The yearly charts for VanEck’s meme coin index reached 195%, highlighting the noteworthy market success of DOGE, SHIB, PEPE, WIF, FLOKI, and BONK. The annual charts for the tokens display impressive price increases.
Memes have gained attention once more in the middle of the cryptocurrency industry’s extraordinary success this year. Vaneck’s subsidiary’s meme coin index touched an astounding 195%, demonstrating the enormous potential of these coins to provide investors with rewards. The index, which includes DOGE, SHIB, PEPE, WIF, FLOKI, and BONK, the top six meme cryptocurrencies by market capitalization, provides a market cap-weighted summary of the price movement of the aforementioned meme coins.
The data refined by this index recently demonstrated that annual charts reached 195%, highlighting the noteworthy price increases observed by the aforementioned meme coins over a 12-month period. A further look at this data reveals why it surged so sharply, an exciting event for anyone following the cryptocurrency market.
Memecoin index: Here’s everything
MarketVecto, a subsidiary of VanEck, has introduced a meme coin index that simplifies the performance of six of the biggest meme currencies in the cryptocurrency space. The component weightings of Dogecoin (30.77%), Shiba Inu (28.34%), Pepe (14.51%), dogwifhat (12.54%), Floki Inu (7.14%), and BONK (6.7%) in the index were restricted at 30%.
Notably, charts showing the yearly performance of these tokens soared as high as 195%, inciting excitement in the market. In this context, it is evident from the yearly “price” charts of the aforementioned tokens that these coins had extraordinary growth, with investors who joined the market at the appropriate moment realizing unheard-of returns in a single year.
While the meme coin index of VanEck’s subsidiary warns against the volatile character of these coins, which are designed for amusement purposes, the tokens have, on the other hand, acquired a lot of momentum in the wider market.
It’s also important to note that UTC, not local time, is used on the index graph. In contrast, the performance for the year thus far as of this writing was assessed to be 137.96%.
DOGE, SHIB, PEPE & others rally
Annual charts of DOGE, SHIB, PEPE, WIF, FLOKI, and BONK, which correlate with the data from the meme coin index, demonstrate that the tokens had an incredible bull run over the course of a year.
DOGE price rallies over 100%
Over the past year, Dogecoin, the largest meme cryptocurrency by worldwide market capitalization, has had a 102.82% price increase. Despite the token’s price dropping 1.92% in the last day to $0.476, the meme currency offered investors a positive outlook for future growth.
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SHIB rallies over 150%
Shiba Inu, the self-described “Killer of Dogecoin,” had yearly gains of 159% and is presently trading at $0.00002287 after declining by 0.76% during the last day. SHIB token, the second-largest meme cryptocurrency by market capitalization worldwide and one of Dogecoin’s most notable competitors, sees annual growth fueled by the community’s enormous development projects.
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PEPE coin upswings over 300%
PEPE, the third-biggest meme cryptocurrency by market capitalization, saw an eye-catching 338% annual increase. The meme token with a frog motif is currently trading at $0.000008309, up 4.26% over the last 24 hours due to price fluctuation movement.
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WIF price surges over 1,600%
The Solana-based meme currency WIF, which debuted in November of last year, has increased 1,615.28% in just over a full year since its birth. WIF reported a 1.73% decrease in value over the previous day, closing at $2.88.
FLOKI price jumps over 400%
Annual statistics for Floki Inu, another dog-themed meme token introduced by Shiba Inu community members, showed a 403.93% annual growth. At the time of writing, the token’s value was $0.0001745, up 2.17% from the previous day.
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BONK springs over 5,400%
On the Solana network, Bonk (BONK), another meme token with a dog motif, increased by 5,474.23% in the previous year. At the time of writing, the token’s price was $0.00002406, up 1.14% from the previous day.
The extraordinary price increases observed in these tokens, mainly highlighted by VanEck’s subsidiary’s meme coin index, have greatly increased investor excitement over the aforementioned tokens. The fact that there will not be a post-BTC halving gives investors more optimism about the currencies’ potential price swings.
US SEC delays crypto wallet Exodus’ stock listing at the last minute
The NYSE American has delayed the listing of Exodus Movement, Inc.’s Class A Common Stock, the company reported. The listing was supposed to go live on May 9.
Why did Exodus face a last minute delay?
The Securities and Exchange Commission (SEC) issued a last-minute instruction that caused the delay and required an additional examination of the company’s registration statement.
As a result, the business has said that when the SEC finishes its investigation, it may think about applying for a listing on a national securities exchange. Exodus’ shares will be trading on the OTCQX platform of OTC Markets until then.
“While we are surprised and confused by this last-minute decision, we remain hopeful that the SEC will follow through on its commitment to treat us as the law intends. Exodus has been fully transparent and responsive throughout this process and we expect a swift resolution in this matter,” Exodus CEO JP Richardson said.
This delay is a reflection of the larger regulatory obstacles faced by cryptocurrency startups seeking to go public. For example, in January, BeInCrypto detailed comparable challenges for Ripple, another major player in the cryptocurrency space.
The CEO of Ripple, Brad Garlinghouse, declared during the World Economic Forum in Davos that the company’s ambitions for an IPO had been put on hold in the short term because of the “hostile” regulatory environment in the US. This ruling came after a drawn-out legal dispute with the SEC that started in 2020 over claims that the company had sold securities that were not registered.
“In the United States, trying to go public with a very hostile regulator that’s approved your S-1, that doesn’t sound like a lot of fun to me,” Garlinghouse said.
He referred to Coinbase’s challenges, another major crypto firm encountering legal issues post-IPO despite initial SEC approval.
Public offers are heavily regulated by the SEC. The SEC has always taken a strong stand against the cryptocurrency industry.
Robust review procedures have also affected firms such as Robinhood, which first postponed its initial public offering (IPO) because of the SEC’s examination of its cryptocurrency proposals. On July 29, 2021, the business did, however, ultimately go public.
Also read: Crypto wallet developer Exodus gets approval for NYSE American listing
Arbitrum Stylus floats Giga Update. Is ARB price surge imminent?
Arbitrum Stylus protocol has gotten a major facelift with the Giga Update that is designed to overhaul speed, fees and throughput.
A new look has been added to Stylus, the MultiVM solution created by Ethereum layer-2 (L2) scaling solution Arbitrum. The Giga Update was well-received by Arbitrum Stylus on the mainnet, marking the beginning of an age of improved features.
Benefits of Arbitrum Stylus update
As per the Arbitrum protocol, there are two to four times lower costs associated with the Stylus Giga Update. This is a noteworthy accomplishment because, after the Dencun and Atlas Upgrades, Arbitrum (ARB) and other Ethereum L2 received a boost. Many of these L2 firms saw a large decrease in transaction prices following the main Ethereum update.
According to the Giga Update on Arbitrum Stylus, MultiVM inventors are now thought to be able to do comparatively more than their competitors. Notably, one of the five active upgrades is cheaper. As said, the protocol will also log enhanced safety, better tools support, contract size compression, and a new host for I/Os.
It went into further detail about the improvements that it offers as well. The protocol said that the use of a cache for smart contract startup is what makes the less expensive offering feasible. In addition, a dynamic pricing mechanism is activated and most opcodes have rates that are 2-4 times cheaper.
Stylus just got a giga-update.
– Even cheaper (2-4x) fees
– Contract size compression
– Better tooling support
– Improved safety
– New Host I/Os@renegade_fi, @Superpositionso, and @cvex_xyz are already building. What are you waiting for?Go MultiVM. More on the upgrade 👇 pic.twitter.com/udIdFZDhBU
— Arbitrum (💙,🧡) (@arbitrum) May 8, 2024
With customized Brotli dictionaries, the size compression function appears on the hills of the smaller contract sizes. Despite the update’s complexity, developers took care to make troubleshooting easy during the construction process.
Most blockchain protocols strive to adapt in the dynamic blockchain environment. The battle for supremacy in the L2 market is fierce, with recent entries like Coinbase Exchange’s Base surpassing more established players in important measures. In the long run, this upgrade may alter the rules of the game for Arbitrum and set it up for more DApp introduction.
If successful, this might result in an increase of users and the need for ARB.
Catalyst for ARB price surge
Notably, Arbitrum Stylus acts as a gateway for functional interoperability by assisting with connections to other EVM outlets. In the long run, ARB may benefit the most from this improvement because of the potential experience gains and minimal end user costs.
The cryptocurrency is not responding bullishly to the upgrade as of this writing. It is trading for $1.03, a decrease of 2.84% over the last day. During that period, the token surged from a low of $1.01 to a high of $1.06 and then settled at its present level.
ARB has more opportunities for progress in the upcoming term now that the new age has begun.
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