-
Meme coins have outperformed mainstream cryptocurrencies this year.
-
These tokens have attracted substantial hype from investors and traders.
-
Piggy Bankster aims to be the next big name in the meme coin industry.
Meme coins have done well this year, outperforming popular cryptocurrencies like Bitcoin, Ethereum, and Cardano. Pepe, launched in 2023, has soared to a record high, giving it a market cap of over $6 billion.
Why meme coins soared
Other meme tokens like dogwifhat (WIF), Bonk, Book of Meme (BOME), and Dog Go to The Moon (DOG) have also done well this year. WIF’s market cap has soared to over $3.3 billion while Bonk, BOME, and DOG are valued at over $2 billion.
Altogether, all meme coins tracked by CoinMarketCap have a market cap of over $63 billion. This makes them bigger than many well-known companies like FedEx, Spotify, Workday, and Monster Beverage among others.
There are several reasons why meme coins have done well this year. First, their performance was driven by key news in the crypto industry. The Securities and Exchange Commission (SEC) approved Bitcoin ETFs in January. Since then, these ETFs hold over $60 billion worth of assets, helped by strong institutional demand.
Second, the agency has recently approved Ethereum ETFs and analysts expect that they will attract billions of dollars in assets when they start trading. This approval means that the SEC could approve other ETFs like Solana, Cardano, and Ripple.
Third, they rose because of April’s Bitcoin halving, which reduces the number of Bitcoin rewards offered to miners. In most cases, Bitcoin tends to rally ahead and after halving.
Finally, there is hope that the Federal Reserve will start cutting interest rates later this year if inflation continues dropping. Cryptocurrencies and other risk assets do well when the Fed turns dovish.
Meme coins do better than other cryptocurrencies because of their lower notional value, increased whale activity, and their potential for huge gains.
Piggy Bankster could be the next big thing
Analysts believe that more meme coins will be launched in the coming months as developers seek to benefit from this demand.
One of the most anticipated meme coins will be Piggy Bankster, whose presale will start on June 4th of this year.
$PIG will be launched on the Solana network, which has become popular among developers because of its top speeds and low transaction costs. Some of the top Solana meme tokens are Bonk, Book of Meme, and Cat in a Dogs World.
Piggy Bankster also aims to disrupt the world of animal-themed tokens. This is an industry that started with dogs (Shiba Inu and Dogecoin), cats (Popcat), frogs (Pepe), and chickens (Coq Inu).
History shows that most animal-themed token pioneers tend to do well as they attract traders’ attention. Therefore, there is a likelihood that the Piggy Bankster token will do well in its token sale and when it starts trading.
Piggy Bankster will have a total supply of 100 million and an initial liquidity of 12,000. The starting price of its presale will be $0.00012. You can learn more about the token on the Piggy Bankster website and follow the updates on X.
The post Missed PEPE and PopCat? Piggy Bankster may be the next big thing appeared first on CoinJournal.
