Memecoin WOJAK rose more than 1,000% in just 7 days, attracting the attention of speculators. However, experts warn against investing in coins that have no utility. It’s not uncommon for memecoins to become popular and then the market lose interest.
WOJAK, the Ethereum-based meme coin depicting a bald man with various expressions, had a good week on the market. In the past 7 days, the cryptocurrency is up 1041%. Despite a volatile 24 hours, it is still up nearly 6% for now.
Listed on WOJAK
Just this week, WOJAK was listed on several exchanges including BitGet. Huobi began listing the memecoin on April 19th. It is also available on BTCEX, BingX, LBank and SuperEx.
memecoin originated around 2010 on 4chan’s /r9k/ board. Though it didn’t become a popular feature on the internet until the middle of the decade. Due to WOJAK’s highly adaptable and relatable nature, fan memes use it for fun in many instances, often adding text, facial expressions, and accessories to make the meme unique.
Investors should be wary of Memecoin
This week’s trends have yet to quell skepticism about WOJAK. Memecoins may be doing well, but Wesley XIA, founder of Rootz Labs and former chief creative officer of Huobi Global, is cautious.
Buyers should exercise caution when buying amid the hype, he said. “We call memecoins memecoins because they lack utility and are full of hype. Unlike ETH or other altcoins where people can verify their activity on-chain, memecoins have no underlying value, but It feels like pure gambling.”
Erik Saberski, VP of Data Science at The Tie said:
“Typically, when memecoins first emerge, we see an initial spike in memecoin activity.”
“However, for most new ERC-20 tokens, this usually ends within a day. WOJAK, interestingly, saw a spike two weeks after the initial spike. There are currently about 4,000 active addresses, doing about 12,000 WOJAK transactions. This number is not the same as the initial value in mid-April, but still a significant number.”
The recent memecoin infusion has fueled speculation of the return of “memecoin season”. Although, this time, the market activity has been dominated by newcomers. Launched in mid-April, PEPE has received a lot of attention from investors. As of this writing, PEPE is up 157% in a single day.
Enthusiasm for such products tends to be fickle. Older memecoins like Dogecoin and Shiba Inu have dropped significantly over the past few months.
- With memecoin, getting rich is no longer difficult?
- This memecoin is trending on Twitter up 528%
According to BeinCrypto