Lưu trữ cho từ khóa: Pepe

DeFi

Trader loses $1.28m in PEPE and other altcoins to Inferno Drainer-linked wallet

Để lại phản hồi

A trader lost over $1.28 million worth of cryptocurrencies after signing a malicious permit transaction.

According to blockchain security firm PeckShieldAlert, on Oct. 14, a cryptocurrency investor lost 108 billion PEPE, 73.8 million APU, and 165,000 MSTR tokens after getting tricked into signing a phishing permit signature transaction.

This is called an approval phishing attack which transfers control of a victim’s wallet to the attacker, allowing scammers to drain the stored assets.

In this case, the victim’s wallet, identified by “0xb0b..40c7,” lost roughly $1.2 million worth of cryptocurrencies across six transactions within a few minutes, with the stolen assets distributed across multiple addresses controlled by the attackers.

One of the addresses, labeled as “Fake_Phishing442846”, was involved in a separate attack two weeks ago with the affected wallet losing over $32 million worth of spWETH tokens after signing a similar malicious transaction.

At the time, blockchain intelligence firm Arkham reported that the attack was executed using Inferno Drainer, a multi-chain cryptocurrency scam service provider. As such, it is likely that the bad actors behind the recent attack also employed the scam toolkit.

For those unaware, Inferno Drainer is a subscription-based phishing-as-a-service tool that allows criminals to create malicious websites and applications to trick users into signing over control of their wallets. The developers charge scammers 30% for making phishing websites and another 20% for each successful attack.

To date, Inferno Drainer has targeted several crypto-related projects, managing to steal $237,775,036 from over 200,000 victims per Dune analytics data. On Nov. 26, 2023, the developers announced plans to sunset the service indefinitely. However, the toolkit resurfaced in May 2024, driven by renewed demand from its “customers.”

Phishing attacks have become a growing threat in the cryptocurrency space, with one of the leading reasons behind victims’ losses being approval phishing attacks. According to an August report by Chainalysis, these attacks have siphoned off over $2.7 billion since 2021.

Last week, a wallet reportedly linked to a venture capital fund lost over $35 million worth of fwDETH tokens after signing a dubious permit signature.

In its Q3 report, blockchain security firm CertiK labeled phishing as the most damaging attack vector for the quarter, with losses amounting to $343.1 million across 65 incidents.

Tổng hợp và chỉnh sửa: ThS Phạm Mạnh Cường
Theo Crypto News

DeFi

PEPE, SHIB, FLOKI, and BRETT lead memecoin rally as BTC breaks $65K

Để lại phản hồi

Popular meme coins PEPE, SHIB, FLOKI and BRETT were seen enjoying their time in the green as Bitcoin surged past the psychological threshold of $65,000, sparking hopes of an impending bull run.

According to CoinGecko data Bitcoin (BTC) saw an impressive rally over the last 24 hours, rising from $63,680 to an intraday high of 65,743 before stabilizing at $65,328 at press time.

The bellwether cryptocurrency still has to climb 11.2% to reach its all-time high of $73,737. This seems possible as Bitcoin has entered a technical bull market, having risen over 23% from its monthly low.

The bullish case for Bitcoin

Bitcoin has several potential catalysts for reaching new highs, with the primary driver being the U.S. Federal Reserve’s 50 basis point interest rate cut, which generally benefits risk assets like Bitcoin.

Moreover, a Polymarket poll shows traders expect Bitcoin to reach a new high this year, with 66% of participants predicting the uptrend to continue.

Complementing this, Bitcoin’s Fear Greed Index has now risen to 61 from yesterday’s neutral of 50, indicating the market is now in a state of Greed, with traders more likely to buy.

At the same time, data reveals that institutional funds are flowing into spot Bitcoin ETFs. According to SoSoValue, over the last four days, spot ETFs saw inflows exceeding $600 million, raising the total to $18.31 billion.

Bitcoin balances on exchanges have also hit a new low, suggesting that a large number of holders have transferred their coins to self-custody. As of Sept. 27, exchanges held 2.34 million Bitcoin, down from the year-to-date peak of 2.7 million.

Memecoins take off

Amid the growing bullish sentiment around Bitcoin, popular memecoins experienced significant gains, with many surging by double digits. The overall market capitalization for memecoins shot up 16.5% to $54.9 billion in the past 24 hours.

Ethereum-based memecoin Pepe (PEPE) jumped 16.7%, becoming the top gainer in the crypto market on Sept. 27 as its price rose to $0.0000104, back to levels last seen at the beginning of August. The meme coin’s daily trading volume saw a massive jump, hovering around $2.3 billion while its market cap stood at $4.37 billion.

Shiba Inu (SHIB), Floki (FLOKI), and Brett (BRETT) also joined the memecoin rally, riding the wave with impressive gains of 16.3%, 15.4%, and 13.8%, respectively.

When Bitcoin performs well, it boosts investor confidence and sparks greater interest in alternative coins, including memecoins. This can result in a positive cycle, where increasing prices attract more investors, further fueling price growth.

Tổng hợp và chỉnh sửa: ThS Phạm Mạnh Cường
Theo Crypto News

Phân tích

ENA, PEPE, LUNC: Top cryptocurrencies to watch this week

Để lại phản hồi

The cryptocurrency market witnessed a rollercoaster ride last week, with the global market cap collapsing to a two-month low of $1.76 trillion, as Bitcoin dropped below $50,000. 

The global crypto market cap, however, recovered to the $2.15 trillion mark amid a rebound from Bitcoin (BTC) and other major altcoins.

Here are our top cryptocurrencies to watch this week following their notable performances last week:

ENA survives onslaught

Ethena (ENA) slumped with the rest of the market on Aug. 5. It eventually recovered to close the week at $0.32, slightly above the McGinley Dynamic line at $0.316.

This marks a modest 2% weekly increase for ENA. 

ENA 1D chart – Aug. 11 | Source: crypto.news

The MACD currently shows a bearish momentum. This suggests that selling pressure has been dominant, although the gap between the two lines is narrowing, indicating a potential shift in momentum.

The McGinley Dynamic is acting as a resistance level. The ENA price has struggled to break above it amid weak bullish sentiment. If Ethena fails to sustain above this level, it may retest the $0.30 support, with a potential downside towards $0.28.

However, if buying pressure increases and the price breaks above the McGinley Dynamic, a move toward $0.35 could be expected. The MACD crossover, if it occurs, could confirm this bullish reversal. 

Pepe hovers around lower Bollinger Band

Pepe (PEPE) experienced notable volatility over the past week, dropping to a low of $0.00000585 on Aug. 5 before rebounding.

The meme coin’s price fluctuated significantly, ultimately closing the week at $0.00000844 — a 2% decline. 

PEPE 1D chart – Aug. 11 | Source: crypto.news

The Bollinger Bands show that PEPE traded close to the lower band, which suggests it was in an oversold region. The price dipped below the middle band, around $0.00000994, mid-week, signaling bearish momentum.

The Directional Movement Index shows mixed signals. The ADX, which measures trend strength, is at 28.2, indicating a moderately strong trend. 

If Pepe fails to reclaim the middle Bollinger Band, it could continue trading near the lower band, potentially testing the $0.00000632 support. Conversely, if bullish momentum returns, breaking above $0.00000994 could pave the way for a recovery towards $0.00001357.

LUNC spikes 22%

Terra Classic (LUNC) experienced a strong bullish reversal last week, closing at $0.00008705 after a 22% spike.

The majority of this surge occurred on the last day of the week, with LUNC witnessing a remarkable 23% intraday gain. 

LUNC 1D chart – Aug. 11 | Source: crypto.news

The Ichimoku Cloud indicator suggests a potential trend reversal. LUNC closed above the Tenkan-sen, $0.00007505, and the Kijun-sen, $0.00007335, showing bullish momentum. 

However, the price remains below the Kumo cloud, which spans $0.00007466 to $0.00008705, indicating resistance ahead.

To confirm a bullish trend, Terra Classic would need to break and close above the cloud, particularly surpassing the upper boundary.

Meanwhile, the On-Balance Volume is at 8.526 trillion, showing an increase in buying pressure. If LUNC manages to break above the Ichimoku Cloud, it could target higher resistance levels around $0.00010000. However, failure to sustain momentum might result in a retracement towards the Kijun-sen or even lower.

Tổng hợp và chỉnh sửa: ThS Phạm Mạnh Cường
Theo Crypto News

Phân tích

Pepe price forms a frightening pattern, recovery at risk

Để lại phản hồi

Pepe token price has risen for two consecutive days in a high-volume environment as traders bought the dip.

Pepe price is recovering

Pepe (PEPE), the third-biggest meme coin, was trading at $0.0000081 on Wednesday, up by over 38% from its lowest swing on Monday when stocks and most cryptocurrencies tumbled by double digits.

Its price action has mirrored that of other tokens like Stacks (STX), Bonk, and Solana (SOL), which have all formed a hammer pattern, one of the most popular reversal signs in the market.

Pepe had the highest volume among all meme coins, rising to over $1.43 billion, higher than Dogecoin’s (DOGE) $1.03 billion and Shiba Inu’s (SHIB) $356 million.

However, Pepe’s recovery faces a few key risks. First, it is happening in a low futures open interest environment. Its interest stood at just $71 million, down from July’s high of over $141 million. 

Pepe price | Chart by TradingView

Second, the token has formed a few bearish chart patterns that could hinder its recovery. The most important one is the head and shoulders pattern. It recently dropped from the right shoulder level at $0.000013 and crossed the slanted neckline at $0.0000066. 

Therefore, if the current recovery turns out to be brief or a dead cat bounce, there is a risk that Pepe could drop to as low as $0.0000020, which is about 75% below its Wednesday levels. This level was selected by measuring the distance between the head and the neckline.

Pepe token invalidated 5th Elliot Wave phase

Meanwhile, Pepe has likely invalidated the impulse Elliot Wave pattern by failing to complete the bullish fifth section.

The other potential risk is the one previously noted on Bitcoin, which could form a death cross pattern, a big bearish sign.

Finally, Pepe remains below the 50-day and 100-day Simple Moving Averages, which have recently formed a bearish crossover pattern. Therefore, the token will likely resume the downward trend and possibly retest this week’s low of $0.0000058. A break below that level will point to more downside.

Tổng hợp và chỉnh sửa: ThS Phạm Mạnh Cường
Theo Crypto News

Phân tích

Meme coins oversold as the crypto fear and greed index slips

Để lại phản hồi

Meme coins are imploding in a high-volume environment as the closely watched crypto fear and greed index slips to the fear zone.

The total market cap of all cryptocurrencies slipped by 25% in the past 24 hours to $29.8 billion. At their peak earlier this year, these tokens had a market valuation of over $63 billion, meaning that investors have lost $33.8 billion.

Dogecoin, Shiba Inu, Pepe and other meme coins are slumping

Dogecoin (DOGE), Shiba Inu (SHIB), Pepe (PEPE), Dogwifhat (WIF), and Bonk (BONK) crashed by over 23% on Monday. Other popular tokens like Floki (FLOKI) fell by more than 30%.

The meme coin sell-off happened in a high-volume environment, as many traders liquidated their positions. Data shows that the 24-hour volume rose by 170% to over $9.72 billion.

At the same time, their open interest in the futures market continued falling. Pepe’s open interest stood at over $93.61 million, down from last month’s high of $146 million. Dogecoin’s open interest also fell to $536 million after peaking at over $757 million in July. 

Dogecoin open interest | Chart: CoinGlass

The futures open interest of other meme coins like WIF, Bonk, and Shiba Inu also continued falling.

In most cases, meme coins are more volatile than Bitcoin since they are usually held by retail traders seeking quick returns. These traders pump them higher when Bitcoin is rising and then dump them when it is in a steep downward trend.

They also underperform the broader market when the fear and greed index is in the fear zone. This index retreated from over 90 earlier this year to the fear level of 35 as sentiment in the crypto industry continued to sour.

Still, there are a few positives to remember. First, this is not a crypto-specific sell-off; the stock market is also retreating. Nvidia, one of the largest companies in the world by market cap, dropped by over 14% on Monday while Apple, one of the most recognized brands in the world, was down more than 5%.

Therefore, since stocks always rise in the long term, there are chances that cryptocurrencies will rebound when this happens. Second, meme coins could benefit if the Fed starts to cut rates as inflation odds rise. 

Meme coins have become oversold

Pepe price | Chart by TradingView

Additionally, meme coins have become severely oversold, which could lead to a rebound in the coming weeks. Pepe’s Relative Strength Index has moved to the oversold level of 25 while the Percentage Price Oscillator has remained in the red area for the past six consecutive days.

Similarly, Dogecoin’s RSI has moved to 24 while the MACD and the PPO have moved to oversold levels. The same is true among other tokens like WIF and Popcat.

When an asset is oversold, it has two implications: the sell-off could continue due to the momentum, or it could bounce back as investors buy the dip.

Tổng hợp và chỉnh sửa: ThS Phạm Mạnh Cường
Theo Crypto News

Altcoin

Altcoins suffer heavy losses as BTC recedes 8%

Để lại phản hồi

On July 5, the majority of altcoins, including PEPE, BRETT, JASMY and FLOKI, fell over 20%, as Bitcoin, the largest crypto asset, dropped 8% in 24 hour trading.

At the time of writing, the Ethereum-based meme coin, PEPE, was down 15% in the last 24 hours, and hands were exchanged at $0.0000082. In the same timeframe, the daily trading volume of crypto assets hovered around $1.29 billion. Meanwhile, its market cap had slumped by 15%, now standing at $3.46 billion.

PEPE 24-hour price chart | Source: CoinMarketCap

BRETT, the memecoin which launched four months ago, also dropped 20%, exchanging hands at $0.1143, according to data from CoinMarketCap (CMC). In the same period, the meme coin, inspired by a character from the “Boy’s Club” comic, had a daily trading volume of $71.3 million.

BRETT 24-hour price chart | Source: CoinMarketCap

Meanwhile, the crypto asset’s market cap fell to $1.13 billion, bringing it down to the 59th largest cryptocurrency per CMC.

JASMY, the native cryptocurrency that enables all the activities inside the Jasmy ecosystem, is also being affected by the recent Bitcoin price action. At press time, it was down 15% in the last 24 hours, being traded at $0.02083 with a daily trading volume of $177 million. The token’s market cap had fallen to $1 billion.

JASMY 24-hour price chart | Source: CoinMarketCap

Solana-based meme coin FLOKI was also seen in the red with a drop of 15%, trading at $0.00013 at the time of publication. Its daily trading volume stood at $309 million, while the token also witnessed a drop in its market cap to $1.25 billion. The crypto asset has fallen to 55th rank among the top 100 leading cryptocurrencies.

FLOKI 24-hour price chart | Source: CoinMarketCap

The general sharp in all these altcoins follows the decline in the leading cryptocurrency by market cap, Bitcoin, which fell by 8% in the past day to $54,426 on Friday morning. Its 24-hour lows and highs were recorded as $53,717 and $58,591, respectively.

Bitcoin’s decline in price coincided with Mt. Gox transferring 47,229 BTC worth $2.7 billion worth of to an unknown wallet. Additionally, US spot Bitcoin ETFs experienced outflows of $20.45 million, sparking investor concerns.

Bitcoin’s dominance increased by 0.58% from the previous day, reflecting a notable decrease in altcoin market activity.

Ethereum, the largest altcoin, had dropped 11% in the last 24 hours, being traded at $2860 at the time of reporting.

The sharp decline in the altcoin market is often linked to Bitcoin’s performance due to its significant influence and market dominance.

When Bitcoin experiences substantial price drops, it tends to create a ripple effect across the cryptocurrency market, leading to widespread declines in altcoin values as investor confidence wanes and market sentiment turns bearish.

Tổng hợp và chỉnh sửa: ThS Phạm Mạnh Cường
Theo Crypto News

Phân tích

Pepe price forms bullish patterns as traders eye a breakout

Để lại phản hồi

Pepe price rose on Wednesday, becoming one of the best-performing memecoins in the industry.

Memecoin Pepe (PEPE) rose by 8.2%, reaching a high of $0.00001308, its highest point since June 26. 

Pepe open interest has risen

Its rally happened in a high-volume environment as the 24-hour figure jumped to $1.6 billion, higher than Dogecoin (DOGE) and Shiba Inu (SHIB) combined. Dogecoin had a 24-hour volume of $939 million while SHIB had $277 million. 

Pepe’s rebound also happened when the open interest in the futures market rose to the highest point since June 7th. It had over $155 million in open interest, mostly from Bitget and OKX. 

Pepe futures open interest | source: CoinGlass

There are also signs that whales – big holders – have continued to accumulate the Pepe token, which explains why it has risen by over 72% from its lowest point this month. 

Data by Etherscan shows that the number of Pepe holders has continued rising this month. They crossed 264,000 on Wednesday and this trend may continue if its rebound continues.

There was no clear catalyst that pushed Pepe higher on Monday. A likely reason is the fact that the fear and greed in the crypto industry has moved to the greed zone after the Ethereum ETF approval this week. In most periods, meme coins like Pepe and Cat in a Dogs World (MEW) do well when there is a sense of greed in the market. 

Analysts are bullish on Pepe price

Crypto traders have also identified several bullish patterns that could push it higher in the coming days. One analyst noted that it had formed an inverse head and shoulders pattern, a popular bullish sign.

Others identified a bullish flag pattern, which is characterized by a long flagpole and a rectangle pattern, as shown below. 

Pepe price chart | source: TradingView

Pepe has been one of the best-performing cryptocurrencies since 2023. It has risen by almost 800% in the past 12 months while Dogecoin, Shiba Inu, and Ethereum have risen by less than 125%. 

This year, however, it has faced stiff competition from Solana-based meme coins like Dogwifhat, Popcat, and Cat in a dogs world.

Tổng hợp và chỉnh sửa: ThS Phạm Mạnh Cường
Theo Crypto News

Phân tích

4 crypto winners: WIF, HNT, CORE, and PEPE boast over 40% in weekly gains

Để lại phản hồi

Dogwifhat, Helium, Core, and Pepe have emerged as the top gainers in the crypto market over the past week. Each token experienced a price surge exceeding 40%.

Dogwifhat

Dogwifhat (WIF) is up over 50% for the past seven days, exchanging hands at $2.56 at the time of writing.

The crypto assets had a daily trading volume of $311 million, while its market cap had surpassed the 2.55 billion mark per data from CoinMarketCap

WIF price chart | Source: CoinMarketCap

Despite lacking any clear utility, WIF — the dog-themed meme coin based on Solana — has become one of 2024’s top-performing meme coins.

Its website humorously notes that it is “literally just a dog wif a hat.”

The WIF token has outperformed other well-known meme coins like Shiba Inu and Pepe Coin in terms of price gains. In March, supporters swiftly funded a campaign to project the Dogwifhat image onto the Las Vegas Sphere, surpassing their fundraising target within days.

Helium

Helium (HNT), a blockchain network aimed at the Internet of Things (IoT), surged by 47.8% over the past week and is now trading at $4.70.

With a market cap of about $756 million, Helium ranks 92nd in global cryptocurrency rankings by market cap, as reported by CoinMarketCap, and has a trading volume of approximately $8.6 million.

HNT price chart | Source: CoinMarketCap

Helium is a pioneering blockchain network designed to enable wireless communication for IoT devices globally.

Created by Helium Inc., which was established in 2013, this network offers a decentralized, cost-effective, and scalable connectivity solution.

Rather than depending on centralized infrastructure like traditional telecom services, Helium’s unique approach allows individuals to become network hosts by running Hotspots—specialized hardware devices that offer coverage and transmit data for IoT devices.

In exchange for their participation, hosts receive Helium tokens (HNT), thereby encouraging the expansion and density of the network.

Core

Core (CORE) saw a 47% increase over the past seven days. According to price data from crypto.news, CORE is currently priced at $1.64, with a 62.9% rise in daily trading volume to around $115 million.

CORE price chart | Source: TradingView

Currently, CORE’s market capitalization is valued at $1.47 billion. Despite the recent upswing, the token’s price is still 75% lower than its all-time high of $6.47, recorded on Feb. 8.

Core operates as a decentralized digital payment system on its dedicated blockchain network. It employs a proof-of-work protocol to validate transactions and to mine new coins. The cryptocurrency is designed with a focus on privacy, supporting anonymous transactions through sophisticated cryptographic methods.

As an open-source project, Core’s development is supported by a worldwide community of volunteer developers.

This digital asset is used for direct peer-to-peer transactions, is stored in crypto wallets, and is available for trading across various digital asset exchanges.

Pepe

Pepe (PEPE) rose 40% over the past day, trading at $0.000012 at press time. Its daily trading volume hovers at around $614 million over the last 24 hours.

The PEPE market cap stands at $5.16 billion, ranking it as the 22nd largest cryptocurrency.

PEPE price chart | Source: TradingView

Pepe, an Ethereum-based token that debuted on April 15, draws inspiration from the popular meme culture. It aims to capitalize on the meme coin trend, leveraging the widespread recognition of its amphibian mascot. This approach has resonated well with traders and investors, elevating the token’s profile in the cryptocurrency market.

Designed as a deflationary token with no tax implications for transactions, Pepe seeks to carve out a significant position among established meme coins like Shiba Inu and Dogecoin. The token’s association with the well-known “Pepe the Frog” meme is central to its strategy to attract a broader user base.

Bitcoin climbs 12% in strong recovery

The overall surge in these altcoins followed Bitcoin’s (BTC) 12% rise over the past week, reaching $67,180 on Sunday. Bitcoin’s 24-hour lows and highs were $66,640 and $67,567, respectively.

Yesterday, the world’s largest cryptocurrency attempted to breach the $68,000 mark but faced resistance, leading to a premature halt in the rally by bearish traders.

Despite this setback, BTC’s strong performance over the week has positively influenced the broader cryptocurrency market sentiment. The sentiment has shifted from Fear to Greed, with the Greed index rising sharply to 74, a significant increase from last week’s score of 33.

Meanwhile, the global cryptocurrency market cap also witnessed a 1.42% increase over the last day, elevating to a total of $2.43 trillion.

Tổng hợp và chỉnh sửa: ThS Phạm Mạnh Cường
Theo Crypto News

DeFi

Comparative analysis of long-term and short-term memecoins

Để lại phản hồi

Memecoins are notorious for their rapid rises and falls, but some are beginning to show promise for long-term growth. We look at prominent memecoins FLOKI, PEPE, WIF, Bonk, and TEA to see how they fare.

The memecoin world is complex and dynamic. Every few weeks, flashy new coins emerge unexpectedly, surge overnight, and vanish just as quickly. Nowadays, it seems that very few memecoin projects have long-term goals, detailed road maps, or strategic plans to rely on. While many investors do not place much value in long-term utility, an increasing number are looking toward projects with more complex strategic plans. Today, let’s explore a few prominent memecoins with short-term growth trajectories and some with long-term potential.

FLOKI

FLOKI is the utility token for the Floki Ecosystem. The coin’s ecosystem includes a variety of features designed to provide tangible utility, distinguishing it from other memecoins.

One standout element is “Valhalla,” an immersive metaverse game where users can earn FLOKI tokens through gameplay and avatar creation. FlokiFi, a decentralized finance (DeFi) platform offering services like staking, swapping, and yield farming, is another popular project offering. 

The ecosystem also includes an NFT and merchandise marketplace dubbed FlokiPlaces and the University of Floki, an educational platform focused on cryptocurrency knowledge.

Floki’s community engagement is notable, regularly appearing in LunarCrush’s Top 10 social engagement leaderboards. The memecoin has partnered with major crypto projects like Chainlink and ApeSwap, further adding to its credibility.

The project is backed by Floki Vikings, a highly engaged community that plays a crucial role in its growth. The token is up 688% over the past year.

Floki’s community-driven approach, paired with the project’s focus on developing real-world use cases makes it a notable pick for long-term investments.

PEPE

Pepe is an Ethereum-based token that taps into meme culture. Pepe quickly garnered interest from investors, reaching the top 100 cryptocurrencies by market cap within two weeks of its launch.

Pepe Coin benefits from its ERC-20 token status on the Ethereum network, which provides high security through its Proof-of-Stake (PoS) consensus mechanism. This status also ensures compatibility with various Decentralized Applications (dApps) and wallets.

The token’s community engagement is a key strength. With over 678,000 followers on X and a presence on Telegram, Discord, and Reddit, the team actively fosters a vibrant and supportive community. Future plans for Pepe Coin include launching a Pepe Academy and merchandise to expand its ecosystem and maintain a strong market position.

It has risen by 6% over the past month and 690% over the past year. At the time of publication, the token’s daily trading volume was hovering around $854 million. Considering its past track record and loyal community backing, the token stands as a strong candidate in this list.

WIF

Dogwifhat (WIF) is a newcomer to the memecoin space but has captured significant investor attention. Inspired by a viral meme of a Shiba Inu dog wearing a pink-knitted hat, the cryptocurrency was launched on the Solana blockchain in December 2023.

Dogwifhat has demonstrated steady growth, achieving a market cap of $2 billion following its listing on Binance. Emphasizing decentralization, the coin’s governance is controlled by its community of token holders. The coin has a total supply of over 998.9 million tokens, with its value driven by community interest and speculation rather than functional use cases. 

What differentiates WIF from its competition is its commitment to decentralization. The ownership of Dogwifhat has been fully renounced, meaning no single entity has control. The creator’s balance is zero, preventing any undue influence from the original developers. 

Dogwifhat entered the market at around $0.001555 in December 2023. It briefly peaked before dropping in January. However, in late February, the price surged to reach an all-time high of $4.83.

WIF remains a significant player in the memecoin space, especially for those seeking short-term gains.

Bonk

Bonk (BONK), the first dog-themed cryptocurrency on the Solana blockchain, was introduced on December 25, 2022. Its launch saw the SOL token surge 34% within two days. Trading of Bonk began on December 30, quickly capturing the attention of the crypto community.

The core idea behind Bonk is to improve liquidity across decentralized exchanges (DEXs) built on Solana, supporting a robust trading environment.

In addition to its core trading function, Bonk is branching out with several utility projects that enhance its ecosystem. For instance, BonkSwap, a decentralized exchange for trading meme coins and other tokens, offers features like liquidity pools and yield farming. Then there’s BonkBot, a Telegram bot that lets users buy Bonk tokens, track prices, set alerts, and engage in airdrops directly on the messaging platform. 

Lastly, the Bonk Rewards program incentivizes users to lock their tokens by offering rewards through various ecosystem contributions, including BonkBot and Solana Validator Business (SVB).

These initiatives not only increase the token’s utility but also strengthen its position in the market, illustrating Bonk’s evolution from a mere memecoin to a more functional short-term asset within the Solana network.

TEA

TEA is an up-and-coming community-driven memecoin on Solana, that aims to unite tea lovers and the crypto community. Tea can be categorized as memecoin with long-term potential, thanks to its detailed roadmap and strategic plans. 

Achieving milestones in its meticulously planned road map, TEA has already been listed on major decentralized exchanges (DEXs) and launched $TEA-Farming (where users provide liquidity to $TEA pairs on decentralized exchanges and earn rewards in $TEA tokens). 

Next on its roadmap are its future plans for CEX listings, an NFT collection launch, the Tea-Tap Game, and RWA partnerships, with exclusive teas becoming available to TEA-family HODLers.

TEA’s utility is another factor that makes it stand out in the memecoin space. The project employs well thought out mechanics for steeping (staking), harvesting (farming), and brewing (burning) mechanics.

Staking TEA tokens offers rewards of 20% APY for 6 months and 50% APY for 12 months, distributed from the TEA Fund pool. TEA tokens can also be farmed for additional rewards. More precisely, they can be farmed for rewards through LP farming or staking TEA to earn top MEME coins. Furthermore, TEA tokens can be burned to reduce supply, with 50% going to charity and 50% raffled among senders monthly.

Despite these impressive features and plans, TEA has faced challenges. Recent rumors and accusations of presale fund embezzlement plagued the project for a short while. However, TEA received unwavering support from its strong community of over 3.2 million members. Moreover, on-chain analysis clarified the flow of the funds. The investigation conducted shows that the funds were converted into liquidity. 

Following the presale’s close on July 4, the project engaged in various operations from its wallets by July 9, including minting, DEX listing, liquidity provision, and price maintenance. All of these attributes point to a well-planned project with an inbuilt compass that guides it in the right direction. 

Conclusion

In the intriguing world of memecoins, each project holds its own merit. While many of the prominent and well-loved memecoins of today show promise for short-term gains, FLOKI, PEPE and TEA, a promising new Solana memecoin, offer a unique combination of immediate profitability and sustainable growth. 

Tổng hợp và chỉnh sửa: ThS Phạm Mạnh Cường
Theo Crypto News