Meme coins have become some of the best performing assets this year. As Bitcoin surged to its all-time high, most of these tokens gained traction among users. Coq Inu (COQ), the biggest meme coin in Avalanche, surged to $0.00000447, giving it a market cap of over $309 million.
COQ, MEMEAI, and BIF are soaring
COQ could gain more traction in the coming weeks if more exchanges list it. Data shows that most of its trading is happening in KuCoin, Trader Joe, Bybit, and HTX. As we have seen with Dogwifhat, a listing by mainstream companies like Binance and Robinhood can have an immediate impact on these tokens.
COQ has a huge potential as we have seen with other meme coins like Bonk, Samoyedcoin, and WIF. These tokens surged hard because they were launched on Solana, a project that is significantly quicker than Ethereum. Its transaction costs are also significantly lower. The same case can be said about Avalanche.
Meme AI (MEMEAI) token has also surged by more than 360% in the past 30 days, giving it a market cap of over $3 million. This token is surging because it is targeting two fast-growing industries: Artificial Intelligence (AI) and meme coins.
Bonkwifhat (BIF), a new meme coin, has also surged by over 94% in the past few days, giving it a market cap of over $8 million. This token is surging because its name is made up of Bonk and Dogwifhat, the two biggest meme coins in Solana.
Meme coins as Bitcoin alternative
These meme coins will likely continue doing well in the near term because of the expected Bitcoin price action. Bitcoin surged to an all-time high this week and analysts believe that it is just a matter of time before it hits $80,000.
If this happens, many traders will move to these meme coins as a proxy for Bitcoin. That’s because many meme coins go for cents, making them more affordable to most people. For example, with just $100, one can buy millions of tokens like BIF and MEMEI.
They can only buy a small portion of Bitcoin with this amount. Also, these tokens take a less amount of time to double their prices while Bitcoin takes longer.
However, in the long-term, lessons from Shiba Inuand Dogecoin show that these tokens tend to cool down after going parabolic. The two coins remain sharply below their all-time high. As you recall, they were some of the best-performing coins during their peak.
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