The world of memecoins kicked off the week with a bang, witnessing breakouts and decouplings across the board over the past 24 hours.
Trading volumes for the top 50 assets in this sector surged by more than 34%, signaling increased activity and potential opportunities for traders.
Among the standout memecoins to watch are $PEPE, $MAGA, $MOG, $BITCOIN, $PONKE, $PEPE2.0, $SPX, and $ANALOS, all exhibiting significant volatility that savvy investors can capitalize on.
📈😻 #Memecoins had an eyebrow raising start to the week, with breakouts and decouplings all over the place the past 24 hours. Among the top 50 assets in this sector, trading volumes exceeded a +34% rise.$PEPE, $MAGA, $MOG, $BITCOIN, $PONKE, $PEPE2.0, $SPX, and $ANALOS are all… pic.twitter.com/DLvbCY518K
— Santiment (@santimentfeed) May 13, 2024
However, it’s worth noting that the resurgence of @TheRoaringKitty on Twitter has led to the creation of several MEMEcoins named after $GME. Traders are advised to approach these coins with caution due to their speculative nature.
On the Ethereum blockchain, on-chain data tracking platform Lookonchain observed an insider purchasing 146.11B $GME tokens, equivalent to 34.73% of the total supply, for 5.98 $ETH ($17.7K) across 21 wallets. The current value of these tokens stands at $1.96 million.
Due to @TheRoaringKitty’s return on Twitter, many #MEMEcoins named $GME were created, please be careful when buying them!
We noticed that on #Ethereum, an insider spent 5.98 $ETH($17.7K) to buy 146.11B $GME(34.73% of the supply) with 21 wallets.
The 146.11B $GME is now worth… pic.twitter.com/XgSiSnvYKr
— Lookonchain (@lookonchain) May 13, 2024
More Traders Make Gains From $GME Investment
Meanwhile, another trader who succumbed to FOMO (Fear of Missing Out) and bought $GME at price highs managed to turn their loss into a profit following @TheRoaringKitty’s return on Twitter.
This trader initially invested 4,086 $SOL ($408K) to purchase 69M $GME tokens three months ago. Despite experiencing a significant loss of over 90%, the trader held onto their investment, demonstrating diamond hands.
The trader who #FOMO bought $GME at price highs has turned a loss into a profit thanks to @TheRoaringKitty's return on Twitter.
The trader spent 4,086 $SOL($408K) to #FOMO buy 69M $GME 3 months ago.
Fortunately, this trader is a diamond trader and did not sell even if he lost… pic.twitter.com/CS0GvX1XD3
— Lookonchain (@lookonchain) May 13, 2024
Now, with the resurgence of interest in $GME fueled by @TheRoaringKitty, the trader has seen their unrealized profit on $GME soar to $282K, highlighting the potential for significant gains in the memecoin market.
Overall, the memecoin landscape continues to offer both risks and rewards, with traders navigating volatile price movements and speculative trends driven by social media influencers like @TheRoaringKitty.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
Follow us on Twitter @themerklehash to stay updated with the latest Crypto, NFT, AI, Cybersecurity, and Metaverse news!
Image Source: archnoi1/123RF // Image Effects by Colorcinch
