Get your weekly, bite-sized digest of meme coin news.
• Meme Coin News: Market Highlights
• ‘The Spread of Meme Coins is Highly Contagious' – HTX Ventures
• Where Are KAMA and MAGA One Day Before US Election?
• Truth Terminal's Founder Reclaims His Account, GOAT in Green Fields
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Meme Coin News: Market Highlights
Meme coins are having another red day.
Over the past 24 hours, the meme coin market capitalization has decreased by 5.2% to $59 billion.
Thirty-two of the top 100 meme coins per market cap are up today.
MAGA Hat (MAGA) is at the top of this list, with a nearly 40% rise to $0.0002038.
Fartcoin (FARTCOIN) is also up above 30%, followed by six coins with increases between 11% and 17%.
On the other hand, Peanut the Squirrel (PNUT)'s price fell the most: 45.1% to $0.05226.
ArbDoge AI (AIDOGE), Popcat (POPCAT), and WHY (WHY) also recorded double-digit increases between 10% and 14%.
Looking at the top 10 meme coins per market cap, we find that only one has recorded a price increase in the past day.
Baby Doge Coin (BABYDOGE) is the only green coin in this category, having gone up 1%.
Among the red coins, Floki Inu (FLOKI) fell the most. It's down 4.9% to $0.00012.
Turbo (TURBO) and Pepe (PEPE) are down some 4% and 3%, respectively.
As for the top coins, Dogecoin (DOGE)'s price decreased by less than 0.5%, while Shiba Inu (SHIB) dropped 1.8%.
‘The Spread of Meme Coins is Highly Contagious' – HTX Ventures
In meme coin news this week, HTX Ventures, the global investment division of the HTX exchange, argued that meme coins spread like a disease.
According to the report, titled ‘2024 Meme Sector Analysis: From Viral Spread to Ecosystem Beachhead,' the meme coin market saw cyclical spikes this year, especially in its beginning and in the second quarter.
Notably, while we previously saw only short-lived "crazes," meme coins became "unprecedentedly popular" lately, particularly in the February-April period.
Interestingly, the report argued that "the spread of meme coins is highly contagious." It relies on social media and community dissemination, reaching exponential growth.
"The dissemination of internet memes is in many ways similar to the spread of infectious diseases," the report reads.
Like a virus, in order to spread, a meme depends on its "hosts," which in this case are the users who share it. This way, they can reach a large number of users, "especially when it is met with strong emotional responses or features elements that are easy to imitate."
Meanwhile, a game-changer in this cycle are launchpads, the report said, particularly the popular ones such as Pump.fun and SunPump.
They've enabled easy creation and trading of meme coins, attracting a large user following.
The King of Cat #Memecoins!
— HTX (@HTX_Global) October 30, 2024
Who claims the crown?pic.twitter.com/xdDEko3uwW
As for the future, the report predicts that, at least for the remainder of this year, the meme coin market will continue its "meteoric rise."
This is thanks to increased liquidity, direct participation from various ecosystems, and venture capital investment, the meme coin market is expected to continue its meteoric rise in the latter half of 2024.
Where Are KAMA and MAGA One Day Before US Election?
The US Presidential election is fast approaching. It is to be held on Tuesday, November 5, when the next president of this country will be decided: Kamala Harris or Donald Trump.
Meanwhile, various meme coins connected to the names of these two candidates have also been battling it out for many months now.
Now that the election is finally here, we took a look at the current performance of the major, Harris and Trump-related political coins.
As noted above, Maga Hat (MAGA) saw a substantial, nearly 40% increase over the past day.
It fell 17% in a week, while it recorded a 71% rise over the last 30 days.
MAGA's all-time high price was $0.0007379 reached in May, dropping 73.45% since then.
At the same time, its market capitalization is now $78,862,577.
Maga Hat 24h price chart:
The older and higher-ranking Maga (TRUMP) saw a similar trajectory.
Over the past day, its price increased by 23.3% to $3.68.
While it dropped 19% in a week, it's up 22.1% in a month and 4,454% in a year.
Its highest price was $17.51, recorded in June this year. It fell 79.7% since.
Also, the coin's market cap is currently $168,313,532.
Maga (TRUMP) 24h price chart:
Meanwhile, Kamala Horris (KAMA), while green in other timeframes, dropped over the past 24 hours.
The coin's price decreased by 24.4% in a day to $0.01376.
It's up 65% in a week and 58.5% in a month.
KAMA fell 64.3% since its July all-time high of $0.03919.
At the same time, its market cap is $13,882,111.
Kamala Horris (KAMA) 24h price chart:
It'll be interesting to see how these prices will change – and what will happen to these coins – after the election.
Stay tuned.
Truth Terminal's Founder Regains His Account, GOAT in Green Fields
In other meme coin news, Truth Terminal founder Andy Ayrey confirmed that his Twitter account is back in his control following last week's hack.
He had previously said not to trust the hacked account should it say Ayrey regained control over it unless he himself confirmed it on his Constellate Labs account.
On November 1, he posted on his now-reclaimed account that "I have some folks doing research to find out who was negatively impacted by the scammer, particularly in the critical (early) periods; and brainstorming ways to compost some of the bad into good."
His post further reads: "At this point, I am indicating nothing concrete, except to follow back up, share ideas and to communicate transparently throughout. It does look like the scammer used the truth_terminal’s new wallet address to collect SOL for a fake presale—this shouldn’t be hard to refund in the coming 3-5 days."
As a reminder, Ayrey's Twitter account was compromised last week to promote a scam token.
The hacker posted a contract address for a newly issued token under the ticker IB.
Notably, the hacker netted over $602,500 in profits before triggering a mass sell-off. The abrupt liquidation caused the token's market cap to collapse by 98% to $500,000.
Meanwhile, Truth Terminal gained attention when it started promoting the AI-created Goatseus Maximus (GOAT) meme coin, leading to its soaring market cap.
It did not, however, create the coin but learned of it when people tagged it in posts related to the coin and airdropped it GOAT as well.
GOAT has performed well in the overall red market today.
It's up 13.4% in 24 hours, currently trading at $0.5093.
While down 24.5% in a week, it also appreciated 36.7% in the last two weeks. Since it's a young coin, its performance in other timeframes is not available yet.
The coin's highest price was $0.8788, recorded on October 24, dropping 43% since.
Ranking #149, GOAT's current market cap is $510.67 million.
The post Meme Coin News: ‘The Spread of Meme Coins is Highly Contagious' appeared first on Cryptonews.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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