Saturday, August 13, 2022

Meme coin mania triggers triple-digit gains from Binance Smart Chain-based altcoins

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This week’s surge in standard meme cash like Shiba Inu (SHIB) and Dogecoin (DOGE) could possibly be indicators that the nice instances are again and a fast look at crypto Twitter reveals a protracted checklist of tweets the place aspiring merchants focus on shopping for Lambos, quitting their day jobs and turning into a full-time crypto merchants. 

Whereas DOGE and SHIB are receiving a majority of the eye from media and traders, they don’t seem to be the one low-priced tokens which have seen a spike in worth. On all main networks together with, the Binance Good Chain, the worth of meme cash has risen, an indication that retail traders of all courses are feeling bullish once more.

Prime-five largest meme coin gainers on the 7-day chart. Supply: CoinGecko

Right here’s a take a look at three comparatively “unknown” Binance Good Chain-specific tokens which have put up respectable positive aspects over the previous week.

Hoge Finance

Hoge Finance (HOGE) is a meme-loving decentralized finance protocol that describes itself as community-driven and has a capped token provide with a deflationary mechanism that burns 1% of the provision at each transaction.

Information from CoinGecko reveals that since reaching a low of $0.0001 on Oct. 13 the value of HOGE has surged 533% to a every day excessive of $0.000633 on Oct. 28 as its 24-hour buying and selling quantity spiked 330% to $12.3 million.

HOGE/USD 3-hour chart. Supply: CoinGecko

The surging worth of HOGE comes because the workforce behind the mission has been teasing an upcoming trade itemizing on one of many top-5 cryptocurrency exchanges. Except for that promise, there’s little else to say concerning the mission from a basic evaluation viewpoint, however cannot the identical be mentioned for Dogecoin and many of the different canine-themed tokens? 

Australian Protected Shepherd

Australian Protected Shepherd (ASS) is a neighborhood meme token that obtained its begin as a fork of the favored Safemoon mission.

As a part of the tokens design, 5% of every commerce carried out on PancakeSwap is locked in a liquidity pool to make sure there’s at all times ample liquidity. A further 5% is redistributed to all ASS token holders as a type of passive rewards and incentive to carry the token.

ASS/USD 1-hour chart. Supply: CoinGecko

Information from CoinGecko reveals that since buying and selling at a low of $0.00000000235 on Oct. 25, the value of ASS has elevated 203% to a every day excessive at $0.00000000711 on Oct. 28 as its 24-hour buying and selling quantity surged from $450,000 to $25.43 million.

Associated: Dogecoin jumps 44% in one day as traders rotate Shiba Inu profits into DOGE

Taboo Token

Taboo Token is an grownup entertainment-themed NFT and streaming media mission that focuses on unique content material supplied by the fashions who work with the platform.

Whereas falling outdoors of the definition of a meme coin, Taboo Token is one other low-priced mission on BSC that has accomplished severe numbers of the previous few weeks.

Information from CoinGecko reveals that after hitting a low of $0.0008 on Oct. 4, the value of TABOO surged 1,812% to a every day excessive of $0.0153 on Oct. 13 as its 24-hour buying and selling quantity spiked to a record-high $11.52 million.

TABOO/USD 1-hour chart. Supply: CoinGecko

The elevated motion for TABOO got here after OnlyFans introduced that it will ban grownup leisure performances on the platform and Taboo offered itself as a working different. OnlyFans would later reverse the ban, however it seems that creators have realized the advantages of decentralized platforms.

Even with OnlyFans’ change of coronary heart, TABOO has continued to see its worth supported on the present ranges and the builders behind the protocol are planning to construct out its ecosystem and continuously tease upcoming developments, together with the launch of a Taboo market which can function NFTs from trade majors and celebrities like Paris Hilton.

The views and opinions expressed listed here are solely these of the writer and don’t essentially replicate the views of Cointelegraph.com. Each funding and buying and selling transfer entails danger, it is best to conduct your personal analysis when making a choice.