Memecoins Made Massive Gains on Monday
The market was all-in on memes on Monday, and that helped the value of tokens like Dogecoin (CRYPTO: DOGE) and Pepe (CRYPTO: PEPE), which hold little value but the meme itself. The biggest catalyst wasn't any news from Wall Street, but rather the return of a popular Reddit personality named Roaring Kitty, who brought on the stock market meme craze in the first place.
Over the past 24 hours, Dogecoin was a big mover, up 5.1% as of 3 p.m. ET today. Pepe was up 14.3%, dogwifhat jumped 3%, and Bonk (CRYPTO: BONK) gained 3.1%. All of this happened while most of the crypto market was down.
Memes, or a culturally relevant images or concepts that spread wildly on the internet, have taken over the market today after a single tweet from Roaring Kitty after three years of being dormant. Shares of stocks like GameStop, , and Hertz skyrocketed with no news other than the tweet.
Source Fool.com
