MEME takes the lead in Rebound, interpreting the opportunities and risks of the market's new darling

[TL;DR]

Since the brief market crash last week, MEME Coins have rebounded strongly, with emerging MEME tokens such as NEIRO, MUMU, and PEPEI standing out, becoming the key tokens followed by savvy investors.

As a new focus of this bull run, the MEME zone carries the cultural connotations of humor, creativity, cult and social interaction, and also promotes the rapid involvement of Web2 users in the encryption field.

After several recent market crashes, MEME coin has always been a dazzling star in the Rebound, showing its characteristic of large market volatility and strong topicality.

Introduction

Unsurprisingly, since the market crash last week, MEME Coins have quickly rebounded, once again becoming a "solid" leading zone. This article will combine many cases of the new MEME to explain the development prospects of this zone for you.

Is MEME leading the Rebound again?

On August 5th, the Cryptocurrency market experienced the final blow of the "Black Monday" big dump. BTC plummeted from $58,350 to below $53,000 in just two hours, hitting a low of $49,000, a drop of over 9%. This big dump led to the liquidation of over 600 million dollars in leveraged long positions, while Ethereum experienced a short-term drop of over 20%, causing the entire Cryptocurrency market to evaporate a market cap of $510 billion in three days, and the market sentiment sharply turned to panic.

As of the date of writing, the market has gradually shown positive signs of recovery. In this round of Rebound, MEME coin once again becomes the star with impressive gains, continuing its high market volatility and strong topicality.

According to the market data compiled by SoSo Value, MEME zone has seen a nearly 5% increase in the past 24 hours, second only to Layer2 zone. It has surpassed last year's hot rotating zones such as AI, DePIN, RWA, and has become a permanent leading zone in this bull market wave.

Figure 1 Source: SoSo Value

Although the recent Olympic events did not produce viral MEMEs, the MEME zone is already strong enough. In the context of constantly shifting market trends, various types of MEMEs are always being hyped by the community, from DOGE, cats, and frogs in the animal kingdom, to American election figures like Trump and Biden, as well as various types of celebrity coins and TON chain MEME gaming coins (such as Notcoin). These have become important entry points for traditional Internet users to enter Web3, which are simple and easy to understand.

We will now introduce to you some of the recent popular MEMEs that have been listed, all of which are supported on Gate.io Spot.

Neiro（NEIRO）

Neiro is a Solana on-chain MEME coin, named after the dog newly adopted by the owner of DOGE (Kabosu), with the same name Token competing for release at the end of July.

Figure 2 Source: neirocoin.xyz

The Token was originally created on the SOL chain and on-chain ETH, and over time, NEIRO on-chain has remained strong, pumping after the rat trading event and Vitalik dumping, becoming the most followed golden dog at present.

FIGHT TO MAGA（FIGHT）

After former US President Trump was shot during a speech in Pennsylvania last month, the three words he shouted, 'Fight,' quickly went viral on the internet. FIGHT is a new and emerging MEME that was born from this slogan and has become a symbol of political inspiration.

Figure 3 Source: @Fight2Maga

The Token is also launched in the ETH and Solana ecosystems, but the FIGHT Token in the ETH ecosystem has stood out in the market selection, maintaining a high level of popularity and relatively strong price.

However, as of the writing, the author has monitored the end of the XSpaces interview between former U.S. President Trump and Musk on August 13. The short-term decline of Trump concept coins, including FIGHT, occurred due to the lack of mention of Cryptocurrency-related content.

Mumu The Bull（MUMU）

The inspiration behind Mumu The Bull ($MUMU) is deeply rooted in the popular 'Mumu the Bull' internet meme, which centers around Mumu, a bull symbolizing the optimistic and energetic sentiment of a bull market. The meme aims to challenge and lead market sentiment, particularly in the fight against Bobo, a bear representing bearish market sentiment, by embodying the brave and forward-looking image of Mumu, in order to restore bullish momentum to the market and effectively counteract the bearish trend.

Figure 4 Source: @mumu_bull

The project's Market Cap reached $150M, with a 24-hour increase of 30%.

Peng（PENG）

Peng (PENG) is a penguin-themed meme coin that will be launched on Solana on-chain by the end of 2023. It is inspired by Pepe the Frog and incorporates penguin elements, aiming to bring vitality and liquidity to the Solana ecosystem.

Figure 5 Source: @pengonsolana

The Token quickly emerged as a market hot spot during the MEME frenzy in March, when it was launched and issued.

The project's Market Cap reached $14, with a 24H increase of 14%.

PeiPei（PEIPEI）

PeiPei (PEIPEI) is a new type of meme Token that combines the classic frog Pepe image with Asian cultural elements, especially its red frog design, known as 'China Pepe'.

Figure 6 Source: @Peipeierc20

The project is not only a tribute to the traditional Pepe culture, but also an innovative attempt in the field of Cryptocurrency, aiming to attract users to participate in the revolution of the encryption field through its unique cultural phenomenon.

Since its launch, PEIPEI has quickly become popular and has shown strong market performance, currently reaching a Market Cap of $60M.

Ponke (PONKE)

Ponke (PONKE) is another MEME inspired by PEPE, whose mascot is a lively monkey.

Figure 7 Source: @ponkesol

PONKE has achieved an 11% increase in the past 7 days, with a Market Cap of $200M.

The new MEME is eye-catching, but the risks cannot be ignored

As a new focus of this Bull Market, MEME zone carries the subcultural connotation of humor, creativity, cult, and social interaction, and also promotes the rapid involvement of users in the encryption field of the Web2 world.

Entering 2024, many new MEME tokens have seen amazing rises, and the MEME market is undergoing a reshuffle and restructuring, demonstrating the power of the community. However, it is worth noting that the price of MEME tokens fluctuates violently, with big pumps, big dumps, and even dropping to zero becoming commonplace.

According to the data from Dune Analytics, among the Cryptocurrency launched on the pump.fun platform on the SOL chain MEME, only about 1.41% successfully traded on the Raydium Decentralized Finance platform within the Solana ecosystem, and in fact, only 0.002% of Tokens (41) are able to maintain a Market Cap above $1M. This ratio has remained relatively stable in the past few months, fluctuating between 1.21% and 1.41%, with the highest record occurring on February 16, at only 2.56%.

Figure 8 Source: @newtoneinsteinx

Even some very popular new MEME in the past few months have quickly fallen into trouble or even disappeared after the TGE (Token Generation Event). For example, in June, a MEME called Water Coin (WATER) raised over $41M in the presale stage and was launched with a valuation of $500M, while another BorpaToken (BORPA) raised as much as $55M in presale funding. However, their online declines have reached 95% and 80% respectively.

In short, various new MEMEs have shown strong bullish trends in data and market operations, but the manipulation and potential risks behind them should not be ignored. Various risk events they have experienced have also made them far less secure than those old-school MEMEs, so investors should also analyze them carefully and act prudently in the process of participation.

Author: Carl Y.

This article only represents the author's point of view and does not constitute any trading advice.

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