Swissquote Joins Memecoin Frenzy as Market Sentiment Wanes

The Switzerland-based online trading company Swissquote is eying the recent memecoin frenzy to expand its services to users. The added seven meme cryptocurrencies, a term referring to digital assets originating from internet jokes or viral content.

“7 new meme coins are available on SQX,” the company mentioned in an announcement from LinkedIn. “Find out how internet jokes can become seriously profitable! Our services vary by country; please check product availability. Investing in digital assets carries a high degree of risk.”

Memecoin Excitement Cools Off

The company's new meme coins include PEPE, Shiba Inu, DOGWIFHAT, Bonk, Floki, Official Trump ($TRUMP), and $MELANIA. According to the company, the seven meme coins are now available on SQX.

Swissquote’s announcement comes as the crypto market is facing a retracement. According to CoinMarketCap data, the global crypto market has lost 5% in the past day alone, to $3.4 trillion. The downtrend has also affected the seven new meme coins listed by Swissquote as the Trump effect fades.

$PEPE, currently ranked among the top 30 cryptocurrencies with a market valuation of more than $5 billion is down 16% and 22% in the past day and week, respectively. Similarly, Shiba Inu (SHIB) has experienced a 7% decline in the past day to trade at $0.0000183.

Memecoin Prices Plunge

Swissquote also added DOGWIFHAT, a not-so-popular meme coin. However, according to the firm, “This cryptocurrency is making a name for itself with the famous image of a Shiba Inu wearing a wool cap. In December 2023, its capitalization rose from less than $1 million to more than $350 million in just a few weeks.

The recently launched TRUMP tokens are also facing a downtrend. Although their market valuation is currently above $5 billion, $TRUMP, launched by US President Donald Trump, has plunged 8% in the past day, bringing its losses to more than 40%.

My NEW Official Trump Meme is HERE! It’s time to celebrate everything we stand for: WINNING! Join my very special Trump Community. GET YOUR $TRUMP NOW. Go to https://t.co/GX3ZxT5xyq — Have Fun! pic.twitter.com/flIKYyfBrC

$MELANIA, which was also launched by the US First Lady, has also lost 3% and 62% in the daily and weekly charts, respectively. At its launch, the meme token attracted significant attention, with a trading volume surpassing $20 million in a day. Although the level of excitement highlighted a growing market for politically inspired digital assets, the excitement seems to have faded away.