TL;DR
- New meme coins, including MOTHER, RNT, and more, have made the headlines in the past few days.
- The surging popularity is due to their volatile prices and associated controversy.
The Latest Meme Coin Sensations
According to many industry participants, the cryptocurrency market has been in a bull run since the start of the year. Bitcoin (BTC) reached a new all-time high of over $73,500 in mid-March, while Ethereum (ETH) briefly surpassed the $4,000 mark.
However, meme coins seem to be the rock stars of this bull cycle. Many of them, including dogwifhat (WIF), Bonk Inu (BONK), Pepe (PEPE) , Floki Inu (FLOKI), and more, have made the headlines numerous times in the past few months after experiencing impressive price increases. They have also gained support from leading crypto exchanges and prominent figures.
While the aforementioned have slowed down their progress recently, others have entered the market with a bang.
One evident example is MOTHER – a cryptocurrency announced by the Australian model and rapper – Iggy Azalea. Its price reached an all-time high of around $0.23 on June 7, while the market capitalization neared $300 million. Currently, MOTHER is worth $0.19 (per CoinMarketCap’s data), representing a 150% increase on a weekly scale. The market cap retraced to approximately $187 million.
The token was a subject of some controversy, triggering responses from well-known figures. Ethereum’s co-founder Vitalik Buterin was among those criticizing it, saying :
“I’m feeling quite unhappy about “this cycle’s celebrity experimentation” so far. […] Ashton and Mila’s Stoner Cats was vastly more honorable than anything we’ve seen from this 2024 celebrity meme coin era – at least there was an actual show being funded.”
Andrew Tate—a former kickboxer and current online influencer known for sharing his wealth and misogynistic views—also introduced his own meme coin. The asset, ticked RNT, surpassed the price of $0.05 on June 9 before dipping to its current mark of approximately $0.037.
Some might view the emergence of the token as a surprise considering Tate’s previous stance that he “will never launch a crypto.”
The Best Performers
Other recently-emerged meme coins that took center stage recently include Beercoin (BEER) and Brett (BRETT). The former is based on the Solana ecosystem and (somewhat expectedly) is associated with the alcoholic drink.
Its price is up 150% weekly, whereas its market capitalization peaked at $300 million at the start of the month. Currently, the market cap is hovering at the $270 million mark.
BRETT’s success has shown even more significant progress. As of the moment, the frog-themed asset is worth around $0.17, a 400% increase on a 30-day scale. Its market cap has risen above $1.7 billion, positioning BRETT as the 65th-largest cryptocurrency and the 7th-biggest in its realm.
