Meme Coins Ride Bitcoin’s Wave
Bitcoin just crossed $113,000 for the first time, and—no surprise—meme coins are tagging along for the ride. Dogecoin (DOGE), the old guard of the category, is up about 7% in the last day, trading around $0.186. But the real action? That’s happening with newer, quirkier tokens.
Take PENGU, the Solana-based coin tied to Pudgy Penguins. It’s shot up 29% in 24 hours, hitting $0.019 and becoming the biggest gainer in the top 100 cryptocurrencies by market cap. Not far behind is Dogwifhat (WIF), another Solana meme coin, up nearly 14% to $1.01. Together, these three—DOGE, PENGU, and WIF—have racked up over $4.5 billion in trading volume. That’s… a lot of internet money changing hands.
The Smaller Players Join the Party
It’s not just the big names. Solana’s Bonk (BONK) and Fartcoin (FARTCOIN) are up 13% and 12.5%, respectively, though with thinner trading volume. Still, they’re helping push the entire meme coin category up by about 10% overall—outpacing even Bitcoin and Ethereum.
BONK, in particular, has had a solid week, climbing 39% since its LetsBonk launchpad started gaining traction. Then there’s Moo Deng (MOODENG), up 13% as its namesake pygmy hippo celebrates its first birthday. Last week, the token surged 30% after the Khao Kheow Open Zoo announced party plans. Yeah, that’s the kind of logic we’re working with here.
Other 2024 favorites like NEIRO and FWOG aren’t sitting this one out either, jumping 12% and 18%. Even older Solana meme coins—Peanut the Squirrel (PNUT) and Popcat (POPCAT)—are up 22% and 16%. It’s like a nostalgia rally, but for tokens that barely existed a year ago.
The Long Shots and the Risks
Further down the list, SPX6900—the Ethereum token that dreams of rivaling the S&P 500’s market cap (still not happening)—is up 5% to $1.54. It’s about 11% off its June peak, but some traders think it could climb further. Maybe.
Here’s the thing, though: meme coins are volatile. Most don’t last. They’re tied to trends, jokes, or animals in zoos, and while a few people make life-changing money, plenty more lose it. The hype can be fun, but it’s not exactly… stable.
Still, for now, the party’s on. Whether it lasts is another question entirely.
