Meme lord Elon Musk, pro crypto Trump fuel fresh mania
Bitcoin may be on song, but there’s plenty more keeping fans abuzz in the crypto verse. Over the past month a new cohort of memecoins have been delivering windfall gains to investors. Scripted with generous lashings of community humour these new coins such as X, Dogwifhat, Peanut the Squirrel, Popcat and Goatseus Maximus have crypto investors in thrall following Donald Trump’s ascension as US President Elect and Tesla founder Elon Musk’s consequent rise having triggered an explosion in crypto valuations.
Even as Bitcoin is inching closer to the $100,000 mark having surged 49% over the last month, Dogwifhat, the Japanese dog with a hat, touched a market cap of $3.3 billion, making it the 36th ranked coin among 2.4 million currencies. Peanut the Squirrel (PNUT) surged by 2,315% since its launch this month,according to CoinMarketCap, a price-tracking website for cryptocurrencies.
Memecoins are regarded as the “penny stocks” of the crypto verse or low -priced coins.
Also Read: Bitcoin nears $90,000 as Trump victory fuels surge: what's driving the rally?
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