Meme Coins
Home” Meme Coins” Moo Deng, Popcat, and Neiro skyrocket as meme coin market cap strikes $55 billion
by
Estefano Gomez
Oct. 7, 2024
Bitcoin has actually supported with a 2% gain, trading at $63,800 after dipping previously this month. Bitcoin has actually bounced back, meme coins have actually taken the spotlight.
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The meme coin market cap has actually risen to almost $55 billion, driven by the explosive development of tokens like Moo Deng, Popcat, Neiro, and Mog Coin. As traders flock to these meme coins, they have actually become clear winners in the middle of Bitcoin’ s current stability.
In spite of these gains, the crypto market stays on edge, with lots of traders changing their positions. According to CoinGlass, over $200 million in liquidations took place over the previous 24 hours, with 60% of those being brief positions. Bitcoin’ s capability to discover assistance at crucial levels has actually offered a structure for meme coins to take off in worth.
While Bitcoin has actually traded fairly sideways, moving carefully up-wards, meme coins have actually been controling the marketplace. Coins like Popcat, Moodeng, Neiro, and Mog Coin have actually risen.
Popcat, a Solana-based token, has actually seen a 40% increase in a week, sustained by technical purchasing and a breakout from a rising triangle pattern. Its market cap now stands at $1.4 billion, with traders considering the capacity for additional gains.
Moo Deng, influenced by the Thai zoo hippo, saw a 480% boost in 24 hours following a social networks reference from Ethereum co-founder Vitalik Buterin. Buterin offered 10 billion MOODENG tokens for 308.69 ETH (worth $762,000), contributing the earnings to charity.
His talk about meme coins being “ maximally positive-sum for the world” has actually just increased the buzz surrounding these tokens. Furthermore, Neiro and Mog Coin have actually gotten considerable traction, with Mog rising by 18% and Neiro by 50% in the last 24 hours.
Crypto trader Daan Crypto Trades highlighted the shift in belief around meme coins, mentioning,
In 2017, discussing any meme coin besides $DOGE was discredited. Now, the majority of people choose memes over ‘ regular coins.
Bitcoin s current stability, helped by expectations of possible Federal Reserve rate cuts, has actually supplied meme coins the chance to rise. Traders are significantly looking for high-risk, high-reward chances in speculative possessions. While United States Treasury yields climbed up above 4% and international crypto financial investment items saw a net outflow of $147 million recently, meme coins are prospering.
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