Meme cryptocurrencies like SHIB, MEME, BABYDOGE are largely controlled by a small number of wealthy holders, with the top 10 wallets holding over 50% of the circulating supply. However, newer meme coins on the Solana blockchain show a more decentralized distribution, with the top 10 wallets holding significantly less of the circulating supply. This concentration of power among a few holders raises concerns about the democratization and decentralization of these meme coins.
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Meme Tokens Surge, Gaining Popularity as Blockchain Growth Bet
Meme tokens like PEPE and WIF on Ethereum and Solana surged up to 51% in the past 24 hours, reflecting a growing trend of using meme coins to bet on blockchain growth. The rally, driven by spot demand, also saw gains in other networks, with an average increase of 13% in the past day. This surge comes as Ethereum and Solana gained over 8% and Bitcoin topped $57,000, with meme tokens being considered a risky but potentially profitable way to benefit from ecosystem growth.
read moreAvalanche Network’s Token Unlock: Impact on AVAX Price Speculation
The Avalanche network is set to release 9.5 million tokens on Feb. 22, sparking speculation about its impact on AVAX’s price. Analysts are divided on whether the token unlock will boost or hinder AVAX, with previous releases showing mixed effects on the token’s price. Despite recent volatility, AVAX has seen positive monthly returns, and historical data suggests a potential for positive returns in March.
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