After the rise of meme currencies… Is it time to buy, sell or hold PEPE, WIF and DOGE?

The meme token rose about 9.47% on Thursday, approaching a market cap of $66 billion. The parts arrive Dogecoin (DOGE), andPepe (PEPE), anddog woman (WIF) is at the forefront of currencies whose prices have increased.

However, the rise of meme coins raises the question of whether now is the right time to buy, sell, or hold these meme-inspired tokens.

Dogwifhat grew 45% thanks to the Sphere Wif Hat campaign

After a period of calm, speculation about the end of the meme coin craze has been dispelled. This is after his impressive return. Specifically, Dogwifhat (WIF) coin saw a notable 45% increase on Thursday. Reaching an all-time high of $3.45.

A successful crowdfunding campaign fueled this jump. The organization raised more than $700,000 to display the token logo on the Las Vegas ball, demonstrating the collective power of the LGBT community.

The “Sphere Wif Hat” campaign began on March 10. It quickly took the cryptocurrency community by storm, raising significant funds through its USDC stablecoin. This success caused WIF's value to skyrocket, making it the fourth largest memecoin with a market capitalization of $3.3 billion.

Support came from key players in the Solana ecosystem, including Phantom Wallet, enabling... pointing to The trend of using unique marketing strategies to improve the profile and value of meme coins.

However, not everyone has a favorable view of the meme coin market. In note For investors, Franklin Templeton noted... note For investors, while meme coins can offer quick gains, they lack inherent value or utility. The company emphasized that its popularity stems from its viral nature, low barriers to entry, and potential for quick profits, albeit with high volatility.

This view from Franklin Templeton highlights the speculative nature of these investments and urges caution among investors.

Dogecoin, the original meme coin and now the 10th largest cryptocurrency, remains a significant player. Its price recently increased by 10% after Elon Musk suggested that Tesla could accept DOGE payments. This incident highlights the impact of celebrity endorsements on memecoin prices.

An analyst expresses his concerns

However, enthusiasm for meme coins has raised concerns about market stability. Trading volumes have reached levels never before seen before the cryptocurrency bubble burst in 2021. Some experts fear that the market is reaching its peak.

"Historically, a rise in meme tokens has often signaled a market top. However, it is difficult to predict whether this will be the case now as new capital enters cryptocurrency markets. We also note that some of these tokens “increasingly driven by idiosyncratic factors” and less tied to Bitcoin,” he said Said Deslava Ober, research analyst at Kaiko.

The Dogwifat Sphere campaign has even prompted some to Prognosis Such high-profile actions could overheat the market, which could lead to a pullback.

As the debate continues, investors face a complex decision: buy, sell, or hold meme coins. While the opportunities for quick wins are tempting, the risks associated with investing driven by social media trends cannot be ignored.

The unpredictability of the meme coin market, where sentiment and viral campaigns greatly influence prices, adds another level of complexity.