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Cardano's HOSKY Meme Coin Skyrockets Amid Altcoin Turmoil

Mon, 04/24/2023 - 13:29
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Gamza Khanzadaev
Cardano's meme token named after Charles Hoskinson is on rise despite bloodbath on crypto market
Cardano's HOSKY Meme Coin Skyrockets Amid Altcoin Turmoil
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HOSKY, a meme token based on the Cardano blockchain, has seen an 8% surge in price and a 173% increase in trading volume over the last 24 hours, per CoinMarketCap. This is despite the fact that the altcoin market, excluding Bitcoin and Ethereum, has seen an 8% decline in total market capitalization since Wednesday, amounting to a loss of $32.44 billion.

HOSKY to USD by CoinMarketCap

Over the last four days, HOSKY had also experienced a loss of 15.7% of its value, just like the rest of the market. However, unlike other altcoins, HOSKY has been able to make a comeback, which can be attributed to the recent resurgence of meme cryptocurrencies. This revival started just before a significant market correction began. One of the most-talked-about meme tokens in this movement was PEPE token, which managed to create a buzz on the market despite having no foundation and dubious roots.

SHIB, DOGE & PEPE: David Gokhshtein Shows Off His Meme Coin Collection

The current positive performance of HOSKY has come as a surprise, especially considering the unfavorable market conditions. It seems that investors are still betting on the power of memes and their ability to draw attention and investment in the crypto world.

On the one hand, meme cryptocurrencies remain highly volatile and risky investments. However, as seen with the recent resurgence of meme tokens, they can also offer significant returns in a short period, making them attractive to risk-tolerant investors.

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About the author

Financial analyst, trader and crypto enthusiast.

Gamza graduated with a degree in finance and credit with a specialization in securities and financial derivatives. He then also completed a master's program in banking and asset management.

He wants to have a hand in covering economic and fintech topics, as well as educate more people about cryptocurrencies and blockchain.