Memecoins are stealing Bitcoin’s thunder
Bitcoin is grabbing the headlines but it's "memecoins" that are performing the best right now.
It may be Bitcoin that is on the cusp of hitting a new record price in US dollars, but memecoins like Doge and Shiba Inu are leading the latest crypto charge this week.
Despite rising more than 20% over the last 7 days (and shooting past AU$100,000 for the first time ever), Bitcoin is taking something of a back seat as investors swarm towards joke cryptocurrencies.
See how to buy Bitcoin in Australia.
Which memecoins are up?
At the time of writing, Shiba Inu is the best performing memecoin over the last 7 days, having risen roughly 300% in US dollars. But it's been a bumper week for many of the most popular memecoins:
- Shiba Inu (SHIB) - Up 300%
- Pepe (PEPE) - Up 250%
- Floki (FLOKI) - Up 230%
- dogwifhat (WIF) - Up 200%
- Bonk (BONK) - Up 160%
- Dogecoin (DOGE) - Up 110%
What exactly is a memecoin?
A "memecoin" is a catch-all term given to any cryptocurrency that is intended to be humorous and may have limited underlying utility.
The original memecoin, Dogecoin, was launched back in 2013 to poke fun at the rampant speculation in cryptocurrency markets.
However, it soon took on a life of its own, generating an active community and paving the way for thousands of similarly-themed cryptocurrencies.
While many have embraced the light-hearted nature of memecoins, critics see their popularity as a clear sign of the immaturity of the cryptocurrency industry.
Is now a good time to buy memecoins?
Bitcoin rightfully has a reputation as a volatile asset, and memecoins like Doge are even more volatile.
While their recent performance has understandably garnered the attention of many investors, it's worth remembering that memecoins don't necessarily have any intrinsic value.
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Disclaimer: Cryptocurrencies are speculative, complex and involve significant risks – they are highly volatile and sensitive to secondary activity. Performance is unpredictable and past performance is no guarantee of future performance. Consider your own circumstances, and obtain your own advice, before relying on this information. You should also verify the nature of any product or service (including its legal status and relevant regulatory requirements) and consult the relevant Regulators' websites before making any decision. Finder, or the author, may have holdings in the cryptocurrencies discussed.
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