According to CoinMarketCap, the price of HOSKY, a meme token based on the Cardano blockchain, has increased by 8%, and its trading volume has increased by 173%, during the past 24 hours. This is true even if the whole market value of the altcoin market, excluding Bitcoin and Ethereum, has decreased by 8% since Wednesday, representing a loss of $32.44 billion.
Much like the rest of the market, HOSKY had lost 15.7% of its value during the previous four days. The current resurrection of meme cryptocurrencies, however, has allowed HOSKY to make a return, unlike other altcoins. Just before a severe market correction began, this comeback began. The PEPE token, one of the most talked-about meme tokens in this movement, managed to generate excitement on the market despite having no basis and questionable origins.
Given the unfavourable market circumstances, HOSKY’s recent strong performance has surprised many. It appears that investors are still placing their bets on the influence of memes and their capacity to generate interest in and capital for the cryptocurrency market.
On the one hand, investing in meme cryptocurrencies is still quite hazardous and volatile. However, as seen by the current comeback of meme tokens, they may also provide large gains in a little amount of time, luring risk-averse investors in.
