Shaurya is the Deputy Managing Editor for the Data & Tokens team, focusing on decentralized finance, markets, on-chain data, and governance across all major and minor blockchains.
Volume of futures tracking meme coins continued to rise massively on Saturday as bets against non-serious tokens lost a cumulative $50 million in the past 24 hours, a sign of irrational exuberance.Coinglass shows shorts, or bets against, on dogecoin, shiba inu, pepe, floki and bonk saw over $50 million in liquidations in the past 24 hours, contributing to price surge among these tokens.
Pepe , the frog-themed meme token on Ethereum, was up as much as 100% to set record highs. WIF, the dog-themed token on Solana that was issued in November was up as much as 80% to become one of the first prominent meme tokens to cross the $1 price mark.last week as proxy bets on the growth of whichever blockchains these tokens are based on.
Open interest in PEPE, SHIB, BONK and FLOKI has similarly grown multifold to a cumulative $1.5 billion in the past few days,Meme tokens are usually considered to have no intrinsic value but are quickly gaining favor among traders.
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