Pepe (PEPE) and Floki (FLOKI) rank 44th and 97th among the top cryptocurrencies on the market.
The memecoin market has a market capitalization of $18.730 billion and moves around $2.100 billion a day in trading volume. However, most of this value is concentrated in Dogecoin (DOGE) and Shiba Inu (SHIB) tokens, two canine-themed meme tokens and the only ones that, until now, had entered the Top 100 of cryptocurrencies.
Recently, the hype and excitement surrounding cryptocurrencies, which have gained 49,6% so far this year, has spilled over into the memecoin market.
Degens, as crypto investors and traders who bet on high-risk tokens are called, are betting on two new memecoins: Pepe (PEPE) and Floki (FLOKI).
The huge enthusiasm generated by these cryptoassets over the past week has increased their popularity and, with it, their prices and market capitalization, placing them in the ranking of the 100 most valued cryptocurrencies.
PEPE, from Internet meme to memecoin
PEPE is currently ranked #44 in the Top 100 Cryptocurrencies, with a market cap of $1.110 billion. The price of PEPE is up an astonishing 313% in the last 7 days and more than 8.000% since its launch.
PEPE is a token created in tribute to the popular internet meme “Pepe the Frog” by Matt Furie on the Ethereum blockchain.
This memecoin was minted on the blockchain using the ERC-20 standard. Its creators, who remain anonymous, are searching through PEPE capitalize on the popularity of memecoins while promoting long-term benefits for its user community.
Its inclusion in several exchanges, such as Binance, which listed it in its innovation zone, caused the meme token to experience a significant price increase, although at the time of this edition PEPE has lost a significant part of its value. Currently, it is listed at $ 0,000002263 dollars per unit, according to data from CoinMarketCap, with a drop of 45% from its highest point, seen last Friday, May 5, and a loss of approximately $540 million dollars in its capitalization.
Source: CoinMarketCap
FLOKI in the Top 100
Floki (FLOKI) is the fourth largest memecoin on the market, behind DOGE, SHIB, and PEPE. Over the past week, the price of this token had risen by more than 70%, although at the time of writing this article it has corrected much of its gains, trading back near $0,000036 per token.
Source: CoinMarketCap
The Floki token is inspired by the Shiba Inu dog breed and, in fact, leads the name of Elon Musk's pet, which the tycoon presented at the end of 2021 via Twitter.
FLOKI also joined Binance’s Innovation Zone, a major announcement that boosted its price by making the token more accessible to a wider group of investors and traders.
The rise and risks of memecoins
Although memecoins are receiving a lot of attention and currently seem to be the latest trend, several investors remain cautious and call for caution.
CoinGecko's Lim Yu Qian published an article about memecoins and the real opportunity they offer to their investors. In his article, Qian highlighted that Memecoins are high-risk, unstable cryptoassets that lack fundamental value.
“Memecoins are a very risky type of crypto because they are based on Internet cultural references”, wrote Lim Yu Qian.
Continue reading: Bitcoin Gets Congested Amid Growing Ordinals Activity and BRC-20 Standard
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