{"id":527553,"date":"2024-03-05T10:57:09","date_gmt":"2024-03-05T08:57:09","guid":{"rendered":"https:\/\/mybroadband.co.za\/news\/?p=527553"},"modified":"2024-03-05T10:57:09","modified_gmt":"2024-03-05T08:57:09","slug":"memecoin-craze-returns","status":"publish","type":"post","link":"https:\/\/mybroadband.co.za\/news\/cryptocurrency\/527553-memecoin-craze-returns.html","title":{"rendered":"Memecoin craze returns"},"content":{"rendered":"

It\u2019s memecoin season in the\u00a0digital asset market<\/a><\/strong>, once again.<\/p>\n

Some of the most speculative cryptocurrencies introduced in the past few years are trading at record highs.<\/p>\n

And old favourites such as Dogecoin are outperforming Bitcoin while the original digital asset approaches its peak price reached during the pandemic-fueled rally more than two years ago.<\/p>\n

Pepe, a frog-themed coin, and Dogwifhat \u2014 yes, a dog pictured wearing a hat \u2014 have been racking up fresh highs almost daily, according to data tracker CoinGecko.<\/p>\n

With most memecoins trading around a dollar or less, traders are piling into futures on 1,000 tokens per contract to help magnify price moves.<\/p>\n

\u201cRetail is hearing about the large crypto run-up from the Bitcoin ETFs, and has re-entered the market buying all the cheap coins,\u201d said Jordi Alexander, founder of digital-asset trading firm Selini Capital.<\/p>\n

\u201cPEPE and WIF are some of the new entrants of this cycle compared to last, as well as BONK. DOGE and SHIB getting a bit of comeback also \u2014 the key question is do dogs keep the lead, or is there a faster animal?\u201d<\/p>\n

Memecoins have long been a phenomenon among retail crypto investors and promoters, who see the microscopic prices as an opportunity to quickly post huge returns despite the lack of traditional fundamentals.<\/p>\n

The token Shiba Inu was considered the most popular in the last bull market, while Dogecoin is viewed as the original memecoin by many in the industry.<\/p>\n

Traders are positioning PEPE, WIF and other newcomers as the next big opportunity.<\/p>\n

It feels like \u201cthe usual bull market sentiment is back where people are eager to trade,\u201d said Annabelle Huang, managing partner at digital-asset investment firm Amber Group.<\/p>\n

While prior memecoin rallies tended to indicated the top of the market, some advocates say this time is different, in part because of a change in the Bitcoin code know as the halving.<\/p>\n

\u201cIt\u2019s just the beginning,\u201d said Ayesha Kiani, chief operating officer at crypto hedge fund MNNC Group. We \u201cstill have to go through halving and that\u2019s normally the peak.\u201d<\/p>\n

Halving refers to a planned reduction in the rewards Bitcoin miners receive and it happens once every four years or so.<\/p>\n

Some analysts argue that the halvings benefit Bitcoin\u2019s price.<\/p>\n

Optimism certainly abounds: for instance, MicroStrategy Inc., the largest corporate holder of Bitcoin,\u00a0proposed<\/a><\/strong>\u00a0increasing its cache of the token through the sale of $600 million in convertible senior notes.<\/p>\n

\u201cPrevious cycles saw projects pushing blockchain as a cure all for many societal and technological challenges,\u201d said Ben Yorke, vice president of crypto exchange WOO X.<\/p>\n

\u201cNow investors are ignoring those and focusing on what\u2019s really important, the community driven narrative which are a hallmark of memecoins and decentralization in general.\u201d<\/p>\n

Bitcoin traded at $67,915 as of 8:36 a.m. in Singapore on Tuesday, in touching distance of its record peak of $68,991.85 from 2021.<\/p>\n","protected":false},"excerpt":{"rendered":"

Old favourites such as Dogecoin are outperforming Bitcoin while the original digital asset approaches its peak price reached during the pandemic-fueled rally more than two years ago.<\/p>\n","protected":false},"author":341034,"featured_media":487007,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_sma_x_autopost_status":"idle","_sma_x_autopost_error":"","_sma_x_post_id":"","_sma_x_attempts":0,"footnotes":""},"categories":[44696],"tags":[187,68572,92779,90432,90436],"class_list":["post-527553","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cryptocurrency","tag-bitcoin","tag-dogecoin","tag-dowifhat","tag-memecoins","tag-pepe-coin"],"_links":{"self":[{"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/posts\/527553"}],"collection":[{"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/users\/341034"}],"replies":[{"embeddable":true,"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/comments?post=527553"}],"version-history":[{"count":1,"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/posts\/527553\/revisions"}],"predecessor-version":[{"id":527605,"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/posts\/527553\/revisions\/527605"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/media\/487007"}],"wp:attachment":[{"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/media?parent=527553"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/categories?post=527553"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/tags?post=527553"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}