- Solana and Base-based and AI meme coins have seen a resurgence in their price in the past day.
- Venture Capitalists and crypto funds have expressed interest in meme coins and the total market cap has crossed $51.47 billion.
- Crypto analyst predicted meme coin supercycle citing interest from hedge funds.
Meme coins are typically considered more speculative than the rest of cryptocurrency categories. Despite the label, hedge funds and institutional investors have warmed up to meme coins this cycle.
A recent Bloomberg report says hedge funds are finding the “siren song” of meme coins irresistible.
Meme coins see price rally
Dogwifhat (WIF), Bonk (BONK), Book of Meme (BOME), Popcat (POPCAT) among others have seen a resurgence in their prices on Sunday. A Bloomberg report from last week cites the gains in WIF and notes how meme coins like this have drawn venture capitalists and hedge funds to meme coins.
Stratos is one of the hedge funds that dived into the sector. Pantera Capital commented on the sector and said, “meme coins are here to stay.” Data from Dex Screener has shown meme coins registering the highest trading volume on DEXes. The overall market capitalization of the sector is $51.47 billion, as seen on CoinMarketCap.
Solana-based meme coins
Base-based meme coins Brett (BRETT), Dege (DEGEN), Toshi (TOSHI), mfercoin (MFER), NORMIE have noted between 6% and 76% gains in the past day.
Base-based meme coins
The difference between previous cycles and the ongoing ones is that the meme coin infrastructure has become relatively more robust. Liquidity for several meme coins on Solana, Base and in the AI category has increased this cycle, there is higher trade volume across centralized exchanges. These developments have likely contributed to hedge fund’s interest in the category.
Crypto analyst behind the X handle @0x_gremlin says a meme coin supercycle is incoming and states that the massive spike in meme coin market capitalization, simple and easy to understand nature of the assets and the rising popularity of gambling are few of the factors influencing these tokens.
Several memecoins have hit the $1 billion mark this year, outperforming 90% of the tokens in the crypto sector.
— Xremlin (@0x_gremlin) April 27, 2024
Many held strong even when the market got shaky.
With increasing interest from retail and funds, it looks more likely than ever that we're heading into a supercycle,… pic.twitter.com/GTb6i3UsnU
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Could Worldcoin price shoot up 45% ahead of OpenAI’s live stream on Monday?
Worldcoin has formed a double bottom around a key support level, suggesting a potential accumulation. If the OpenAI’s Monday live stream has a positive impact on Artificial Intelligence field, it could positively impact WLD and other AI-based tokens.
Here’s what needs to happen for The Graph price to revisit $0.422
The Graph price trades inside the $0.192 to $0.494 range. Investors need to wait for GRT to overcome $0.343 before being bullish on GRT. If successful, GRT could rally 50% and revisit the $0.422 hurdle. A decisive daily candlestick close below $0.192 will invalidate the bullish thesis.
SingularityNET price could bounce 30% if AGIX can hold this level
SingularityNET price has been consolidating around the bottom of the $0.903 to $1.475 range for nearly a month. With some AI-tokens showing signs of revival, AGIX needs to be enalyzed for potential breakout opportunities like Arkham (ARKM).
Arkham price primed for a recovery rally ahead of OpenAI’s announcement
Arkham price eyes a potential reversal as it clears key hurdles. ARKM likely to rally 27% if it can overcome $2.74 resistance level. A breakdown of $2.28 wil invalidate the bullish thesis for the AI-based token.
Bitcoin: Why BTC is close to a bottom
Bitcoin (BTC) price efforts of a recovery this week have been countered by selling pressure during the onset of the American session. However, the downside potential appears to have been capped. Markets have noted significant trading differences between sessions, and while the Asian market showed strength, whatever ground they were able to cover was oftentimes wiped out by traders in the US.