• Meme coin prices have been on a roll recently, with the sector’s market cap now over $22 billion and top sector coins like Shiba Inu (SHIB), Baby Doge Coin (BabyDoge), Bone ShibaSwap (BONE) and Tamadoge (TAMA) all experiencing gains.
• The appeal of meme coins is rooted in their brand power, as they are starting to build real utility into their protocols and capture mainstream visibility.
• Rising prices on the back of strong trading volumes suggests a firm foundation for sustained price appreciation.
Background
Meme coin prices are on a roll, with broad-based appreciation in values pushing the sector’s market cap over $22 billion, led by week gains for top sector coins such as Shiba Inu (SHIB), Baby Doge Coin (Baby Doge), Bone ShibaSwap (BONE) and Tamadoge (TAMA).
Attraction of Meme Coins
What’s behind the meme coin redux and can the bullish turn in sentiment be maintained?The attraction of meme coins is centered on their brand power. As the rekindling of interest in crypto gathers pace it is not surprising that this sector should start to attract buyers.However, the first iteration of meme coins, which was very much built around the joke status of Dogecoin and the pulling power of Elon Musk, has moved on. These days investors are taking notice that a small band of meme coins are starting to build real utility into their protocols, thereby differentiating themselves from the pack.Market visibility that can crossover into the mainstream is a powerful value proposition – providing it is ultimately be based on leveraging blockchain technology to deliver useful products with cash flow.Meme coins offer the chance of 10x gains or more, which makes them attractive altcoins.
Bitcoin Bull Run
Bitcoin has undoubtedly led the market higher this year, in a revival that has taken some by surprise. But, as is often the case, and seen in previous cycles after the early advent of a bullish upturn, investor interest begins to focus on better risk-reward opportunities lower down the market cap rankings.In other words, the possibilities of 10x returns in meme coins are much more realistic, over the short to medium term, than a bull run in the bitcoin price over the next few months.
Weekly Gains
In th past seven days alone BONE is up 32% at $1.78; BabyDoge is an incredible 82% higher at $0.000000002583; Shiba Inu is advancing 20% to $0.0000144; while Tamadoge has soared 50% to $0.02201Interestingly Dogecoin is a relative laggard: The top dog in he meme coi sectors by market cap has added only 4 7%%over th past week ro reach $0921 However it rose steadily i Januray showing gaino f 30%.
Trading Volume
Underpinning he strength og he rally s he rie i tradin volume which si up 33 % today at$26 billion accoridng o Coinmarketcap CoinGecko estimates 24 hour trading volumbe as substantially higer or memecoins at 31billionRising prices o he back o stron tradin volumes s indicative o ar firm foundaton or sustained priec appreciateion
