A curious trend has emerged in memecoin world: national pride is going digital as, with the Paris Olympics on the horizon, investors are flocking to a new niche country-themed meme coins, betting that the global sporting event will inflate their value.
An online tracking platform, as first reported by CryptoBriefing, is monitoring a staggering 47 different country coins. These digital tokens, with names like “American Coin” (USA) and “China Coin” (CHINA), collectively represent a market capitalization of nearly $117 million. Trading activity is brisk, with almost $18.7 million changing hands in the past 24 hours.
USA, the undisputed heavyweight of this digital gamesmanship, boasts a market cap near $92 million. According to DEX Screener, its value has skyrocketed a staggering 74,000% since its launch in mid-March, peaking on May 4 while China Coin trails far behind with a $5.8 million market cap, it has witnessed an impressive 23,000% growth since its inception.
Looking at the most recent trading period, Palestine Coin (PALESTINE) takes the gold medal for growth, surging a remarkable 764% at the time of writing. France Coin (FRA) and UK Coin (UK) are also experiencing significant gains, rising 120% and 145% respectively over the past 24 hours.
Adding a dash of humor to this global investment frenzy is the “Olumpec Terch” (OLUMPC) meme coin, a playful misspelling of “Olympics” capitalizes on both the Olympic buzz and the meme coin trend of purposefully misspelled names. Since its launch, OLUMPC has witnessed a meteoric rise of 6,400%, reaching its pinnacle on May 5.
It’s worth noting that trading in memecoins carries a high level of risk and may not be suitable for all. The extreme volatility characteristic of memecoins can lead to significant losses as well as gains.
It’s important to note that past performance is not necessarily indicative of future results and investors should conduct thorough research and consider seeking advice from an independent financial advisor. Additionally, the regulatory landscape for cryptocurrency investments remains uncertain in many areas, posing potential legal risks for trading and holding memecoins.
Featured image via Unsplash.
