Santiment points to the redistribution of profits from BTC in favor of meme tokens

What’s new? Traders began to redistribute profits from the sale of BTC, investing in meme tokens. According to experts of the analytics company Santiment, such coins as PEPE, FLOKI, and WIF are leading in terms of yield growth and the number of mentions in social networks. Also, fear of missing out (FOMO) on gains is on the rise among traders regarding these assets.

Source: Twitter.com

What is known about coins? Pepe Coin (PEPE), whose mascot is the frog character Pepe by cartoonist Matt Furie, launched in April 2023 based on the Ethereum blockchain. The project offers a deflationary mechanism and a reward system for users. PEPE ranks third in the meme coin ranking and 70th in the overall cryptocurrency ranking with a capitalization of $1,4 billion. The asset added 47,1% in the last 24 hours, with a weekly increase of 193%, according to CoinGecko’s data. At the time of writing the news, the coin is trading at $0,0000033 on Binance.

FLOKI was launched in 2021, similar to the then-popular DOGE and SHIB meme coins, which also used a Shiba Inu dog as a mascot. The Ethereum blockchain-based project came about after Elon Musk said he wanted to get a Shiba Inu dog and name it Floki, which he later did. The project team is preparing to launch the Valhalla metaverse, and it also recently launched the TokenFi asset tokenization platform. FLOKI is ranked seventh in the meme token ranking and 139th in the overall cryptocurrency ranking with a capitalization of $580,4 million, traded on Binance at $0,00005703, adding 19% in a day and 80,5% in a week.

A day earlier, market maker DWF Labs once again invested in the project, purchasing FLOKI tokens for $10 million, after which the rate of the asset jumped by 33%. On February 24, FLOKI and TokenFi logos were shown during a sports broadcast on Chinese channels CCTV5 and CCTV5+ with an audience of over 340 million people.

dogwifhat (WIF) is another “dog” meme token, it was launched on the Solana blockchain last November. The project is fully decentralized and community-driven. In January, Binance launched perpetual asset futures with leverage up to 50x. On February 27, an unidentified WIF holder earned $1,4 million from its appreciation with an initial investment of $310.

Source: Twitter.com

WIF ranks fifth in the meme token ranking and 115th in the overall cryptocurrency ranking with a capitalization of $760,5 million, it added 33,6% and 125,4% over the day and week, respectively. The exchange rate is at $0,7657.

Santiment said earlier that previous instances of BTC overcoming resistance levels during this bull cycle have resulted in bitcoin profits being allocated to more speculative assets. “But if smaller traders try to beat whales to the punch and begin pumping meme coins, don't be surprised if Bitcoin dominance simply continues to grow,” the analysts emphasized.