By Anjali Kochhar
Memes are perhaps the one thing that cryptocurrency fans love more than digital assets in general. The increase in Bitcoin last week gave rise to a new wave of memes centered around cryptocurrency.
The biggest cryptocurrency by market value, Bitcoin, gained more than 25% over the previous two weeks to around $35,000 on Wednesday, its highest level in roughly 18 months, on growing anticipation that the US Securities and Exchange Commission will approve exchange-traded funds that invest directly in the cryptocurrency. Although there remain present traces of the industry’s previous troubles, the breakout gives bulls some hope. Sam Bankman-Fried defended himself against criminal allegations arising from the collapse of his cryptocurrency exchange, FTX, just last week. His plea is not guilty.
Along with Bitcoin, memecoins like Pepe Coin (PEPE) found an upswing. According to data from cryptocurrency market tracker CoinGecko, the coin based on the early 2000s internet trend of a green anthropomorphic frog surged 77% on Friday compared to the previous week. According to data tracker CoinMarketCap, Pepe Coin, which was launched this year, shot to a market value of more than $1 billion in May before turning around and falling more than 60% in the days that followed.
Meme activity was somewhat dampened by the downward market, particularly in terms of market value, but it remained relatively active, according to Noelle Acheson, the writer of the Crypto is Macro Now newsletter. “Meme tokens will increasingly come to symbolize the lighthearted, Yo-lo aspect of cryptocurrency investing as sentiment grows more optimistic.
Memes have been a part of the cryptocurrency space since its inception, ranging from Baby Yoda to Bob Ross. In 2013, they started trading as digital tokens called memecoins. Dogecoin, which is frequently referred to as the first memecoin, was estimated by data company CoinMarketCap.com to be worth as much as $50 billion in 2021. Elon Musk’s tweets featuring memes based on Dogecoin catapulted the cryptocurrency to fame and spawned other dog-themed memes coins like Shiba Inu. There are hundreds of memecoins available today, with market prices ranging from nearly nothing to at least $100 million.
About the author
Anjali Kochhar covers cryptocurrency stories in India as well as globally. Having been in the field of media and journalism for over three years now, she has developed a sharp news sense and works hard to present information that goes beyond the obvious. She is an avid reader and loves writing on a wide range of subjects.