As a seasoned analyst with over two decades of experience in the ever-evolving world of cryptocurrencies, I find myself observing a fascinating development in the meme coin market. The once-popular coins Floki (FLOKI) and Dogwifhat (WIF) are experiencing a significant dip, while their competitors Shiba Inu (SHIB), Dogecoin (DOGE), Popcat (POPCAT), Mog Coin (MOG), and Cat in Dogs World (MEW) are showing signs of resilience.
The mid-level meme-based cryptocurrencies Floki (FLOKI) and Dogwifhat (WIF) are currently among the worst performers in the top 100 list of cryptocurrencies today. This poor performance is not only due to overall market uncertainty but also because of increasing excitement surrounding the possible meme coin projects from Tron, which may be causing these coins to lose their liquidity.
FLOKI, WIF meme coins hit by market apathy
On August 23, 2024, popular meme-based cryptocurrencies such as Floki (FLOKI) and Dogwifhat (WIF) are experiencing a decline in their value. Among the top 100 cryptocurrencies, Floki (FLOKI), which has dropped by over 3.8%, is performing the worst, according to data from CoinGecko tracker.
In simple terms, Dogecoin-like token (WIF) that operates on the Solana network experienced a 1% decrease in value over the night, approaching a market capitalization of less than $1.6 billion.
As a researcher, I’m observing a noteworthy trend in the crypto market over the past 24 hours. Specifically, both Floki (FLOKI) and Doge Whisky (WIF) seem to be lagging behind, while the overall market benchmark suffered a minor loss of 0.2%. Intriguingly, Bitcoin (BTC), the leading cryptocurrency, has managed to gain 0.3% during this period. This discrepancy in performance between these tokens and Bitcoin is worth further investigation.
On the other hand, the leading meme coins, Shiba Inu (SHIB) and Dogecoin (DOGE), show positivity as they experience upticks of about 1-2%.
The digital currencies related to cats, namely Popcat (POPCAT), Mog Coin (MOG), and Cat in Dogs World (MEW), experienced growth. Popcat saw an increase of 8%, while Mog Coin and Cat in Dogs World rose by approximately 3.5% each.
Tron (TRX) meme coin mania steals SHIB, WIF, DOGE‘s thunder
Regardless of conflicting indications, the combined market value of meme coins has risen by 4.5% over the past day; moreover, trading activity is significantly increasing.
A significant amount of funds from the meme coin market has been introduced into the innovative SunPump platform, a group of tokens nurtured by the recently launched Tron-supported meme cryptocurrency incubator. This project has gained the support of Justin Sun and has been active for the past two weeks.
Lately, it has significantly surpassed Pump.Fun, a Solana-focused competitor, by generating approximately 60% more fees.
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2024-08-23 17:09