Dogecoin (DOGE) Barks Again, Has the Memecoin Madness Returned?
#Dogecoin (#DOGE ) has risen by 14.5% over the week, gaining ground amid a broader rebound in memecoins driven by renewed investor appetite for risk assets.
The memecoin category has risen by 11% according to data provider CoinGecko, with other major tokens by market value such as Pepe and Shiba Inu rising more than 10% to recover some losses, and newer and popular tokens like SPX6900 and FARTCOIN skyrocketing by 70% and 104%, respectively, over the last seven days.
The increase has left memecoin advocates feeling more optimistic after a several-week decline, although other observers in the space believe the future of the tokens is uncertain. They expect that memecoins, which reference pop culture and news events and are more volatile than other tokens, will change, and that investors will have to adapt.
Alon Cohen, co-founder of Pump.fun, noted that his company has created a product aimed at existing in a decade and that memecoins "are here to stay".
"Although the market has fallen and many people announced the end of memecoins, as soon as the major ones stopped declining, memecoin activity stabilized quickly and has been on an upward trajectory," he stated.