Users continue to show increased interest in cryptocurrencies dedicated to popular memes

​WOJAK meme token rate jumps by 570% in one week. We look into the reasons for the growth

02.05.2023 - 14:00

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2 min

What’s new? On May 2, the price of meme token Wojak (WOJAK) reached an all-time high of $0,00065. During the previous day, the asset grew by 74%, and the weekly growth exceeded 570%. The daily trading volume on centralized crypto exchanges (CEX) Gate and Bitget, as well as decentralized (DEX) Uniswap, is more than $91 million. The token is ranked 488th by cryptocurrency market data aggregator CoinGecko with a capitalization of $41,99 million.

News on the CoinJournal website

What is WOJAK? It is a cryptocurrency project that offers users the opportunity to explore the world of memes, including buying and selling them through a decentralized network. It was inspired by the iconic Internet meme of the same name in the form of a drawing of a sad man’s face.

Why has the exchange rate risen? From a historical low of $0,00004902 recorded on April 21, the price of WOJAK has risen by more than 2000%. The surge in the value of the meme token came after the project’s team announced on Twitter on May 1 the release of a second collection of non-fungible tokens for the community.

The growth of the WOJAK rate coincided with the pump of another meme token called PEPE. After listing on the OKX exchange, the asset rose by 130% to $0,00000138. PEPE’s mascot is the popular character Pepe the Frog, created by cartoonist Matt Furie. The developers are positioning the asset as a competitor of meme coins, whose mascot is a Shiba Inu dog. Among them are Dogecoin (DOGE), Shiba Inu (SHIB), and Floki Inu (Floki).

As of May 2, 13:25 UTC, the price of WOJAK has corrected to $0,00063348.

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