Following a surge in both popularity and price, meme coins “Bigger Than Pepe” and “Shiba Inu” have seen a 56% increase in price this week, according to Coinmarketcap. Both coins have performed markedly better than other top meme coins, beating their rivals in terms of trading volumes and market capitalization.
The coins’ prices have benefited from their association with Wall Street meme-culture. “Bigger Than Pepe” (BTP) was created as a tribute to Anthony Scaramucci, famously nicknamed “The Mooch”, while “Shiba Inu” (SHIB) rode a wave of success spurred by the surge in Dogecoin prices late in April.
The volume of trading activity for BTP and SHIB has been remarkable. In the last week alone, BTP has averaged a volume of over $1 billion, while SHIB has averaged around $2.5 billion. This performance has driven the coins to the top of the list of meme coins, with BTP closing in on the top 10 cryptocurrencies by market capitalization while SHIB ranks at number 11.
Although the coins are relatively new and untested investments, their sudden appearance and subsequent meteoric successes are a testament to the power of memes in the crypto-world. With major players such as Elon Musk already endorsing Dogecoin, and more institutions embracing digital assets every day, these coins could soon become some of the most important players in the meme economy.