TL;DR
- Peanut the Squirrel (PNUT) and FRED, two animal-inspired memecoins, have seen spectacular increases, reaching valuations of $1.73 billion and $169 million.
- Pepe (PEPE) has recorded a 120% growth in the last week, driven by its inclusion in major exchanges like Robinhood and Coinbase.
- The leading memecoins in the market, such as Dogecoin (DOGE), Shiba Inu (SHIB), and Bonk (BONK), have also experienced significant increases.
The explosion in popularity of memecoins has led to a sharp rise in demand for new tokens. Dogecoin (DOGE) has pioneered the market, and several competitors have reached impressive figures in a short amount of time.
One of the most notable is Peanut the Squirrel (PNUT), a token based on the viral story of a squirrel that was sacrificed by New York authorities after being considered a rabies risk. The controversy surrounding its death, exacerbated by Elon Musk’s support for the cause, catapulted PNUT to a valuation of over $1.73 billion, recording a 1,559% increase in just one week.
The Impact of Internet Viralization
Another memecoin involved in this story is FRED, based on a raccoon that was also sacrificed in the same incident. FRED saw a 613% increase in the last 24 hours, reaching a market cap of $169 million.
The popularity of memecoins has created a sort of “domino effect.” Other animal-inspired cryptocurrencies that went viral have also seen exponential growth. For example, tokens like Harambe, Keyboard Cat, and Moo Deng have increased in value between 92% and 128%, taking advantage of the fervor of the community that feeds off stories quickly spreading through the internet.
On the other hand, Pepe (PEPE), another highly recognized memecoin, has seen a huge increase after its inclusion in major crypto exchanges. The cryptocurrency rose more than 30% in one hour, fueled by the announcement that Robinhood would list it.
Additionally, the trend was reinforced by a similar announcement from Coinbase, further increasing its visibility. Currently, Pepe (PEPE) is priced at $0.00002057 and has risen 60% in the last 24 hours and an impressive 120% in the past week.
How Did the Leading Memecoins Perform in the Market?
This has been the performance of the most important memecoins in the industry over the last week: Dogecoin (DOGE) has increased by 107% and is priced around $0.4047. On the other hand, Shiba Inu (SHIB) rose by 44% and is currently priced at $0.00002672 per unit. dogwifhat (WIF) surged by 62.5% and is being traded at $3.81 per token. Finally, Bonk (BONK) also had an excellent performance, rising by 90% and reaching a price of $0.00004186.