In recent developments within the cryptocurrency market, an online trading platform based in Switzerland has opted to expand its offerings by incorporating seven new meme cryptocurrencies. Meme coins, which have emerged from internet memes or viral content, have previously garnered notable attention and investment. The newly added coins include popular names such as PEPE, Shiba Inu, DOGWIFHAT, Bonk, Floki, along with tokens related to Donald Trump and Melania Trump.
Despite the initial excitement surrounding these meme coins, the broader cryptocurrency market is experiencing a downturn, having lost 5% of its total market capitalization within a single day, resulting in a valuation of approximately $3.4 trillion. This market correction has similarly impacted the newly listed meme coins, leading to significant price declines.
For instance, the PEPE token, which is currently positioned among the top cryptocurrencies, witnessed a 16% drop in value over the last day and 22% over the previous week, bringing its market capitalization down to over $5 billion. Similarly, Shiba Inu (SHIB) has seen a 7% decrease, trading at around $0.0000183.
Among the various new tokens introduced, DOGWIFHAT stands out as a unique entrant in the meme coin space, drawing intrigue for its branding that features a Shiba Inu dog wearing a wool cap. Notably, its market capitalization surged from below $1 million to over $350 million within a short period in late 2023.
Meanwhile, the TRUMP tokens, which were launched alongside other politically themed cryptocurrencies, are also experiencing a decline. Despite maintaining a market valuation above $5 billion, the TRUMP token has suffered an 8% drop in the past day, culminating in losses exceeding 40% on a broader scale.
Melania Trump’s meme token has similarly faced challenges, recording a 3% decline in a single day and a staggering 62% decrease over the week. This particular asset had originally caused a stir with trading volumes exceeding $20 million shortly after its introduction, reflecting a growing interest in politically motivated digital currencies. However, that enthusiasm appears to have subsided.
As the online trading sector continues its trend of growth, driven by an increasing number of brokers providing services and a rising number of users exploring trading opportunities, it remains to be seen how these new meme cryptocurrencies will adapt in a fluctuating market. With investing in digital assets being associated with high risk, caution is advised for potential investors. The combination of volatile market behavior and the nature of meme coins may further complicate their long-term viability and success.