPE), Floki (FLOKI), and Bonk (BONK) have all registered significant dips in the wake of WIF’s downward spiral.

    The interconnectedness of these meme coins underscores the volatility inherent in the cryptocurrency market, where price movements in one asset can trigger cascading effects across the ecosystem.

    Featured image from Pexels, chart from TradingView

    Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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    Christian Encila

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  • 50% of Solana’s Recent Token Launches Revealed as Malicious Scams: Report

    50% of Solana’s Recent Token Launches Revealed as Malicious Scams: Report

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    Despite network outages, Solana has witnessed a flurry of projects launched on top of its blockchain. Such a trend typically depicts a growing demand. But the latest report paints a different picture.

    These fraudsters were found to be capitalizing on users’ heightened risk appetite, fueled by FOMO amidst a market-wide resurgence.

    • In a report shared with CryptoPotato, blockchain security company Blockaid revealed that 50% of recent pre-sale token launches on Solana have been malicious. The strategies employed by fraudsters within the popular Layer 1 ecosystem closely resemble those observed in other cryptocurrency platforms.
    • This includes leveraging social engineering platforms such as Telegram, Twitter, and Discord to trick users into engaging with malicious addresses or websites.
    • The ongoing meme coin frenzy as well as the potential for quick profits amidst market volatility further exacerbated the vulnerability of inexperienced and novice users to these scams.

    “Scammers capitalize on the excitement surrounding meme coins to lure investors, exploiting fear of missing out (FOMO) and the promise of lucrative returns.”

    Presale Token Scams. Source: Blockaid
    • Firstly, in February and March of this year, Blockaid’s threat intelligence team observed a significant surge in the uptake of pre-sale tokens, which quickly increased from a few tens to hundreds of purchases.
    • This surge was largely driven by the exponential growth of legitimate meme coins.
    • The team also claimed that Solana’s ecosystem may lack adequate security measures, essentially leaving it vulnerable to exploitation by scammers.
    • In fact, the security firm’s data indicates that even popular projects have been targeted by these groups, highlighting the continued threat posed by pre-sale scams within the cryptocurrency industry.
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    Chayanika Deka

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  • These Meme Coins Performed the Best in Q1: Report

    These Meme Coins Performed the Best in Q1: Report

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    A new report from CoinGecko shed light on the meme coin industry, as the top ten tokens by market capitalization accounted for 1312.6% in returns in Q1 2024, turning the meme coin sector into the most profitable of all crypto narratives.

    Moreover, the report states that out of the ten largest memecoins by market cap, three were new tokens that launched in March —Brett (BRETT), BOOK OF MEME (BOME), and cat in a dogs world (MEW).

    BRETT provided the highest returns with 7727.6%. The second coin with the largest returns is dogwifhat (WIF), Solana’s first dog-themed memecoin, which surged 2721.2% quarter-to-date (QTD). The report suggested that WIF is responsible for sparking the “memecoin frenzy.”

    In second place, the RWA (real-world asset) sector had average returns of 285%. The RWA narrative has surged in popularity lately and is being led by projects like Ondo Finance (ONDO), a DeFi protocol that focuses on tokenization of bonds and US treasuries.

    Meme Coins Dominating The Industry

    Despite its tremendous performance, the meme coin market seems to be taking a break, down 3% at press time from last week. Most of the top tokens by market cap have fallen over 10% on the weekly scale. This is in line with the broader sentiment in the crypto market after Bitcoin plummeted below $65k earlier this week.

    However, meme coins remain a hot narrative in the crypto industry. And while the new entrants have undoubtedly stolen the show, some analysts are looking back at two of the largest tokens —Dogecoin (DOGE) and Shiba Inu (SHIB).

    DOGE is expected by some to be on the verge of a parabolic bull run after reaching $0.22, a price not seen since November 2021.

    Meanwhile, SHIB is constantly making headlines thanks to the advancements of its layer-2 scaling solution Shibarium.

    In another interesting report, crypto investment products rebounded with $862 million in inflows during the last week of March.

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    Jose Oramas

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  • The Meme Coin Show Goes On as Degen Chain (DEGEN) Price Explodes

    The Meme Coin Show Goes On as Degen Chain (DEGEN) Price Explodes

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    TL;DR

    • The newly launched Degen Chain and its token DEGEN witnessed substantial growth, with the network registering significant transactional volume and user adoption.
    • DEGEN-related meme coins have also saw the light of day, experiencing substantial price increases.

    The ever-evolving cryptocurrency sector recently witnessed the emergence of a new layer-3 blockchain network called Degen Chain. The latter is built on top of the L2 solution Base and has DEGEN as its native token.

    The newly-introduced network has recorded transactional volume of nearly $100 million, onboarded over 130,000 addresses, and has more than 4 million completed transactions.

    DEGEN’s price has skyrocketed by more than 210% on a weekly scale, touching the $0.06 mark. Its market capitalization currently sits at around $660 million, making it the 153rd biggest cryptocurrency.

    DEGEN Price
    DEGEN Price, Source: CoinGecko

    Other tokens related to the layer-3 blockchain network that have taken off recently include Degen Swap (DSWAP) and Degen Pepe (DPEPE). The latter is up approximately 60% in the past 24 hours. 

    The hype surrounding DEGEN-based meme coins is the next following that concentrated on assets of that type built on the Solana blockchain.

    Examples, including dogwifhat (WIF), Bonk Inu (BONK), BOOK OF MEME (BOME), and more, have experienced notable price growth and became some of the sensations of the latest bull market. 

    As CryptoPotato reported last week, WIF’s valuation exploded to an all-time high of $4 and a market cap of a whopping $4 billion. Its progress continued during the weekend, with the price peaking at $4.80 before retracing to its current level of $4.40 (per CoinGecko’s data).

    WIF’s rally has also triggered significant profits for savvy traders who jumped on the bandwagon during the early days of the project. For example, one individual purchased over 2.5 million dogwifhat (WIF) tokens at the end of last year, spending just $310. As of the moment, the stash is worth almost $11 million.

    Those looking to find the next cryptocurrency offering the chance of 100x profits, feel free to take a look at our dedicated video below:

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    Dimitar Dzhondzhorov

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  • Important for Dogecoin: This Metric Jumps by Almost 100% Amid DOGE Price Rally

    Important for Dogecoin: This Metric Jumps by Almost 100% Amid DOGE Price Rally

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    TL;DR

    • Dogecoin’s price surged past $0.20, with market cap nearing $30 billion, driven by increased trading volume and active addresses.
    • The rally coincides with speculative whale movements and endorsements from public figures like Elon Musk.

    Dogecoin (DOGE) – often cited as the first meme coin – currently stands out as one of the market’s best performers.

    Its price has spiked by over 30% on a weekly scale, surpassing the $0.20 mark for the first time since December 2021. DOGE’s market capitalization inches toward the $30 billion level, making it the ninth biggest cryptocurrency.

    DOGE Price
    DOGE Price, Source: CoinGecko

    Key indicators related to the asset’s ecosystem have taken off, too. According to IntoTheBlock, aggregated daily volume (where each transaction is larger than $100K) has jumped by nearly 100%. Daily active addresses are also on the rise, registering a 13% increase.

    DOGE trading volume for the past 24 hours has been impressive. CoinGecko’s data shows that the figure has climbed to $5.5 billion, thus surpassing Solana’s SOL ($4.1 billion) and Ripple’s XRP ($1.9 billion).

    Dogecoin’s latest rally coincides with a slight resurgence of the cryptocurrency market and increased activity from whales. As CryptoPotato reported, a mysterious person (or entity) recently transferred more than 1 billion DOGE (worth over $200 million at current rates) to an unknown wallet. 

    The move triggered speculation within the crypto community, with many members trying to guess who this whale might be. Some suggestions even pointed out to Tesla’s CEO Elon Musk, an outspoken proponent of the memecoin and a HODLer.

    Not long ago, the world’s richest man said the EV giant may accept DOGE as a payment method “at some point.” Musk also promised to continue supporting the token, adding “Dogecoin to the moon.”

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    Dimitar Dzhondzhorov

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  • Coinbase’s Base Hits Record $2B in TVL as Demand Surges After Dencun Upgrade Activation

    Coinbase’s Base Hits Record $2B in TVL as Demand Surges After Dencun Upgrade Activation

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    Base, Coinbase’s layer-2 blockchain initiative for reducing Ethereum transaction fees, seems to be witnessing massive demands of increased network activity. As a result, its TVL also rose sharply, hitting a new milestone, surpassing $2 billion this week.

    One of the major reasons for the surge in activity of Base was the activation of the Dencun upgrade.

    Base’s TVL Growth

    According to data from L2Beat, Base’s current TVL stands at $2.27 billion, increasing by over 230% YTD. Over the past seven days alone, this figure has grown by almost 50%.

    This increase can be attributed to the Dencun upgrade, which significantly reduced Layer 2 transaction fees, rendering the Layer 2 network a more economical choice for Ethereum transactions. Despite a temporary increase in average transaction fees to above $1, the level of activity remained strong.

    The Dencun upgrade, which went live on March 13, aims to lower transaction fees on the many Layer 2 networks built on top of Ethereum and is being touted as a major catalyst for developers’ efforts to move towards achieving widespread scalability through these solutions.

    Prior to the important upgrade, Base was handling approximately 440,000 transactions per day, according to data from Dune Analytics. Following the upgrade, however, this figure surged to 1.1 million the very next day and continued to climb in the subsequent days, soaring beyond 2.06 million on March 16.

    Meanwhile, the daily influx of new users on Base spiked to over 666k on the same day, marking an impressive 3,200% increase compared to the average in the weeks leading up to Dencun.

    Rise in Traffic

    Base Mainnet experienced high traffic and rising fees last week, with some users witnessing transaction delays due to insufficient fees. The situation was also aggravated by certain wallets, like Coinbase Wallet, lacking transaction cancellation features.

    This uptick in activity coincided with the resurgence of the meme coin craze across the wider ecosystem. It is important to note that Solana has been a preferred venue for developers over Ethereum when it comes to launching meme tokens due to the former’s lower fee structure, easier trading, and inexpensive token presales.

    However, Dencun could potentially be a game-changer in this aspect, potentially positioning Base as the hub for the next wave of meme coin frenzy.

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    Chayanika Deka

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  • Binance Personnel Cleared of Insider Trading Allegations in BOME Controversy

    Binance Personnel Cleared of Insider Trading Allegations in BOME Controversy

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    Binance has cleared its personnel from the allegations surrounding Book of Meme (BOME), a meme coin built on the Solana blockchain.

    The move follows widespread discussions and allegations of possible insider trading associated with the “BOME rat warehouse” incident, prompting Binance to take swift action to address the matter.

    Binance Responds to Allegations

    In an official statement released on X, the exchange emphasized its commitment to maintaining transparency and fairness within the cryptocurrency market and assured users that the integrity of trading activities remains a top priority.

    According to the statement, preliminary investigation results suggest that the individual implicated in the allegations has no affiliation with Binance. However, the exchange reiterated its dedication to thoroughly examining the matter to ensure the accuracy of the findings.

    Binance also expressed gratitude for the community’s vigilance and pledged to continue investigating the issue to uphold market fairness. To encourage reporting of potential misconduct, it also announced rewards ranging from $100,000 to $5 million for reports involving currency listing and other forms of corruption.

    The controversy arose as Binance announced its decision to list BOME, offering spot trading pairs including BOME/BTC, BOME/USDT, BOME/FDUSD, and BOME/TRY, which took effect on March 16. Additionally, Binance introduced the USDS-M BOME Perpetual Contract on its Futures platform, offering leverage options up to 50 times.

    BOME Surges Amidst  “Rat Warehouse” Controversy

    Following the listing announcement, BOME experienced a huge rise, with its value surging by 345% on March 16 alone, reaching $0.02703. Trading volume also increased, soaring by 262% to $3.8 billion, pushing BOME into the ranks of the most traded cryptocurrencies, with the meme coin coming in ninth place.

    The term “rat warehouse” concerning Binance stems from discussions and controversies surrounding potential insider trading or information leaks within the platform, particularly concerning the listing of new tokens.

    Previous listing events on Binance, such as RONIN and BLUR, have demonstrated considerable volatility in token prices post-listing. RONIN witnessed a significant decline, whereas BLUR experienced a surge. These events fueled speculation regarding the potential price action of BOME following its listing on Binance.

    Describing itself as “an experimental project that is preparing to redefine the Web3 culture,” Book of Meme (BOME) is a Solana-based meme coin that aims to unite the ever-evolving meme culture within a digital “Meme book” preserved on the blockchain.

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    Wayne Jones

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  • Dogecoin Spikes 14% on Latest Elon Musk Endorsement

    Dogecoin Spikes 14% on Latest Elon Musk Endorsement

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    On March 13, Elon Musk said that Dogecoin might be accepted as a payment method for Tesla “at some point.”

    The comments came while Musk was addressing the public at a Tesla manufacturing plant in Berlin.

    Musk was asked by an audience member if the electric vehicles can be bought using DOGE in the near future. “At some point, I think we should enable that,” he responded before adding, “Dogecoin to the moon.”

    Elon Musk said he started endorsing DOGE after walking around his factories and talking to people on the production lines. “DOGE is the people’s crypto, so I will support it,” he said before adding that lots of rich people were supporting Bitcoin, but “If the people on the line want me to support DOGE, I’ll support DOGE.”

    Moreover, it is not the first time the automaker has dabbled in Dogecoin. Tesla started accepting DOGE payments for company merchandise in January 2022.

    Dogecoin Spikes Again

    Dogecoin spiked 14% immediately after the comments went viral, surging from $0.166 to $0.189 during the Asian trading session on Thursday morning.

    The doggy-themed token has now made a whopping 43% over the past fortnight as it rides on the coattails of Bitcoin, which hit an all-time high this week.

    DOGE was trading at $0.184 at the time of writing but remains 75% down from its all-time high of $0.731 in May 2021.

    It spent the first two months of this year trading around the $0.080 level before taking off in late February.

    The meme coin is the tenth largest cryptocurrency by market capitalization which is a whopping $26 billion, according to CoinGecko.

    Meme Coin Madness

    Meme coins have been pumping recently, with Shiba Inu, PEPE, and BONK surging. PEPE is up 17% on the day, dogwifhat (WIF) has surged a ridiculous 35%, and BONK has made 17% over the past 24 hours.

    The total market capitalization of all memecoins is $65.5 billion, which equates to around 23% of the entire crypto market, according to CoinGecko.

    Total crypto market capitalization has reached $2.90 trillion as it nears all-time highs. Bitcoin hit a new peak of $73,700 during Thursday morning trading in Asia, but Ethereum has retreated below $4,000.

    Binance Coin (BNB) and Solana (SOL) also performed well, with gains of 14% and 10% respectively.

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    Martin Young

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  • Shiba Inu (SHIB) Price Explodes 130% in a Week: Here’s How Many Holders are Currently in Profit

    Shiba Inu (SHIB) Price Explodes 130% in a Week: Here’s How Many Holders are Currently in Profit

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    TL;DR

    • Shiba Inu experienced a substantial price increase, outperforming major cryptocurrencies and bringing profits to a majority of its holders (at least on paper).
    • Its market cap rose notably, making it one of the top digital assets, but the token remains a risky investment due to its volatility.

    Shiba Inu’s Massive Resurgence

    The second-largest meme coin – Shiba Inu – was not among the best-performing cryptocurrencies last week when the market started booming. However, it quickly caught up with the gains recorded by Bitcoin (BTC), Ethereum (ETH), Solana (SOL), Dogecoin (DOGE), and other digital assets and even outperformed them on a weekly scale.

    SHIB currently trades at approximately $0.00002119 (per CoinGecko’s data), a 130% price increase for the past seven days.

    SHIB Price
    SHIB Price, Source: CoinGecko

    Hitting a fresh 23-month high has benefited hundreds of thousands of Shiba Inu holders who have previously invested in the token. According to IntoTheBlock, more than 63% of those with exposure to the meme coin currently sit on paper profits. The trend was much different in September last year when around 90% of holders were underwater.

    SHIB’s price explosion coincides with a considerable spike in some essential metrics related to the coin’s ecosystem. Aggregated daily volume (where each transaction exceeds $100,000) surpassed the $1 billion mark, whereas daily active addresses reached almost 30,000 (a 230% increase compared to the figure observed on March 2).

    SHIB Climbs the Crypto Ladder

    Shiba Inu’s market capitalization skyrocketed from approximately $6 billion on February 27 to $13.5 billion at the start of March. Currently, the figure hovers at the $12.5 billion level, making SHIB the 12th biggest cryptocurrency. 

    To reach the current spot, it surpassed leading altcoins, such as Bitcoin Cash (BCH), Polygon (MATIC), Polkadot (DOT), TRON (TRX), and more. 

    Despite the triple-digit price increase in a matter of days and the chance of making substantial profits, investing in Shiba Inu and meme coins remains dangerous due to the infamous volatility of the realm, meaning investors should be extra cautious when diving in.

    Those willing to deeply explore the niche, find out which are the biggest tokens, and the risks associated with them could take a look at our dedicated video below:

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    Dimitar Dzhondzhorov

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  • The Reasons Behind the Shiba Inu (SHIB) 25% Surge?

    The Reasons Behind the Shiba Inu (SHIB) 25% Surge?

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    TL;DR

    • Shiba Inu (SHIB) saw a notable price increase and a surge in market capitalization, coinciding with a general upturn in the cryptocurrency industry.
    • The rally might have been further boosted by the introduction of a new privacy-enhancing tool by the SHIB development team, signaling potential for future growth in the ecosystem.

    Shiba Inu (SHIB) Price Explosion

    The popular meme coin – Shiba Inu – has been among the best-performing cryptocurrencies in the past 24 hours, witnessing a price increase of over 25%. Moreover, its market capitalization surpassed the $8.5 billion mark for the first time in a year.

    SHIB Price
    SHIB Price, Source: CoinGecko

    Its remarkable rally comes at a time when Bitcoin (BTC) trades well above the $60K mark, while Ethereum (ETH), Solana (SOL), and many more altcoins have peaked at multi-year highs. 

    The global cryptocurrency market capitalization inches towards the $2.5 trillion level, with some industry participants expecting this to be just the beginning of a massive bull run that could last in the near future. 

    Another element that might have positively impacted SHIB’s performance as of late is the frenzy in the meme coin niche. Dogecoin (DOGE) witnessed a 30% price jump on a daily scale, Bonk Inu (BONK) skyrocketed by 40%, while dogwifhat (WIF) hit a new all-time high.

    According to IntoTheBlock, over 56% of Shiba Inu holders currently sit on paper profits. The trends were much different in September last year, when approximately 90% of SHIB investors were underwater.

    One Additional Factor

    It is worth noting that Shiba Inu’s price ascent came shortly after the development team behind the meme coin introduced a new tool for enhancing user privacy. As CryptoPotato reported, the innovation, known as “Fully Homomorphic Encryption (FHE), enables “complete on-chain data protection” to members of the SHIB community.

    Shytoshi Kusama, the pseudonymous developer leading meme coin, said that the tool is a “seminal milestone in delivering their promise to turn the SHIB community into a “nation-state” of “Shibizens.”

    Dr. Rand Hindi, an entrepreneur and CEO of Zama, chipped in, too, arguing that FHE will “catalyze the growth” of the Shiba Inu ecosystem and allow “a wide range of new use cases” on the platform. 

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    Dimitar Dzhondzhorov

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  • DWF Labs Will Buy a Whopping $10 Million of Popular Meme Coin, Price Goes Vertical

    DWF Labs Will Buy a Whopping $10 Million of Popular Meme Coin, Price Goes Vertical

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    TL;DR

    • DFW Labs commits an additional $10 million to a well-known meme coin, potentially triggering a rally for the token.
    • The investment coincides with a wider crypto market upswing, with many assets witnessing substantial price increases.

    The Web3 investment firm DFW Labs will buy $10 million worth of FLOKI tokens to double down on their commitment to the Floki Inu ecosystem. The company first disclosed its partnership with the meme coin in May last year when it purchased $5 million in the cryptocurrency.

    The funds for the latest effort will come from the specially designated Floki Treasury, while the investment will span the next two years. DFW Labs’ initiative aims to solidify the meme coin’s position and help it become a leader in its field.

    FLOKI’s price skyrocketed by 35% mere minutes after the revelation, reaching a 10-month high. Additionally, its market capitalization neared the $500 million mark for the first time since Q1, 2023.

    FLOKI Price
    FLOKI Price, Source: CoinGecko

    The asset’s upswing coincides with a broader resurgence of the entire cryptocurrency sector, with Bitcoin (BTC) soaring to $57,000 and Ethereum (ETH) exceeding $3,200.

    FLOKI is not the only meme coin to have experienced a significant price rally in the past 24 hours. Pepe Coin (PEPE), Bonk Inu (BONK), and dogwifhat (WIF) are up by double digits, while the market capitalization of the niche has surpassed $26 billion.

    The leading ones – Dogecoin (DOGE) and Shiba Inu (SHIB) – are also well in the green, albeit in a more modest fashion, charting gains of 12% and 9% (respectively).

    Those willing to learn more about the different types of meme coins, their purposes, specifics, and risks, feel free to take a look at our dedicated video below:

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    Dimitar Dzhondzhorov

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