One unofficial method to gauge positive sentiment on the cryptocurrency markets is to check on the trading volume and price direction of the so-called meme coin tokens. Dogecoin is the original meme coin; we all know the story about how this blockchain was developed as a joke only to become a standard currency on the popular Reddit boards, but are you familiar with other meme coins such as Shiba Inu, Hoge Finance, and Australian Safe Shepherd?
There is a whimsical and jovial background common to SHIB, HOGE, and ASS. These three tokens are riding the coattails of DOGE, but they are bona fide digital currencies, which means that they can be traded on major exchange platforms such as Coinbase. Now that the cryptocurrency markets are enjoying the boost provided by Bitcoin exchange-traded funds on Wall Street, traders are getting serious about meme coins.
SHIB is currently enjoying a market capitalization of $2.6 billion, and its 24-hour trading volume is just under $250 million. HOGE has enjoyed a price surge of more than 500% since mid-October. ASS has jumped by more than 200% in just three days.
What cryptocurrency market analysts are seeing is an overall enthusiasm boosting the trading volumes of meme coins, which are real tokens after all, although DOGE is the only one that can boast of real-world circulation.
Why the popularity of meme coins?
There are a lot of reasons why the cryptocurrency markets have been enjoying the “bump” of the meme coin movement. The most obvious one would be the fact that the current bitcoin boom has been on for a long time, and a lot of investors feel that the time has come to find a new investment vehicle that is not as volatile as the world’s most popular cryptocurrency. Another reason, in fact, is that crypto-experts have realized that the meme coin movement is the most genuine, and the most original movement in the crypto world. It is because cryptocurrencies are just that: cryptocurrencies, no different from each other. There is no need for a special coin to succeed or fail.