Bitcoin did well last month in a period dubbed “Uptober” by crypto enthusiasts.

But its carast 40% gains were nothing compared to the strange world of meme currencies, where cryptocurrencies unknown until a few months ago posted gains of up to 3,900%.

Meme Coins – cryptocurrencies based on internet memes, current events, online communities, and influencers – have become crazy hot. And they are making lucky investors who made very rich timely bets.

So which ones did the best in October?

best performing meme coins were largely unknown. re are so many popping up every day that it can be difficult to keep track of all of them (have you ever heard of the WOOF token, one of the many Solana-based “dog coins” that have appeared recently? now increased by 20,000%.)

trading volume for most of these meme coins that generate 1000x returns is still relatively small, so we will stick with the ones that traders are moving in large amounts.

Shiba Inu: 804% increase

First, we have Shiba Inu, who despite receiving a lot of attention, did so carastly compared to other meme coins. Shiba Inu, or SHIB, is a meme coin that runs on the Ethereum network. It was created for fun Dogecoin, previously the largest meme coin by market capitalization and Elon Musk’s favorite cryptocurrency.

Read also More than $ 1 billion in Ethereum was burned by the London hard fork

And last month its value increased by 804%: from $ 0.000000723 on October 1 to $ 0.00006536 at the end of the month, according to statistics from CoinGecko. SHIB, which is now listed on the leading US cryptocurrency exchange Coinbase since September, has a 24-hour trading volume exceeding $ 8 billion.

Samoyed: 2,388%

Samoyedcoin, which operates under SAMO, is a meme coin inspired by Dogecoin, the CEO of cryptocurrency exchange Sam Bankman-Fried, and Anatoly Yakovenko, the founder of Solana.

SAMO runs on Solana, a popular blockchain alternative to Ethereum which, in turn, has seen monstrous gains. And like SHIB, SAMO claims to be fun and community owned, calling himself “the loveliest dog on any blockchain.”

Since the beginning of “Uptober” the price was $ 0.00557457 and ended the month at $ 0.138738, an increase of 2.388%. Its 24-hour trading volume is $ 35.9 million.

Dogelon Mars: 3,984%

But the “Uptober” winner was Dogelon Mars, or ELON, which was up nearly 4,000% last month. spin-off of Dogecoin, which also runs on the Ethereum network, made headlines because it is named after Tesla CEO Elon Musk, who is famous for pumping the prices of meme coins in (although he has not spoken at all about this cryptocurrency).

Over the last 24 hours, ELONs worth more than $ 251 million have been traded.

Like the other meme coins on this list, it doesn’t have much use other than a bit of fun. Its creators donated 50% of the entire supply of tokens to Ethereum co-founder Vitalik Buterin, who then redeemed them and gave them to charity.

Meme coins and tokens may seem tempting with such seemingly easy returns, but such cryptocurrencies are extremely volatile and investments don’t always have a happy ending. In fact, some “get rich quick” meme coins are a total scam. Case in point: Squid Game token investors today lost a total of $ 2 million when the cryptocurrency developer closed the store and ran away with the money.

Disclaimer

views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment or other advice.

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