In the fast-paced world of digital assets, a captivating cultural phenomenon has taken center stage — meme cryptocurrencies. Propagated across popular social media, these coins have captured the imagination of crypto enthusiasts with their unprecedented volatility and excitement. The currently rising meme cryptos have experienced noticeable surges in prices, reaching heights of up to 40,000%.
BALD (BALD)
The cryptocurrency market kicked off the week with the buzz around the BALD (BALD-USD) meme coin. Merely a week ago, BALD was virtually unheard of. Now, it’s been in major news headlines, with its price multiplying 40,000x in just 24 hours.
The trading frenzy that ignited on July 30 sent BALD soaring into the spotlight among meme coin enthusiasts. At its peak on Sunday afternoon on the Base chain, the token’s price came close to reaching $0.085, with a market capitalization of approximately $85 million.
There is speculation that the creator of BALD may have some connection to Coinbase (NASDAQ:COIN). Moreover, BALD made an unannounced appearance on Uniswap last Saturday, catching the crypto community off guard. Strangely enough, there is no website or social media presence for the token, leaving its origins unknown. The Base chain, which serves as an Ethereum Layer 2 solution, is still in development. This has made the sudden rise of BALD even more perplexing. Nevertheless, the surge of interest in the BALD meme coin has triggered a significant spike in the total value locked (TVL) on Base over the weekend.
As of the time of writing, BASE’s TVL has soared to $47 million, a remarkable increase from less than $2 million recorded on Saturday. In the world of rising meme cryptos, the allure of BALD continues to captivate the crypto community and many eagerly wait to see where this coin will go.
Shiba Inu (SHIB)
In the world of cryptocurrencies, Shiba Inu (SHIB-USD) has been a coin of particular interest, experiencing a notable decline below $0.000008 before stabilizing within a defined trading range. However, Shibburn brought its recent 8% burn-rate surge to the attention of the crypto community. This increased level of activity often indicates community involvement and a potential increase in the coin’s value.
Despite this surge in burn rate, Shiba Inu, often referred to as the “Dogecoin killer,” faces a turbulent journey. Its valuation remains susceptible to abrupt oscillations due to market sentiment, regulatory changes and the influence of major entities in the crypto space. As such, investing in Shiba Inu is akin to wielding a double-edged sword. It may offer potential for growth and value appreciation, but also exposes investors to heightened volatility.
Over the past 7 days, Shiba Inu has witnessed an 8% price surge, currently being traded at $0.00000845. As the burn rate and trading dynamics of Shiba Inu continue to evolve, the crypto community remains watchful, anticipating how market forces will shape the future trajectory of this option of rising meme stocks.
X-Coin (X)
A similar story unfolded with X-Coin (X-USD). This relatively unknown digital asset experienced an astronomical surge after Elon Musk mentioned a rebranding on Twitter. X-coin skyrocketed by more than 1600%, despite having no real connection with Elon Musk. The real creator behind the token is Project X, a decentralized NFT marketplace that works on various blockchain networks. The platform has its own DAO system that allows users to participate in community governance.
Over the weekend, Musk announced his ambitious intentions on Twitter, revealing that Twitter would be abandoning its iconic blue bird logo, which had served as the cult logo of the platform for a long time. The eccentric billionaire sought to give the microblogging platform a new identity, renaming it as X.com which unexpectedly influenced the little-known cryptocurrency. Following Musk’s unexpected announcement, the next few hours witnessed an unprecedented reaction towards the previously unknown X-coin, pushing its price to $0.00037534 — a daily growth of 1629%. The unprecedented surge in X-coin’s value left the crypto community in awe, as it responded swiftly to the unexpected twist brought about by Elon Musk’s tweet.
On the date of publication, Julia Magas did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
