Meme Cash are bouncing once more, with 1,000% will increase in a matter of hours now being the order of the day. With so many new meme cash doing nicely out there, it is beginning to appear to be a repeat of the notorious 2021 meme coin season. In contrast to 2021, nevertheless, this time an entire new set of tokens is main the cost.

Pepe Coin (PEPE) sparks new meme run

Earlier than Pepe Coin (PEPE) launched in mid-April, meme cash had turn into one other staple in the marketplace, simply shifting with the general crypto market development. Nevertheless, PEPE would go from a market cap of $50,000 to over $600 million in lower than three weeks, and what adopted was euphoria that sparked one other meme coin bull run.

Quite a few different meme cash have entered the market because the success of PEPE, and plenty of have discovered success throughout a number of chains as nicely. An instance of that is the AIDOGE meme coin, which launched across the identical time as PEPE on the Arbitrum blockchain and elevated the worth of the cryptocurrency by 100x within the two weeks that adopted.

Following the efficiency of those two meme cash, exercise on each blockchains elevated considerably as new cash hit the market. New gamers reminiscent of WOJAK and SHIBAI have been added over the following two weeks, each of which have been additionally listed on a number of centralized exchanges.

Ethereum decentralized change trading quantity is now dominated by these new meme cash in addition to the newly listed token websites on the 2 on-chain information aggregators Coinmarketcap and CoinGecko.

OG meme cash take a again seat

Whereas plainly meme season is in full swing once more, the unique meme cash are having fun with not one of the motion. As an alternative, cryptocurrencies like Dogecoin (DOGE) and Shiba Inu (SHIB) are nonetheless posting losses at a time when these new meme cash are doing extremely nicely.

For instance, DOGE is altering fingers on the time of writing this text at a value of $0.07822, with 24-hour losses of 0.84% ​​and 7-day losses of 0.08%. Likewise, SHIB is down 1.28% during the last day and is trading at $0.000009875. On the weekly timeframe, it fared even worse with a 2.97% drawdown.

DOGE sees losses on the 24-hour chart | Supply: DOGEUSD on TradingView.com

Clearly, traders are searching for newer meme tokens to catch the following 100x, and cash like DOGE and SHIB have already outgrown such returns. Therefore the explanation why new meme cash are getting all the eye proper now.

One thing traders ought to take into account is the big variety of rugs which are additionally utilized by scammers to benefit from unsuspecting revenue seekers. So it is essential to analysis new cash earlier than shopping for them to ensure they don’t seem to be honeypots or carpets.

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