Memecoin frenzy reaches a crescendo on back of Bitcoin rally

economictimes.indiatimes.com:

memecoin season in the digital-asset market, once again.

Some of the most speculative cryptocurrencies introduced in the past few years are trading at record highs. And old favorites such as Dogecoin are outperforming Bitcoin while the original digital asset approaches its peak price reached during the pandemic-fueled rally more than two years ago.

Pepe, a frog-themed coin, and Dogwifhat — yes, a dog pictured wearing a hat — have been racking up fresh highs almost daily, according to data tracker CoinGecko. With most memecoins trading around a dollar or less, traders are piling into futures on 1,000 tokens per contract to help magnify price moves.

“Retail is hearing about the large crypto run-up from the Bitcoin ETFs, and has re-entered the market buying all the cheap coins,” said Jordi Alexander, founder of digital-asset trading firm Selini Capital. “PEPE and WIF are some of the new entrants of this cycle compared to last, as well as BONK. DOGE and SHIB getting a bit of comeback also — the key question is do dogs keep the lead, or is there a faster animal?”

Did you Know?

The world of cryptocurrencies is very dynamic. Prices can go up or down in a matter of seconds. Thus, having reliable answers to such questions is crucial for investors.

Memecoins have long been a phenomenon among retail crypto investors and promoters, who see the microscopic prices as an opportunity to quickly post huge returns despite the lack of traditional fundamentals. The token Shiba Inu was considered the most popular in the