Crypto traders gambling money against celebrity meme tokens

The majority of the meme tokens inspired by celebrities are performing very well in this crypto bull phase.

Meme tokens are those crypto assets which are not backed by any use case fundamentally. Dogecoin (Doge), and Shiba Inu (Shib) are top market cap meme tokens. In 2021, many meme tokens took birth under the influence of Tesla CEO Elon Musk.

In the last two weeks, the trade price of the majority of the meme tokens surged rapidly, as a part of the crypto bull run. In particular Shiba Inu token surged 127% in 7 days & Dogecoin surged 95% in 30 days.

Amid the popularity & rapid pump in the trade price of meme tokens, the trade prices of other new meme tokens surged by multiple folds.

The US Presidential Joe Biden & former President Donald Trump-inspired meme tokens surged rapidly ahead of the US presidential election. A crypto trader claimed that he turned his $250 investment into $42k within 2 days of investment.

We can see another attached proof by another X (Twitter) user of turning investment into 1000 fold in the Joe Boden token.

However, the liquidity of these tokens is not very impressive but people are expecting that they can make a big amount of profit with only a few dollars of investment.

Many other meme crypto tokens also grabbed huge popularity amid this bull run e.g. Berik Obema, Mechael Seylor.

Notably, some new meme tokens have market caps in millions & billions. This is showing the craziness of crypto traders gambling on the meme tokens.

Read also: Microstrategy planning to buy Ethereum (ETH): Report