Everyone in the crypto space is aware of Dogecoin or Shiba Inu. These meme cryptocurrencies, also known as memecoins, are making headlines every now and then about how they rise astronomically in price in a very short period of time.
Now Pepe leads the way in the memecoin season, but it’s not just about this one project. Let’s have a look at where it stands as well as other successful memecoins at the moment.
Pepe (PEPE), a meme token that came out of nowhere in the middle of April, conquered the crypto space. At its launch, the token had a market cap smaller than $1 million.
Related article: Top crypto memes that everyone should know (part II.)
Now it is officially the third biggest memecoin, just behind Dogecoin and Shiba Inu, with a staggering $550 million market cap. This valuation was achieved in only a little more than 2 weeks!
Pepe token chart, source: coinmarketcap.com
Needless to say that this token was listed on many prominent exchanges like OKX or Huobi, boosting the rally even more. Pepe became the most traded memecoin, with an eye-whopping trading volume of $526 million.
But Pepe is not the only player here. A memecoin called “BOB” is also up by over 1,000% in just the last week, and it rose by much more than that since its launch. Now it’s valued at around $50 million. However, it is only listed on Uniswap, Poloniex, and OpenOcean.
BOB token chart, source: coinmarketcap.com
Those who are familiar with memes will also know Wojak (WOJAK). This memecoin skyrocketed almost 10x in the last 5 days only. It’s also one of the most watched memecoins with a market cap of $42 million. However, it is listed on many more exchanges than BOB.
WOJAK has been listed on Uniswap, Gate, Huobi, MEXC, and several other big crypto exchanges. It has gained dangerously strong momentum that doesn’t seem to know the end. All these fast gains remind the memecoin mania from 2021, but isn’t it too late?
Wojak token chart, source: coinmarketcap.com
Remember the risks
While these coins may deliver life-changing gains, they can also drop just as hard. Memecoins will only rise as long as there is space for growth. But once they become “too big,” the market crash is inevitable.
Even Shiba Inu and Dogecoin are still down about 90% from their all-time highs. One of the reasons for this is that their market cap is already in billions of dollars.
Read more: Less than 1 year till Bitcoin halving – are you ready for bull market?
But the most important fact to remember is that 99% of memecoins are scams. It is not easy to pick the right one that will do 100x. Several memecoins are created every day with a nefarious goal in mind.
Most of these memecoins only attract a few people to invest and then dump their tokens, withdrawing all the liquidity. The creators of these memecoins are the ones who profit in most cases. Keep in mind that investing in memecoins is a pure gamble.
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