Cryptocurrencies continued outperforming other asset classes in the past 12 months as the industry faced numerous tailwinds. Some of these important events were the approval of the first spot Bitcoin ETFs and the rising inflows from institutional investors. Also, there seems to be robust demand for token sales, as evidenced by Memeinator, which has raised over $5 million from investors.
Meme coin tokens have surged
As a result, the total market cap of all digital currencies has surged to over $2.25 trillion, with Bitcoin having a dominant role in the industry. Other big coins like Solana, BNB, Tron, and Avalanche have also done well.
Beneath the surface, several meme coins like Bonk, Floki Inu, Dogecoin, and Pepe have seen robust demand. Data shows that the total market cap of all meme coins has jumped to over $27 billion. Most of these tokens have almost doubled this year.
There are three main reasons why meme coins have surged this year. First, there are signs that investors have embraced a risk-on sentiment in the market. For example, in addition to cryptocurrencies, key American indices like the S&P 500 and Nasdaq 100 sit at their all-time highs.
Second, the stock and crypto fear and greed index have jumped to the extreme greed zone. In most periods, meme coins do well when a sense of greed is spreading in the market. This happens as investors embrace the so-called animal spirits.
Finally, meme coins have jumped because of the crucial role of retail traders in the market these days. Recent data shows that these traders are causing big moves in both crypto and the stock market.
For example, small companies like Bit Brother and Mullen Automotive have seen robust volume even though they have weak fundamentals. The same is happening in the crypto industry because of these meme coins’ low prices. For example, with just $50, one can buy hundreds of Bonk or Pepe coins.
Memeinator may be the next big thing
Therefore, if you missed the spectacular surge of key meme coins like Pepe and Bonk, Memeinator may be one to consider (not financial advise).
Memeinator is an upcoming cryptocurrency that has successfully raised over $5 million in its token sale in the past few months.
The platform aims to conquer the crypto industry by targeting three key industries: gaming, meme coin, and artificial intelligence.
As its name suggests, and as you can read in this white paper, Memeinator aims to become a leading player in the meme coin industry. It will do that by using the power of its large community of thousands of token buyers.
It also has some AI features at a time when this technology is thriving as evidenced by the strong performance of Nvidia, Arm Holdings, and Soundhound. Most AI tokens like SingularityNET, Fetch.ai, and The Graph have all surged recently.
Finally, Memeinator will create utility by introducing a game in the ecosystem. This is a big thing since analysts believe that the blockchain gaming industry will be worth billions of dollars in the next decade.
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