• Meme coin prices have been on a roll lately, with their market cap rising over $22 billion.
• The renewed interest in meme coins is due to their brand power and the possibility of 10x gains for investors.
• Trading volumes for meme coins are up significantly, indicating strong foundations for continued price appreciation.
Meme Coin Prices on the Rise
The past week has seen broad-based appreciation in meme coin prices, pushing the sector’s market cap over $22 billion and leading to substantial gains for top coins such as Shiba Inu (SHIB), Baby Doge Coin (Baby Doge), Bone ShibaSwap (BONE) and Tamadoge (TAMA).
Why Are Investors Interested?
The attraction of meme coins is based largely on their brand power, with investors taking notice that some meme coins are beginning to build real utility into their protocols. These projects offer visibility that can crossover into the mainstream, provided they leverage blockchain technology to deliver useful products with cash flow.
While Bitcoin continues its bull run this year, investor interest has started to focus on better risk-reward opportunities lower down the market cap rankings, such as meme coins which offer enticing potential for 10x returns. Over the past seven days BONE is up 32%, BabyDoge 82%, Shiba Inu 20% and Tamadoge 50%. Dogecoin remains a laggard at +4.7%.
Increased Trading Volumes
An indication of a firm foundation for sustained price appreciation is seen in the rise in trading volume across the sector – 33% today according to Coinmarketcap and an estimated 24-hour trading volume of $3.1 billion according to CoinGecko.
Meme coin prices appear set to remain bullish as long as investors continue take advantage of their high risk-reward ratio and growing utility through unique blockchain products with cash flows.