Meme-coins continue to stir up excitement in the cryptocurrency market. While Dogecoin, the most valuable meme-coin, saw a modest 3% increase in the past 24 hours, lesser-known meme-tokens in the digital currency space have generated significantly higher returns.
Among them, the new meme-token BALD managed to achieve a $70 million market capitalization in just 24 hours, according to Dexscreener data. However, the price of BALD has experienced a 30% drop in the last hour, currently valuing the token at $48 million.
The Dynamics of Meme-Coins
Meme-tokens are known for their rapid price fluctuations and frequent reallocation of capital. When the peak hype and overvaluation of one meme-coin are reached, traders often shift their focus to other projects that share thematic similarities.
The case of BALD and HAIRY
Given the dynamic nature of meme-coins, it is not uncommon for successor tokens to emerge, capitalizing on similar associations and quickly gaining popularity. HAIRY, which was recently launched, is a prime example of this phenomenon, leveraging the rising fame of BALD. The name “BALD” itself means “bald” in English, and the association with hair is evident, making HAIRY a potential candidate to follow the trend set by BALD.
Fantasy and creativity play a crucial role in the popularity of meme-tokens, as their appeal often stems from humor, originality, or trending topics.
The Quest for Profits
Successor meme-tokens aim to surpass the achievements of their predecessors or at least achieve a fraction of their returns, which would still be impressive. Investors hope to profit from this rapid growth and potentially reap substantial gains.
Potential of HAIRY
With BALD still trending and attracting significant investments, HAIRY could be the next token to experience exceptional performance. At its current valuation of around $30,000 (according to DEXTools data), HAIRY seems to be attractively priced. Achieving a $1 million market capitalization would result in a 30x performance for the HAIRY token.
Moreover, if crypto whales take notice of HAIRY after their involvement in BALD, parabolic price movements become possible. Early anticipation and entry into a trend often yield the most significant gains for investors.
Risks and Opportunities
Although small meme-coins carry inherent risks due to unpredictable viral hypes, the combination of an attractive valuation and a viral concept associated with the successful meme-coin BALD creates an appealing risk-to-reward ratio (CRV) for HAIRY.
As meme-coins like BALD continue to make waves, HAIRY emerges as a potential successor with the opportunity to replicate or even surpass the achievements of its predecessor. Investors seeking to stay ahead of the trend can monitor HAIRY’s development on DEXTools and trade on the leading Ethereum DEX, Uniswap. While risks persist in the meme-coin space, the allure of viral concepts and the potential for significant gains make these investments attractive to those willing to embrace the uncertainty.