The big pump in the newly launched crypto tokens is showing that the meme trend is still alive in the crypto sector.
Meme coins are crypto assets that have no use case by origin. For example, Dogecoin, and Shiba inu tokens are the top two meme coins. Initially, the birth of Doge & Shib was without any use case but after the community support & token price pump, many people jumped to accept these two tokens as a payment option.
On the popular Decentralized crypto exchange Uniswap, we can see that the top hot crypto tokens are $WAGMI, $BEN, $GEN, and $PEPE, & Refund token (RFD). All of us know very well that all of these are meme tokens, without any use case.
RFD token was launched just a couple of days ago and the trade price of this token was 1,000% up on 21 May. The current trade price is only 40% higher than the last 24 hours’ trade price.
Ordinals & meme tokens
In Jan of this year, a developer launched Ordinals, dedicated to bringing a protocol to allow NFTs & token minting on the Bitcoin blockchain network.
So far huge numbers of meme tokens & NFTs have been minted on the Bitcoin network via ordinals.
Such types of development activities in favor of the meme tokens are giving a better confidence boost among the traders to invest in meme tokens.
Over the last two weeks, many people opposed the concept of Ordinals. According to serious crypto proponents, Ordinals have no use case, instead giving birth to garbage crypto Tokens.
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Disclaimer: The information provided in this article is for informational purposes only and should not be construed as financial or investment advice. Cryptocurrency investments are subject to market risks, and individuals should seek professional advice before making any investment decisions.
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