Meme Coins surged to the top of the gainers list on Friday buoyed by a surge in Bitcoin prices and upbeat investor sentiments. Among the top gainers, BONK, MOG, BRETT, FLOKI, and WIF gained the most being among the top 10 gainers for the day.
At the press time, BONK was trading up 20.43% while MOG surged 20.9%. Both BRETT and FLOKI gained over 13% individually while WIF rose over 7%.
As usual, Bitcoin still has a significant impact on the whole cryptocurrency industry. It has recovered remarkably from its $55,000 low and is currently trading at $67,248.20 as of this writing. As Bankless Times previously reported, Meme currencies often appreciate in tandem with Bitcoin. Furthermore, the market is fearful as indicated by the Crypto Fear & Greed Index, which is now at 40.
While there is some negativity in the market, it is not overwhelming. When opinion turns more neutral or optimistic, some investors see this as a chance to buy and expect a recovery. As market fear subsides, astute investors decide to rejoin the market. In the end, the current meme coin spike is being driven by these two variables.
Meme Coins See Upbeat Investor Sentiments
As the Bitcoin (BTC) boom gears up once again, the meme coin season has picked pace and is moving forward. That’s a remarkable accomplishment given that meme currencies are sometimes attacked for being purely speculative and for having no real use case or benefit. Since late last year, these currencies have found a new home on the programmable blockchain Solana, which is both speedier and less expensive than its rival Ethereum. The meme craze briefly caused record-breaking network traffic on Solana during the first quarter, which caused SOL’s price to rise above $200 for the first time since November 2021.
What Makes Meme Coins Interesting?
Meme coins are cryptocurrencies that use viral appeal and funny branding to draw users and investors. Memes, in contrast to traditional cryptocurrencies, frequently serve no purpose other than amusement. Their value and appeal are driven by social media trends and community involvement. Despite the fact that buying meme coins can be both dangerous and speculative, they have been very popular recently. Meme coins have the potential to yield enormous gains, but before investing, investors should proceed with care and do extensive study.
