By market capitalization, the meme coin CorgiAI (CORGI) has overtaken its well-established rival PEPE to rank as the fourth-largest meme token. CORGI’s value has increased by 11% in the last week, matching a 3% surge in the joke coin market.
Using community involvement, CorgiAI, which is based on the Cronos blockchain, seeks to promote AI development. The project enables users to produce and exchange AI-generated digital assets, with a 500 billion token supply. The current increase in value is the result of investors looking for new ventures in the growing market for AI meme currencies.
The meme coin market is off to a great start in 2023, with some new players reporting double-digit returns. Launched in December 2022, Dogwifhat (WIF) has gained 34% in the last seven days and 65% since its release. WIF, which is currently the sixth-largest meme coin, has surpassed FLOKI, the establishment meme token.
BONK, another recent release running on the Solana blockchain, is experiencing exponential growth. In its first two months of trading since being added to markets in December 2022, BONK has already generated returns of almost 1,100%. The popularity of fresh meme releases indicates that cryptocurrency investors are still drawn to this industry.