For the past 30 days ending May 14, meme coin prices surged despite the overall market continuing to capitulate from mid-March highs following Bitcoin notching a two-year plus all-time record price high. Pepe Coin (PEPE), Bonk (BONK), and Floki (FLOKI) all led cryptocurrency gains. Floki moved 34% higher on crypto exchanges. Pepe went parabolic 110%.
Meanwhile, Bitcoin ETF issuer VanEck launched a Meme Coin Index, a big break for dog money on Wall Street. Meme finance is so hot in May that the original meme stock, Gamestop (NYSE:GME), moved up the chart over 100% this week, after the Reddit WallStreetBets forum member who led its first bull run in Jan. 2021 posted for the first time in three years.
Meme Coins: Are The Dog Days Over?
As theCryptoBubbles.net graphic above shows, the ROI is coming in dank this year:
When it first launched just last year, PEPE boldly predicted, “The Dog Days Are Over.”
Not that e-currencies like Dogecoin, Pepe Coin, and Bonk are going anywhere. With potentially millions of users and market capitalizations of $21 billion, $4.6 billion, and $1.5 billion for these three coins, respectively, they’re now small economies in their own right.
And Dogecoin was once a $4.6 billion market cap coin, and Pepe was once a $1.5 billion “joke” blockchain project. So they could be well on their way to greater adoption in the future. Dogs like Dogecoin, Bonk, and Shiba Inu are probably here to stay.
But their early return percentages probably are not.
The big doge currencies still check out, but they’re older memes now. Unfortunately for crypto investors late to get these pieces into their bags, they have already outgrown the ultra-steep early adoption curves of so many new Internet currencies in the 2020s.
Doge coins are simply not secrets anymore, new currencies that start off their product life cycle worth basically $0 on the open crypto exchange market.
Early investor returns on the most successful projects in meme currency are so unbelievable that most people won’t bother to pounce on these opportunities even though they absurdly outperform Bitcoin and most stocks.
The Best Kept Secret In Crypto Altcoin Markets
After just 12 months on the market, PEPE may already be a conservative investment that cannot deliver the kind of moonshot price launches that successful new projects can.
So if the dog days are over and the frog days are too, where is an impatient altcoin degenerate with a low loss aversion to look for new meme coins that can really take flight?
Although this is probably not a strategy a typical financial advisor would recommend, or that you would be likely to find in any classical investing text, and actually sounds totally insane– one way to appraise new meme coins prospects’ is to ask: Would anime fans dig this?
Dogecoin was the first meme coin and today it is a Top 10 cryptocurrency by market cap. The effigy gracing the coin and several of its successful peers is the Doge meme from 2013.
The Shiba Inu is a popular Japanese dog breed, so anime fans love it.
The Pepe meme, meanwhile, became popular on the 4/chan boards. The power users on this *not safe for work* website are big fans of anime.
One theory gaining traction in the altcoin community in Q2 2024 is that cat memes are up next for adorable big launches and super cute enormous rallies.
Are Cat Memes Ethereum’s Next Big Opportunity?
Anime fans are crazy about cats.
In fact, if you Google “anime dogs” you only get 148 million results (two commas). If you search “anime cats” you get 1.7 billion results (three commas!).
One new meme coin project with a cat meme denomination, Kai Cat (KAI) on Ethereum is in presale in May. It’s the last chance altcoin gem hunters have to buy the coin at the same fixed price before it starts fluctuating as investors trade it on multi-billion crypto liquidity markets.
After that standout success of PopCat (POPCAT) earlier this year, that might be one worth looking into for investors trying to catch the next big ride up to the moon for some of their extra savings that they can comfortably and responsibly venture.
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