Memecoin mania triggers triple-digit gains from Binance Smart Chain-based altcoins
HOGE, ASS and TABOO are three Binance Smart Chain-based projects that have seen triple-digit rallies after traders’ rotation into meme coins.
This week’s surge in popular memecoins such as Shiba Inu (SHIB) and Dogecoin (DOGE) could be signs that the good times are back, and a quick glance at crypto Twitter shows a long list of tweets where aspiring traders discuss buying Lamborghinis, quitting their day jobs and becoming a full-time crypto traders.
While DOGE and SHIB are receiving the majority of the attention from media and investors, they are not the only low-priced tokens that have seen a spike in price. On all major networks, including the Binance Smart Chain (BSC), the value of memecoins has risen, a sign that retail investors of all classes are feeling bullish again.
Here’s a look at three relatively “unknown” Binance Smart Chain-specific tokens that have put up respectable gains over the past week.
Hoge Finance
Hoge Finance (HOGE) is a meme-loving decentralized finance protocol that describes itself as community-driven and has a capped token supply with a deflationary mechanism that burns 1% of the supply at every transaction.
Data from CoinGecko shows that since reaching a low of $0.0001 on Oct. 13, the price of HOGE has surged 533% to a daily high of $0.000633 on Oct. 28 as its 24-hour trading volume spiked 330% to $12.3 million.
The surging price of HOGE comes as the team behind the project has been teasing an upcoming exchange listing on one of the top five cryptocurrency exchanges. Aside from that promise, there’s little else to say about the project from a fundamental analysis point of view, but can’t the same be said for Dogecoin and most of the other canine-themed tokens?
Australian Safe Shepherd
Australian Safe Shepherd (ASS) is a community meme token that got its start as a fork of the popular SafeMoon project.
As part of the tokens design, 5% of each trade conducted on PancakeSwap is locked in a liquidity pool to ensure there is always sufficient liquidity. An additional 5% is redistributed to all ASS token holders as a form of passive rewards and an incentive to hold the token.
Data from CoinGecko shows that since trading at a low of $0.00000000235 on Oct. 25, the price of ASS has increased 203% to a daily high at $0.00000000711 on Oct. 28 as its 24-hour trading volume surged from $450,000 to $25.43 million.
Related: Dogecoin jumps 44% in one day as traders rotate Shiba Inu profits into DOGE
Taboo Token
Taboo Token is an adult entertainment-themed nonfungible token (NFT) and streaming media project that specializes in exclusive content provided by the models who work with the platform.
While falling outside of the definition of a memecoin, Taboo Token is another low-priced project on BSC that has done serious numbers of the past few weeks.
Data from CoinGecko shows that after hitting a low of $0.0008 on Oct. 4, the price of TABOO surged 1,812% to a daily high of $0.0153 on Oct. 13 as its 24-hour trading volume spiked to a record-high $11.52 million.
The increased action for TABOO came after OnlyFans announced that it would ban adult entertainment performances on the platform, and Taboo presented itself as a working alternative. OnlyFans would later reverse the ban, but it appears that creators have realized the benefits of decentralized platforms.
Even with OnlyFans’ change of heart, TABOO has continued to see its price supported at the current levels, and the developers behind the protocol are planning to build out its ecosystem and frequently tease upcoming developments, including the launch of a Taboo marketplace, which will feature NFTs from industry majors and celebrities, such as Paris Hilton.
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