In a time of global economic uncertainty, with banking failures and a crashing real estate market, meme coins are experiencing a resurgence. This unexpected comeback of meme coins, such as PEPE and SPONGE, has captured the attention of investors and driven up Ethereum (ETH) transaction fees, pushing the network further into deflationary territory.
Seedify, a popular decentralized finance platform, has announced its intention to capitalize on this renewed interest in meme coins by launching its own project, GMFam, scheduled to hit the markets on May 12th. The name and Twitter address for this new venture were recently revealed as $GMFAM and @gmfam_ily, respectively, garnering significant attention and over 200,000 views on Twitter alone.
The broader cryptocurrency market has seen gains alongside the rise in meme coins, with Ether’s price increasing by 5.61% to $1,990 and Bitcoin closing at $29,501.16. Analysts attribute these gains to the revived meme mania sweeping the cryptocurrency space. New tokens, such as SpongeBob token (SPONGE) and Pepecoin (PEPE), have experienced substantial price increases, with SPONGE surging almost 600% since its launch and PEPE up over 120% in just 24 hours.
The driving force behind the popularity of meme coins is the promotion they receive on social media from celebrities, influencers, and investors. Despite their highly speculative nature and lack of inherent value, some meme coins, including Dogecoin (DOGE), Shiba Inu (SHIB), and Pepe (PEPE), have managed to capture significant market attention and investment. However, their long-term potential remains uncertain.
Investors and market participants should be prepared for a volatile and unpredictable landscape as meme coins continue to make a comeback. The increased gas fees associated with the resurgence of meme coins have led to more ETH being burned, making it a deflationary asset and boosting its price, according to Conor Ryder, research analyst at crypto data provider Kaiko.
Seedify’s upcoming GMFam launch aims to tap into the hype surrounding meme coins and build a vibrant and fun community around it. To generate excitement and anticipation, Seedify has initiated an airdrop event for the first 100 people who participate in their tweet. As the launch date approaches, anticipation is building among Seedify users and the broader cryptocurrency community.
The resurgence of meme coins has led to a volatile crypto market and impacted Ethereum’s price and deflationary status. Investors and market participants should remain vigilant and conduct thorough research before committing funds to these highly speculative assets. As the world faces economic struggles, it remains to be seen whether the return of meme coin mania will provide a lasting impact on the cryptocurrency landscape or merely serve as a fleeting distraction.
