Bitcoin had a strong week, gaining nearly 11% over the past seven days to surpass 67,000. However, its performance pales in comparison to the explosive gains seen among meme coins, which are leading a frothy resurgence in the crypto market.
Meme Coins Outshine Bitcoin
While Bitcoin’s uptick signals the potential arrival of “Uptober,” meme coins have stolen the spotlight. Among the top 15 meme coins by market cap, all have seen gains this week.
- Dogecoin (DOGE): Up 16%, fueled by renewed attention from Elon Musk.
- Bonk (BONK): The Solana-based token also climbed 16%.
- Brett (BRETT): Built on Base, it surged 25%.
- Shiba Inu (SHIB): The smallest winner among top meme coins, up 7%.
The biggest winner, Turbo Toad (TURBO), soared 71% this week. Marketed as the “first meme coin created by AI,” TURBO originated in April 2023 when a Twitter user enlisted ChatGPT to design a viral meme coin. The AI-assisted project created everything from branding to tokenomics, leading to its meteoric rise.
Viral Meme Coins Continue to Dominate
Other tokens making headlines include:
Cat in a Dog’s World (MEW): A Solana-based token surged 49%.
Goatseus Maximus (GOAT): Inspired by AI chatbot Truth Terminal, this coin reached a market cap of 285 million in a week, with one trader turning 5,500 into 1.5 million.
a16z AI Dog (TILLY): Created as a meme from a venture capital announcement, it briefly peaked at 8 million before crashing to 560,000.
Mog Coin (MOG): A 4chan-originated token jumped 40%.
Meme Coin Losers
Not all meme coins shared in the excitement. Losses were notable for:
PepeCoin (PEPECOIN): Fell 13% after recent volatility.
SuDeng (HIPPO): Down 21% on the Sui blockchain.
PUPS: A Bitcoin-based meme coin, dropped 18%.
The Meme Coin Phenomenon
Meme coins, often inspired by internet trends, pop culture, or AI-generated ideas, remain a volatile corner of crypto. Thousands are launched daily, yet few sustain value or relevance. Even the biggest winners often crash as quickly as they rise, underscoring the speculative nature of these tokens.
