Monday, July 15, 2024
Home > News > Bitcoin News > New memecoin Billy hits key milestone as price soars

New memecoin Billy hits key milestone as price soars

Billy price has been in a strong bull run since its launch in June as investors predict that it could be the next big dog-themed meme coin. 

After bottoming at $0.021 on June 24, Billy price rebounded to an all-time high of $0.1320, giving it a valuation of $115 million. This makes it the second-biggest Pump.fun token after Michi, which has a market cap of over $128 million.

Billy price soars to an all-time high

Meme coins have become the best-performing cryptocurrencies this year, with Pepe, Floki, Bonk, and many others outperforming legacy coins like Bitcoin and Ethereum. 

As a result, the total market cap of all meme coins tracked by CoinGecko has jumped to over $51 billion. This growth has made them bigger than some highly profitable companies like Monster Beverage, MetLife, DHL, and AutoZone.

This performance has also led to the launch of more meme coins. Rapper Iggy Azelia has been promoting MOTHER while Andrew Tate has been associated with DADDY. Other recently launched tokens were MAGA Hat, STrump, and Brett.

Billy is a new token that aims to be the next big thing in the meme coin industry. According to its website, it describes itself as the cutest dog on Solana, the popular blockchain network. It also aims to replicate the success of other dog-themed tokens like Shiba Inu, Floki, and Baby Dogecoin.

Billy’s holders jumped to over 15k

Billy is achieving this success as the number of holders has jumped to over 15,000 and this trend could continue if its rally accelerates.

Most of Billy’s volume is coming from Solana-based decentralized exchanges like Raydium, Meteora, and Orca. 

The biggest risk for the ongoing BILLY rally is that insiders could start selling the token as we saw with other meme coins like Beercoin and Water. After initially rising to $0.00057 in June, the BEER token has crashed by 94% as insiders dumped it.

Meme coins are easy to manipulate because of the vagueness of their creators and lack of clear disclosures. As a result, many traders have been left holding the bag after most of these tokens crash. 

For example, despite initial hype, Iggy Azalea’s MOTHER token has crashed by 79% from its all-time high. DADDY Tate has also fell by almost 90%. 

Still, some meme coins have become highly successful. Pepe has achieved a market cap of over $4 billion while Dogwifhat and Floki have a market cap of $2.18 billion and $1.7 billion, respectively.

Source