Researchers said investor bets on a rosier macroeconomic picture were driving a jump in riskier assets across the board.
Other meme tokens are also up, with dogecoin and Shiba Inu up 19 percent and 27 percent respectively in 2023.“Investors need to be especially cautious when it comes to coins like doge, Shiba Inu and bonk,” said Les Borsai, co-founder of digital assets services firm Wave Financial.Nonetheless, some market players pointed to the relative cheapness of these tokens – doge is worth about eight cents – as a reason why speculators were willing to place bets on them.
“Rumors of Solana’s death seem to have been greatly exaggerated,” said Tom Dunleavy, senior research analyst at data firm Messari. “Despite the recent price appreciation seemingly being driven by speculation, the underlying ecosystem remains quite strong.”Some researchers chalked the crypto gains up to optimism that inflation had peaked, reducing the need for tighter central bank policy.