Bloomberg: Demand for MEME coins is strong, with top MEME coin trading volume nearing $80 billion

ChainCatcher news, Bloomberg has released a latest article stating that the demand for MEME coins is strong, with trading volume for top MEME coins nearing $80 billion in the past week. The macro backdrop is completely different from the last MEME frenzy, but the scene is reminiscent of 2020 and 2021. Many tokens with no intrinsic value have seen price increases far exceeding that of Bitcoin. These MEME tokens, sometimes referred to by a very crude nickname, also serve as a simple entry point into the cryptocurrency world, albeit with extremely high risks. While Bitcoin has been increasingly adopted by traditional finance, smaller tokens are mainly about speculation and avoiding rug pulls.

George McDonaugh, Managing Director of cryptocurrency investment firm KR1 Plc, stated that to understand the role of Bitcoin or other large blockchains, you may need to read a lot of white papers. However, for MEME coins, just looking at a dog wearing a hat makes it much easier. Moreover, when market conditions are good, making a profit is also quite easy.

As of Thursday, a token named Dogwifhat is valued at approximately $3.13, having skyrocketed over 200,000% since its launch last December. Meanwhile, Bonk has risen nearly 40,000% over the course of more than a year.