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Meme coins collectively hold a Market Cap of more than $47 billion across the globe, with a trading volume as high as $6.5 billion at the moment. While the market cap has slightly dipped amid the rising volatility in the crypto market. That is a notable trend because it signifies that meme coins are indeed gaining recognition in the current times.
That refers to the scenario where traders and investors venture out to explore altcoins. This is to diversify their portfolio and reduce the risk of losing their funds.
PolitiFi meme coins like MAGA are gaining recognition because they are community-driven digital tokens. For instance, the segment’s popularity exploded in 2021 when Elon Musk and Mark Cuban promoted Dogecoin publicly.
Notably, DOGE later lost some value when Musk said that Dogecoin was a lot of hustle in Saturday Night Live. Dogecoin ended up losing almost 40% of its value after that moment. Community sentiments are further built by retail investors experiencing FOMO.
There has been a lot of attention to MAGA VP as well since the time it made its tokenomics public on the official website. The recently launched meme coin has committed 1% of the Buy/Sell tax to TRUMP token rewards and 0% transaction tax. This has triggered bullish sentiments among those who hold MAGA TRUMP.
Also known as $MVP, the token is listed at $0.1158 on 11 centralized exchanges at the time of articulating this piece. However, it is poised to make a breakthrough at $0.44 by the end of this Month. WIF is simultaneously aiming to follow the trend by coming out of the shell. Dogwifhat has been down by 13.14% in the last 24 hours, listed at $2.74.
Moving forward, meme coins are aiming to expand their definition by not restricting themselves to social media trends. Cryptocurrencies yield better results when they have fundamental economic substance and broader utility.
Disclaimer
The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider. Every investment and trading move involves risk - this is especially true for cryptocurrencies given their volatility. We strongly advise our readers to conduct their own research when making a decision.