Get your weekly, bite-sized digest of meme coin news.
This week read about:
Meme Coin News: Market Highlights
GameStop (GME) Meme Coin Outperforms the Stock
FLOKI DAO Votes ‘Yes’ to Burning 15.25 Billion Coins
Shina Inu Could Hit $1 by 2050
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Meme Coin News: Market Highlights
The global cryptocurrency market capitalization has seen a drop of 0.4% over the past day to $2.54 trillion.
GME is the best-performing meme coin in the last 24 hours, and it is discussed in more detail below.
Next in line is OMIKAMI, with a 41% rise to $0.02407.
Quite a few other meme coins are in green.
On the other hand, BOOMER fared the worst. It’s down 17% to $0.03416.
It’s followed by JESUS, PORK, ANDY, and OMNOM, all with double-digit drops.
When it comes to the top 10 meme coins per market cap, two have seen their prices rise.
Source: cryptonews.com/coins/meme-coins/
Dogwifhat (WIF) is up nearly 5%, trading at $2.68.
At the same time, PEPE appreciated 1.3% to $0.00001.
BONK recorded the biggest fall in this category. It is down 6.2%, currently changing hands at $0.00003.
TokenFi (TOKEN) is next among the red coins, having dropped 5% to $0.10627.
The remaining coins are down between Coq Inu (COQ)’s 0.78% and Memecoin (MEME)’s 3.9%.
GameStop (GME) Meme Coin Outperforms the Stock
In meme coin news this week, the GME token recently came out of dormancy, recording significant gains over the past several days.
In the last 24 hours alone, it appreciated 42%, changing hands at $0.007012.
Moreover, in the past seven days, it saw a massive increase of 187%.
At the time of writing, it’s the best-performing coin in the 24-hour category.
In the 7-day category, only OMIKAMI and PONKE surpass it.
The coin’s sudden jump can be seen clearly on the 1-month chart, as shown below.
Source: CoinGecko
While trading sideways for the past two months or so, the coin shoots up on May 12.
It rose 2,107% by the following day and 3,865% by May 14.
Just a day later, it hit its all-time high of $0.02167, dropping 67% since.
As reported, the Ethereum-based token saw a revival following the return to Twitter of trader Roaring Kitty, known for sparking the (in)famous GameStop frenzy in the first place.
This post has been viewed over 27.5 million times so far.
— Roaring Kitty (@TheRoaringKitty) May 13, 2024
Also, the latest surge unsurprisingly prompted the creation of more GME-named coins.
As for the GME stock, it jumped from $17.46 to $48.75 by May 14, a 179.2% increase.
It’s up 122% in the past month and down 15.55% in the past five days.
Source: Google
Over the last day, it fell nearly 20% to $22.21.
This shows that the meme coin far outperformed the stock.
FLOKI DAO Votes ‘Yes’ to Burning 15.25 Billion Coins
FLOKI announced on Wednesday that the decentralized autonomous organization (DAO) had voted in favor of burning almost 15.25 billion FLOKI tokens, currently worth just below $3 million.
Notably, the decision was reached nearly unanimously.
The coins will be burnt this week.
IT’S OFFICIAL: FLOKI DAO PASSES VOTE TO BURN 15,246,000,000 FLOKI TOKENS
The #Floki DAO has voted in favor of burning 15,246,000,000 $FLOKI tokens, with an overwhelming majority of 99.84% voting in favor of the burn.
In line with the decision of the Floki DAO, the tokens will… https://t.co/zrnytjJ6N2 pic.twitter.com/TGRA8hzVj4
— FLOKI (@RealFlokiInu) May 15, 2024
The proposal went live on May 13.
It noted that the DAO held three key burn-related votes so far.
“In each of these cases, the decision of the Floki DAO was swiftly executed, making it clear that Floki is a completely decentralized cryptocurrency and the Floki DAO ultimately determines the direction of the project,” it said.
One of the votes focused on burning excess tokens recovered from the blacklisted wallet in July 2022.
Some of the affected wallets did not send in the tokens before the deadline. However, one of these recently sent more than 15 billion FLOKI (currently worth over $2.8m million), asking “for a small incentive in return.”
The proposal suggested giving the affected wallet 1% of the tokens returned (154,000,000 tokens), hoping to incentivize other affected wallets to send in the excess tokens they currently hold.
The excess tokens not returned should be considered burnt and inaccessible, the proposal said. The blacklisted wallets cannot do anything with them except send them to the Floki multisig.
FLOKI is down 1.5% over the past 24 hours, currently trading at $0.000196.
However, it appreciated nearly 14% over the past week.
Meanwhile, FLOKI also recently announced that it’s nearing half a million followers on its CoinMarketCap community page.
#Floki has just crossed 400,000 followers on its community page on @CoinMarketCap!
This is a very impressive accomplishment that moves $FLOKI closer to its goal of being the world’s most known and most used cryptocurrency.https://t.co/ldzsSilgdZ pic.twitter.com/i0QlYi0Xwd
— FLOKI (@RealFlokiInu) May 18, 2024
Notably, Revolut Business recently listed FLOKI, enabling European commercial accounts to invest in the asset.
Shina Inu Could Hit $1 by 2050
In other meme coin news, by 2050, SHIB could be worth $1. This would be an excellent development for long-term big bag holders.
To reach this conclusion, forecaster Telegaon analyzed factors such as market trends, investor sentiment, trading volume, technological developments, and external influences, it said.
Per the analysts’ predictions, SHIB’s max price this year could reach $0.0000601.
In 2025, that price could rise to $0.0000728. At the end of this decade, we could see the token reach $0.000712.
Over the next few years, it could lose some of those front zeroes.
Five years later, we’re looking at a possibility of $0.00216, followed by $0.089 in 2040, and $1.06 in 2050.
The average price by 2050 could reach $0.89 and a minimum of $0.62.
Source: Telegaon
Currently the 12th coin per market cap, SHIB trades at $0.00002396.
It is down 0.3% in a day and up 0.5% in a week.
Over the past year, the coin’s price increased by 175%.
It hit its all-time high of $0.00008616 in October 2021. SHIB has dropped 72% since.
The coin, however, is up a whopping 42,564,577.6% from its all-time low seen in November 2020.
The post Meme Coin News: GME Token Outperforms Stock, 15B FLOKI Burned, SHIB Could Hit $1 in 15Y appeared first on Cryptonews.
