Crypto News- In February, trading volumes for memecoins on Ethereum saw a staggering 61% surge compared to January, hitting a whopping $6.4 billion. Memecoins, those whimsical cryptocurrencies inspired by internet memes and viral trends, have been causing quite a stir in the crypto market.
These coins, devoid of any intrinsic value, derive their worth from the attention they attract from traders and speculators. It’s not about utility; it’s about how well the meme resonates with the trading community.
Ethereum Memecoins Break Records: 6.4 Billion Dollars Traded Amid Viral Craze!
The explosion in prices was particularly notable for memecoins on the Ethereum blockchain, with market capitalizations surpassing $1 billion. Pepe, Shib, and Doge saw meteoric rises of 292%, 57%, and 59%, respectively.
But it’s not just the big players hogging the spotlight. Smaller market cap memecoins on Ethereum, like MOG and GROK, experienced mind-boggling increases of 920% and 172% from January to February. MOG boasts about its cosmic dominance and success distilled into ERC-20 tokens, while GROK, inspired by Elon Musk’s GROK AI, aims to create a community of AI enthusiasts who love saving the world through memes.
Meme Magic: The Wild Ride of Memecoins on Ethereum and Beyond
While memecoin trading was previously dominated by Solana in December, the action has now shifted back to the Ethereum mainnet. Even Telegram trading bots, popular apps simplifying on-chain trading through the messaging platform, have followed suit.
Despite Ethereum’s dominance, memecoins have found success on other chains too. Take WIF, a popular Solana memecoin named after a dog in a pink knit hat. It skyrocketed to an all-time high of $1.10, boasting a market cap of $1.1 billion since its launch in December.
Meanwhile, over on Base, an Ethereum layer 2 blockchain, Toshi, the native memecoin named after Coinbase CEO Brian Armstrong’s cat, hit an all-time high of $0.00018, pushing its market cap over $75 million.
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