Solana-based Bonk has increased in value by 190% over the past week and is trading near ATH 00000345; Floki is another trending memcoin, recording a 350% increase in price on its weekly chart and is 16th in terms of trading volume. Most of the triple-digit growth recorded over the past week is relatively new compared to more established memcoins such as Dogecoin and Shiba Inu.
The major memcoins of the past cycle have also seen bullish gains, with #Dogecoin posting a 90 percent weekly gain and #Shiba Inu posting a 175 percent gain.
The enthusiasm around memcoins is similar to the last bull rally in 2021, when Dogecoin led a bull rally backed by Elon Musk.
Each cycle of enthusiasm for memcoins and their price volatility has helped some investors realize large returns on their investments in a short period of time. However, many other investors have often suffered large losses. Many crypto veterans believe that these tokens have a negative impact on the overall #cryptocurrency market.
I am glad that you are making money with Mimcoin. But it does not benefit the market, and I'm not morally inclined to deal with it. If I could ignore the ethical dilemmas, it would definitely be a gold mine. But it's not for me.
Most of the mimcoins that experienced huge gains during the bull peak were also among the tokens that experienced the sharpest declines. Some of them have lost more than 80% of their value since the peak.
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