Meme Coins: If Anime Fans Like It, Markets Buy It. Is KAI Next Up?
For the past 30 days ending May 14, meme coin prices surged despite the overall market continuing to capitulate from mid-March highs following Bitcoin notching a two-year plus all-time record price high. Pepe Coin (PEPE), Bonk (BONK), and Floki (FLOKI) all led cryptocurrency gains. Floki moved 34% higher on crypto exchanges. Pepe went parabolic 110%.
Meanwhile, Bitcoin ETF issuer VanEck launched a Meme Coin Index, a big break for dog money on Wall Street. Meme finance is so hot in May that the original meme stock, Gamestop (NYSE:GME), moved up the chart over 100% this week, after the Reddit WallStreetBets forum member who led its first bull run in Jan. 2021 posted for the first time in three years.
As theCryptoBubbles.net graphic above shows, the ROI is coming in dank this year:
When it first launched just last year, PEPE boldly predicted, “The Dog Days Are Over.”
Not that e-currencies like Dogecoin, Pepe Coin, and Bonk are going anywhere. With potentially millions of users and market capitalizations of $21 billion, $4.6 billion, and $1.5 billion for these three coins, respectively, they’re now small economies in their own right.
And Dogecoin was once a $4.6 billion market cap coin, and Pepe was once a $1.5 billion “joke” blockchain project. So they could be well on their way to greater adoption in the future. Dogs like Dogecoin, Bonk, and Shiba Inu are probably here to stay.
But their early return percentages probably are not.
The big doge currencies still check out, but they’re older memes now. Unfortunately for crypto investors late to get these pieces into their bags, they have already outgrown the ultra-steep early adoption curves of so many new Internet currencies in the 2020s.
Doge coins are simply not secrets anymore,
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