The last week the crypto market generally went down—with one notable exception. Meme coins, popular but risky cryptocurrencies, sometimes depicted with comical or animated memes, that are supported by enthusiastic online followers but may hold little or no intrinsic value, posted big price increases.
Meme coin PEPE was the largest gainer this week, with its price more than doubling, while remaining less under 1 cent. Investors may have been buying it as a cash grab.
The FLOKI token’s price increased by almost 50%, perhaps also benefiting from the recent high demand for meme coins.
Stacks (STX) rose by greater than 10%, possibly because more non-fungible token (NFT) minting on Bitcoin, some of it using Stacks’ Bitcoin layer for smart contracts.
WOO Network (WOO) rose by more than 6% after listing the SUI perpetual token with zero fees.
TRON’s TRX increased by more than 4% following the announcement of a strategic cooperation initiative with Huobi and BitTorrent.
These tokens’ rise is in sharp contrast to the general dips that most crypto tokens are experiencing, although there are a few of the assets that also gained over the last seven days.
This week, we examine Pepe (PEPE), FLOKI (FLOKI), Stacks (STX), WOO Network (WOO), and TRON (TRX). In selecting these assets, we have considered several factors, including positive technical developments, significant news events, and noticeable changes in price.
Crypto meme coins were the stars of the latest week, and there was no bigger gainer among them than PEPE. The price of the token—which has no value except for being a meme—more than doubled, although it remains well below a cent. While many have questioned the token and the fact that its development team likely controls a large share of the supply, it still managed to post a 120% increase.
The token is only days old, and there is reason for investors to be skeptical of disingenuous behavior on the part of people trading it. For the most part, it appears that investors are in the token for a quick buck. Binance has also listed the token, which possibly fueled the upward movement further. PEPE is trading at around $0.000002193, having been priced at $0.000000696 last week (see chart below).
FLOKI is another meme coin, albeit one that has existed much longer than PEPE. The token increased by nearly 50%, possibly riding the wave with other meme coins, as these tokens experienced a resurgence in the past week.
The token was also listed on Binance, which could have also contributed to the advancing price. Unlike PEPE, FLOKI tries to provide other utilities, such as use in a metaverse game. However, it appears that investors are more focused on the profits a “meme coin season” could produce. FLOKI also is changing hands well below 1 center, at around $0.000049, having traded at $0.000033 last week (see chart below).
The Stacks (STX) coin recorded a gain of more than 10%, possibly because of significant increase in the use of NFTs on the Bitcoin network. Crypto enthusiasts have been minting NFTs on Bitcoin, and STX has benefited from this. Stacks offers a Bitcoin layer for smart contracts, which includes decentralized finance (DeFi) and NFTs, among other things. With smart contracts, developers can create programmable instructions, which lead to decentralized applications.
The Bitcoin Ordinals used in the minting are somewhat like NFTs, in that they provide data that can be used to make unique assets on Bitcoin. They are individual satoshis that are created directly on the Bitcoin network. Their data includes the media necessary to create NFTs and requires no additional token or chain.
STX recently was priced at around 76 cents, up from 68 cents last week (see chart below).
WOO Network (WOO)
The WOO Network (WOO) token climbed more than 6% during the week. One reason for the rise may be that it listed the popular SUI perpetual token on its platform with no fees attached.
Another reason for the price gain might be that the network made changes to its community ambassador program, WOO Force. WOO is changing hands at around 26 cents, after rising as high as 32 cents on Friday and having starting last week at 25.73 cents (see chart below).
TRON’s TRX coin rose about 3%, possibly because of an announcement about strategic cooperation with Huobi and BitTorrent. The cooperation’s theme is a “Memeverse carnival.” The collaboration is aimed at supporting the development of meme coins and their ecosystems.
TRX recently was priced at around 6.85 cents, up slightly from 6.7 cents last week (see chart below).
As of the date this article was written, the author does not own any of the assets discussed here.