Meme coins have been in the limelight since the beginning of 2023. From Elon Musk replacing Twitter’s bluebird logo with Dogecoin’s mascot to the emergence of the Pepe Coin and Good Gensler, several developments took place during April, which propelled the demand for meme coins.
Here’s a look at how various meme coins such as Shiba Inu, Dogecoin, Floki Inu, and PEPE performed last month.
Pepe Coin
Pepe Coin, based on a popular meme, was a standout performer in April. The coin was launched on April 16, and in the final week of the month, it climbed by as much as 590 percent, from $0.000000213 to $0.00000148000.
During the month, its market cap crossed $500 million, and the coin made its way to the 100 largest coins in the market. Two factors appear to have driven PEPE’s April rally. One is the community hype that continues to pick up following the token’s launch.
The second is listings on several cryptocurrency exchanges, including OKX, Huobi, Gate.io, and MEXC. Currently, PEPE is trading at 0.000001051, down by 22.76 percent in the last 24 hours.
Dogecoin
April was a highly volatile month for the biggest meme coin in the market, Dogecoin. When Elon Musk briefly changed the iconic Twitter bluebird logo to a Shiba Inu dog during the first week of April, Dogecoin soared by 30 percent and hit a near 4-month high at $0.104. However, the coin bottomed at around $0.081 once investors cashed out their gains.
The next surge did not start until April 13, when Twitter struck a deal with eToro to offer crypto trading. The development triggered a 13 percent spike in DOGE prices, which formed a 2-week high at $0.095 over the next few days. Once again, a correction occurred, dragging DOGE lower on the charts by 18 percent. Since then, DOGE has remained relatively flat, around $0.078.
For the month of April, Dogecoin gained around 3.65 percent. Currently, it is trading at $0.07837, down by 0.19 percent in the past 24 hours.
Shiba Inu
Shiba Inu, the so-called “Dogecoin killer,” was not able to replicate Dogecoin’s success during April and ended the month down by 6.5 percent at $0.0000103. Although external developments did help its price to surge towards $0.00001186 by April 18, it fell by 14 percent from there once Bitcoin lost ground on $30,000 during the second half of the month.
Nonetheless, Shiba Inu will be under investors radar in the coming months on the back of ongoing developments, such as the upcoming layer 2 blockchain on Ethereum, known as Shibarium. Currently, SHIB is trading at 0.000009946, up by 0.56 percent in the last 24 hours, with a market cap of over $5 billion.
Floki Inu
Floki Inu, a Shiba Inu-inspired meme coin named after Elon Musk’s pet dog, witnesses price surges each time DOGE and SHIB are on the move. In January, FLOKI gained by 200 percent and hit $0.0000304 amidst news that its DAP proposal passed a vote to burn $100 million worth of FLOKI tokens. In February, its price surged by 90 percent and formed a high of $0.0000683.
Although April was another positive month for FLOKI, it registered a subdued gain of 1.6 percent. The coin climbed by 56 percent on April 24, hitting a 2-month high of $0.00004944, following a listing on Binance US, a unit of crypto exchange, Binance.
However, a correction of 28 percent during the final week of the month dragged FLOKI to $0.0000313, nearly wiping out all the gains of April 24.
Currently, it is trading at $0.00003287, up by 4.33 percent in the last 24 hours, with a market cap of $319 million.
Similar to Shiba Inu, Floki Inu’s demand would also be driven by ecosystem developments in the coming months. The same depends on the success of its crypto education platform, ‘the University of Floki’, and whether the network can expand its NFT marketplace, ‘Flokiplaces’.
Conclusion
Meme coins are highly risky assets since they are most often driven by community hype and sentiment. However, in the case above, they are also driven by internal factors such as listing or ecosystem developments. However, one must remember that meme coins are speculative assets that require extensive research before investing.
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