According to CryptoPotato, a meme coin on the Bitcoin network, known as PUPS (ORDINALS), has seen a significant increase in its value, reaching an all-time high of over $70. This surge represents a nearly 1,000% increase on a weekly scale and a staggering 2,800% increase over the past month. The meme coin sector has been a trending topic during this bull cycle, with numerous such assets experiencing rapid price increases in a short period of time.
PUPS' market capitalization has surged above $500 million, making it the 12th largest in its cohort. The asset is the first meme coin on the Bitcoin network and is entirely governed by the community, with a focus on meme-based engagement over practical applications. However, PUPS is not the only meme coin making headlines recently. Other tokens such as Shiba Inu (SHIB), dogwifhat (WIF), Bonk Inu (BONK), BOOK OF MEME (BOME), and Slerf (SLERF) have also seen impressive price rallies.
The second-largest meme coin by market capitalization, SHIB, was a standout in the crypto world at the start of last month, with its market capitalization briefly surpassing $25 billion. This placed it among the top 10 largest cryptocurrencies. Trading in meme coins has brought substantial profits to savvy traders who entered the ecosystem early. For instance, one SHIB investor turned a $2,500 investment into over $2.5 million, while a WIF trader made over $5 million from an initial investment of just $310.
However, the high volatility of the sector also poses risks of significant losses. Therefore, potential investors are advised to exercise caution when considering investments in this sector.