The meme coin sector is witnessing a remarkable surge. Savvy investors, often called “smart money,” are flocking to this market. Meme coins like Pepe, Floki, and Dogwifhat (WIF) are among the top assets attracting investment.
This shift marks a significant recognition of potential in what was once seen as a niche market.
Why Smart Money is Investing in Meme Coins
As the meme coin sector evolves, its appeal to seasoned and novice investors grows. With high-risk, high-reward gains possible, the narrative around these crypto assets is shifting.
The market cap of meme coins has jumped by 9.26% in the last 24 hours, reaching $26.6 billion. PEPE and Dogwifhat (WIF) lead this growth, with increases of 39.65% and 40.97%, respectively. These substantial gains highlight the sector’s lucrative yet volatile nature.
“PEPE has reclaimed a billion dollar market cap. The real meme coin season starts now,” a pseudonymous meme coin analyst – Artchick wrote.
Read more: 7 Hot Meme Coins and Altcoins that are Trending in 2024
Spot on Chain’s detailed analysis reveals intriguing on-chain activities. For example, a dormant wallet reactivated after 650 days to withdraw 1.03 trillion PEPE tokens from centralized exchanges. This move secured a staggering $1.33 million profit (99%). Another smart investor achieved a profit of $685,000 (100%) through strategic trading of meme coins. These examples underscore the importance of strategic acumen in the meme coin market.
Moreover, Floki (FLOKI) has also made headlines with a 21% price surge. This follows a significant investment announcement from DWF Labs. The firm’s commitment to purchasing $10 million worth of FLOKI tokens signals strong confidence in its potential. Such a move underscores the growing institutional interest in selected meme coins.
Read more: A Comprehensive Guide on Tracking Smart Money in the Crypto Market
Furthermore, the interest in smart money extends beyond meme coins. According to Nansen data, Ethereum (ETH), Render (RNDR), and Chainlink (LINK) also attracted considerable investments. These inflows highlight a diversified investment approach within the blockchain space.
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