Bloomberg: MEME Coin Demand Is Strong, Investment Frenzy More Than a Flash in the Pan

According to a new article published by Bloomberg, MEME coins are in high demand, with the top MEME coins trading close to $80 billion in the past week. The macro backdrop is quite different from that of the last MEME frenzy, but the scenario is akin to 2020 and 2021. Many tokens with no intrinsic value have risen much faster than Bitcoin. These MEME tokens, sometimes referred to by a very rude alias, are also an easy entry point into the world of cryptocurrency and are extremely risky. While Bitcoin has been increasingly adopted by the traditional financial world, smaller tokens are mostly about hype and avoiding the dreaded RUG PULL. To understand what Bitcoin or any other large blockchain does, you'd probably need to read a very large number of whitepapers, according to George McDonaugh, managing director of cryptocurrency investment firm KR1 Plc. With MEME Coin, on the other hand, it's a little easier to just read about a dog in a hat. And, when market conditions are good, it's easy to take profits. As of Thursday, a token called Dogwifhat was worth about $3.13, having soared more than 200,000 percent since its launch last December. Bonk, meanwhile, is up nearly 40,000 percent in just over a year.