How Do Meme Coins Impact the Crypto Market?

How Meme Coins Impact the Crypto Market

Meme coins, a contentious topic in the realm of cryptocurrencies, are often dismissed as non-functional by some, while others embrace them as integral building blocks of the market. Unlike Bitcoin and most altcoins, meme coins embody the essence of meme culture, creating a stark division within the market. Dogecoin (DOGE) ignited a trend that has spawned countless imitators, collectively boasting a market capitalization of $45 billion. What's the story behind Shiba Inu (SHIB), Bonk (BONK), and Pepe Coin (PEPE)?

Shiba Inu: A Turkish Perspective

DOGE's formidable rival, SHIB, has established a long-standing presence in the market, ranking just outside the top 10 cryptocurrencies by market cap. Since its inception, particularly during the 2021 bull run, SHIB has minted numerous millionaires. Despite a subsequent decline, SHIB has rebounded and is once again within striking distance of the top 10.

Amidst current market uncertainty, SHIB trades at $0.00002232, marking a 5.80% drop over the past 24 hours—a trend mirrored by many cryptocurrencies, including Bitcoin. Turkish investors are closely monitoring SHIB's value in Turkish Lira, with the SHIB/TRY pair currently trading at 0.00073460 TRY.

Bonk Coin Reviews: A Solana Surprise

When Solana's SAGA phone was unveiled in 2023, few anticipated the surprise that lay in store. The airdrop accompanying SAGA phones created a seismic impact, catapulting BONK into the limelight.

In the short span of 2023, BONK emerged as one of the most lucrative meme coins. From its launch in January 2023, BONK's value surged by over 20,000%.

Currently, BONK trades at $0.00002225, down 9.66%. Its market cap has declined to $1.45 billion, while its trading volume has increased by 5.51% to $315 million.

Pepe Coin: The Froggy Contender

PEPE coin debuted in 2023 as the first meme coin featuring a frog theme, and its remarkable growth has taken many by surprise.

Leveraging its iconic frog imagery, PEPE became one of the most prominent projects on the Ethereum network in 2023. At the time of its launch, market stagnation led to a spike in ETH gas fees, a surge largely attributed to PEPE. Since then, PEPE's relentless ascent has propelled it to the third spot in the meme coin rankings, trailing only SHIB and DOGE.

Today, PEPE trades around $0.000006657, having declined by over 7%. A 7-day review reveals a drop of more than 13%.

The original article was published on COINTURK NEWS: How Do Meme Coins Impact the Crypto Market?