TL;DR
- The meme coin sector has witnessed a significant boom, with certain assets being highly popular on social media platforms.
- While early traders in the ecosystem have seen considerable profits, particularly with tokens like SHIB and WIF, investors are cautioned about the potential for severe losses due to the niche’s notorious volatility.
The meme coin sector has been booming in the past several weeks, with numerous assets experiencing triple-digit price increases and capturing investors’ attention.
Those types of assets have also been highly popular, becoming the subject of heated discussions on social media platforms.
According to DrobsTap, the meme coin with the highest performance on X (formerly known as Twitter) is not Dogecoin (DOGE) or Shiba Inu (SHIB) but Memecoin (MEME). The asset leading the ranking saw the light of day at the end of last year and recently crossed the $500 million mark in terms of market capitalization.
Second place belongs to the frog-themed Pepe Coin (PEPE), which has made headlines multiple times in the past months due to its rapid price appreciation and endorsements from industry participants.
DOGE – the leading meme coin by market cap – is third, while its largest rival – SHIB – sits at the seventh position.
ConstitutionDAO (PEOPLE), Turbo (TURBO), Doge Killer (LEASH), and the Solana-based – dogwifhat (WIF) and Bonk Inu (BONK) are also among the 10th most discussed memes on X.
As CryptoPotato reported over the last few weeks, savvy traders who had entered the ecosystem in its early days cheered the price rally of some of the aforementioned tokens, such as SHIB and WIF, as it brought them impressive profits (at least on paper).
However, investors should also keep in mind that dealing with the cohort could lead to devastating losses due to its infamous volatility. If you are about to jump on the bandwagon, please check our video to avoid some common mistakes:
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