TL;DR
- A meme coin on the Bitcoin network saw its value increase substantially, reaching an ATH of over $70.
- The field is experiencing significant gains but comes with high volatility, posing risks of crucial losses alongside potential profits.
The meme coin sector is a top trending topic during this bull cycle due to numerous such assets whose prices skyrocketed in a short period of time.
One evident example is the recently emerged PUPS (ORDINALS). Its valuation exploded by almost 1,000% on a weekly scale and a whopping 2,800% in the past month, reaching an all-time high of over $73 (per CoinGecko’s data) on April 12.
PUPS’ market capitalization surged above $500 million, making it the 12th biggest in its cohort.
The asset is the first meme coin on the Bitcoin network. It is wholly governed by the community, emphasizing meme-based engagement over practical applications.
PUPS is not the only token of that type to make the headlines as of late. Shiba Inu (SHIB), dogwifhat (WIF), Bonk Inu (BONK), BOOK OF MEME (BOME), Slerf (SLERF), and many more have experienced impressive price rallies, too.
The second-largest meme coin by market capitalization—SHIB—was crypto’s rock star at the start of last month, surging by triple digits. Its market capitalization briefly surpassed $25 billion, placing it among the top 10 largest cryptocurrencies.
Dealing with meme coins has also brought substantial profits to savvy traders who entered the ecosystem in its early days. As CryptoPotato reported, one SHIB investor turned $2,500 into over $2.5 million, while a WIF trader made over $5 million with an initial investment of just $310.
However, hopping on the bandwagon could also lead to devastating losses due to the sector’s notorious volatility. Please take a look at our dedicated video to check the most common mistakes that successful traders need to avoid when delving into the matter:
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