Still think meme coins exist just for laughs? Well, we’re here to tell you (we’re shocked too) that another meme coin, Brett, has hit a market cap of one billion dollars. Trailing closely behind are its buddies, Solana’s Bonk and Ethereum’s Pepe.
While industry leaders Bitcoin and Ethereum have remained mostly stagnant over the past 24 hours, Brett (BRETT) has jumped 7%, and Bonk (BONK) has risen by 4%. This puts them among the top six gainers out of the 100 largest tokens by market cap, with Brett taking the top spot.
Pepe surged by 17.85% two days after hitting a local low of around $0.00001300, and as of June 12, it’s trading at $0.00001340.
This rebound came with a significant increase in trading volumes, indicating stronger confidence among traders, which could potentially boost the upward momentum even more.
Brett’s Billion-Dollar Boom
A token on Coinbase’s Ethereum layer-2 network is also leading the growth pack this past week, skyrocketing by a whopping 51%. In comparison, the second-largest gainer during the same period is Injective (INJ), with a mere 10% increase. Meanwhile, Bitcoin and Ethereum have dipped by 4% and 6.5%, respectively, over the last 7 days.
During this stellar week for Brett, other “blue-chip” meme coins struggled to keep up. Leading meme coin Dogecoin (DOGE) dropped by 13% to $0.1405. Shiba Inu (SHIB) fell by 14.5%, Dogwifhat (WIF) plunged by 23%, and Floki (FLOKI) tumbled by 27%.
At the time of writing, Brett is priced at $0.1673 and has attracted nearly $130 million in trading volume over the past 24 hours.
Brett is a meme coin that draws inspiration from Matt Furie’s comic series “Boy’s Club,” which is also where Pepe the Frog originated. According to the official meme coin website, Brett is Pepe’s “best friend,” a “dancer,” and a “video game enthusiast.”
Last week, Brett surpassed a market cap of $1 billion after the token surged 24% in a single day. Currently, its market capitalization sits at $1.7 billion, positioning it as the 67th largest cryptocurrency token. It’s even threatening to overtake its rival Solana’s BONK, trailing by just $200 million.
Expect more price hikes by the end of June
The potential for growth by the end of June is bolstered by expectations that the Federal Reserve might lower interest rates in September. Bond traders have increased their bets on a 250 basis point rate cut in September, with the probability rising to 50% before the Federal Open Market Committee (FOMC) meeting on June 12, up from 48.6% a month ago.
These bets are leading to a sharp decline in Treasury yields ahead of the FOMC meeting, with yields on benchmark 10-year bonds dropping by 180 basis points in a single day.
More-more:
- What’s Behind the Memecoins Mania?
- The Dogecoin Symbol Left Us: How Did the Coin React?
- Normie Meme Coin Takes Down Suicide Video, Apologizes After Outrage
Lower bond yields reduce the opportunity cost of holding non-yielding risky assets like cryptocurrencies. This might boost traders’ appetite for the riskiest meme coins, such as Pepe, Brett, Bonk, and others in June.
So, next time someone makes fun of meme coins, just remind them that Brett, the dancing, video game-loving frog’s best friend, is giving Wall Street a run for its money.
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