Table of Contents
Popular meme tokens on the Ethereum ecosystem, such as PEPE, FLOKI, and SHIB, have experienced a sharp increase in value, rising as much as 69%, 29%, and 28% in the past 24 hours.
The rise in the meme coins, which have gained 25% on average over the last day, is viewed as a means to bet on the development of a blockchain and is extending to tokens on other networks. Overall, the meme coin industry’s market capitalization has increased by 15% in the 24 hours alone, reaching $53 billion.
Let’s look at the top cryptos to watch this week in this blog.
#1 Pepe (PEPE)
PEPE, a deflationary memecoin introduced on the Ethereum blockchain, pays homage to the Pepe the Frog internet meme originated by Matt Furie in the early 2000s. Embracing the trend of meme coins akin to Shiba Inu and Dogecoin, PEPE aspires to position itself as a prominent meme-based cryptocurrency. The project distinguishes itself by adopting a no-tax policy and openly acknowledging its lack of utility, embracing simplicity and purity as a memecoin to resonate with the cryptocurrency community.
Setting itself apart in the meme coin market, PEPE leverages the enduring and controversial legacy of Pepe the Frog, a character that holds a significant place in internet culture. The project’s commitment to honoring this character sets it apart from other cryptos and enhances its appeal within the crypto community.
The price of Pepe (PEPE) on WazirX is INR 0.0006545 today. According to CoinMarketCap, the 24-hour trading volume of PEPE is $3.4 Billion, with a circulating supply of 420.69T PEPE and a market cap of $3 Billion.
PEPE is experiencing a significant surge, leading the meme coin market with a remarkable 70% spike over the past 24 hours. Amidst the broader rally in meme coins like Shiba Inu, Bonk, dogwifhat, and Floki, PEPE stands out as the biggest gainer, showcasing resilience despite mild corrections observed in other assets. The meme coin’s enormous gains over the past week, totaling 411%, have propelled it to the top spot among the largest gainers. With PEPE conquering multiple resistance points and the meme coin market cap crossing $51 billion, increased trading volumes and buying pressure contribute to its ongoing uptrend.
#2 Floki (FLOKI)
Floki (FLOKI), the people’s crypto and utility token within the Floki Ecosystem, emerged from the Shiba Inu community, inspired by Elon Musk’s Shiba Inu.
Floki Inu, driven by community enthusiasts, pursues four pivotal utility projects. These include:
- Valhalla, an NFT gaming metaverse,
- a suite of decentralized finance products under “FlokiFi,”
- an NFT and merchandise marketplace called FlokiPlaces, and
- an educational platform titled the University of Floki.
With a vision for long-term autonomy and decentralization, Floki engages in strategic partnerships, builds utility into the token, and develops use cases for the Floki brand through NFTs, games, and decentralized finance features. Partnerships with notable projects like Chainlink, Trader Joe, and ApeSwap for the FlokiFi Locker underscore Floki’s commitment to a multifaceted and robust ecosystem.
The price of Floki (FLOKI) on WazirX is INR 0.01398 today. According to CoinMarketCap, the 24-hour trading volume of FLOKI is $1.17 Billion, with a circulating supply of 9.57T FLOKI and a market cap of $1.43 Billion.
FLOKI is experiencing a significant surge, attributed to a recent proposal within the Floki DAO to reduce the total supply by a substantial 190 billion tokens, equivalent to a 2% reduction in circulating supply. Following community approval of the proposal, FLOKI’s price surged by over 100% yesterday and an impressive 343% in the last 7 days. The proposed token burn, aiming to remove tokens valued at $11 million from circulation, aims to enhance network security and bolster investor confidence. This move, coupled with the overall enthusiasm in meme coin investments and a recent positive vote by the community, contributes to FLOKI’s current trading value of $0.0001663, reflecting a 30% increase in the past 24 hours.
#3 Shiba Inu (SHIB)
SHIB stands as a decentralized and community-driven currency embraced by millions globally. Originating in late 2020 on the Ethereum blockchain, the SHIB token has evolved into a global sensation, gaining acceptance as a payment method at numerous locations, either directly or through intermediaries. Shiba Inu coin, launched anonymously in August 2020 under the pseudonym “Ryoshi,” holds a mystique around its creator, who dismisses personal importance and suggests that any attempt to unveil their identity would yield underwhelming results.
The price of Shiba Inu (SHIB) on WazirX is INR 0.002291 today. According to CoinMarketCap, the 24-hour trading volume of SHIB is $4.17 Billion, with a circulating supply of 589.29T SHIB and a market cap of $15.45 Billion.
Shiba Inu (SHIB) continues its upward trajectory, surging by 33.78% in the last 24 hours to reach $0.00002663. Over the past seven days, SHIB has witnessed a remarkable growth of 177%, complemented by a 196% increase in valuation over the last month. Breaking through the longstanding $0.00001 resistance level, SHIB achieved a year-to-date high of $0.00002742, indicating the potential for further price rallies. The current bullish market sentiment, driven by Bitcoin’s parabolic run, contributes to SHIB’s surge. Additionally, the burn rate sentiment, with 68,774,992 SHIB taken out of circulation in 24 hours, supports the deflationary trend, potentially propelling SHIB to another historic rally.
Disclaimer: Cryptocurrency is not a legal tender and is currently unregulated. Kindly ensure that you undertake sufficient risk assessment when trading cryptocurrencies as they are often subject to high price volatility. The information provided in this section doesn't represent any investment advice or WazirX's official position. WazirX reserves the right in its sole discretion to amend or change this blog post at any time and for any reasons without prior notice.
