In the absence of a strong catalyst driving large caps like bitcoin and ether, traders are flocking to memecoins.
is a memecoin inspired by a backpack discovered in a Netherlands shop covered with a mix of unrelated logos and words. Calling itself"The People's Bitcoin," it uses the ticker"BITCOIN" and is now the seventh largest memecoin by market cap after rallying 30% in the past 24 hours, according toA HPOS10I community spokesperson attributed the token's recent success to"the collapse of the influencer coin meta.
"There are very few new retail investors coming into the space, and those still remaining active are at this point true believers. Most of them have by this point probably packed their large cap bags and are now waiting for changes in macroeconomics and applications to start working for those serious bags to take off," he told The Block.
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