In the ever-evolving world of meme coin news, this week's highlights showcase an interesting mix of market movements and intriguing developments. From reactions to a famous trader's social media posts to significant market cap fluctuations in political finance coins, the space is buzzing with activity.
meme coin news: Market Highlights
The meme coin market capitalization has shown a 3.4% increase over the past 24 hours, climbing to $39.4 billion. While some coins experienced losses, the overall trend is positive.
Drunk Chicken Centipede (DCC) and Neiro (NEIRO) led the declines with drops of 24.2% and nearly 16%, respectively. On the flip side, BOBO coin (BOBO) saw the highest increase at 39.9%, followed by other coins in double digits.
Turning the spotlight on the top 10 meme coins by market cap, all showed gains, with Dogecoin (Doge) and shiba Inu (SHIB) registering notable increases.
CHEWY tokens React on Roaring Kitty’s Latest Post
A standout moment in meme coin news was trader Keith Gill, popularly known as Roaring Kitty, sharing a post hinting at his disassociation from Chewy, a pet product company. This post sparked immediate reactions in the Solana-based meme coin market.
Gill's disclosure led to fluctuations in CHEWY (CHWY) tokens, with one recording a 6% increase and the other dropping by 10% in just 24 hours. Despite these short-term movements, both tokens showed downward trends over the past week and month.
PolitiFi coins’ Market Cap Cut in Half in 2024
In the realm of political finance coins, a subset of meme coins, there has been a significant decline in market capitalization over the past few months. Despite ties to political figures and events, these coins have faced challenges, with the overall market cap dropping by $331 million.
Trump-related coins remain prominent in the top 10, but ConstitutionDAO (PEOPLE) has recently taken the lead. This shift signifies evolving dynamics within the PolitiFi sector.
Lastly, we delve into community takeovers (CTOs) in meme coin projects, a growing trend in 2024. While CTO teams have managed successful projects, legal expert Charlyn Ho warns of the potential legal entanglements they may face, emphasizing the importance of transparency and avoiding deceptive practices.
As the meme coin space continues to captivate investors and enthusiasts worldwide, staying informed about these developments is crucial for navigating the market effectively.
