$Homer trading volume reaches $15.3m in 24 hours
ALBWABA – The trading volume of the Meme coin, $Homer, or Homer Coin, a type of cryptocurrency based on the iconic Homer Simpsons cartoon character, shot up in trading value by 60,000 percent in seven days, according to cryptocurrency news website Crypto News.
The $Homer coin was also dubbed the first ever “DOH coin”.
$Homer’s trading value reached $15.3 million, in an ‘impressive’ 24-hour increase, the website reported.
$HOMER boasts a market cap of roughly $68 million and is backed by a massive supply of 89 billion tokens.
A meme coin (also spelt memecoin) is a form of cryptocurrency derived from an Internet meme or has some other humorous characteristic. In this case, Homer Simpson, from the famous cartoon show, The Simpsons.
Meanwhile, Bitcoin is struggling with low liquidity and news of new crypto tax rules in the European Union (EU), as reported by CNBC.
Bitcoin struggling in 2023
The legendary cryptocurrency just hit a two-month low last Saturday, at $26,789.
According to Google’s Market Summary, Bitcoin was traded on May 17 at nearly $26,895, up 61.24 percent over the duration of six months.
A Bitcoin community forecast, carried by Finbold.com, estimates that the cryptocurrency will trade at an average price of $24,753 by May 31. The community’s estimates are historically accurate, at an 82% rate, the website confirmed.
“The current macroeconomic situation is, in our view, conducive for increased crypto adoption,” Joe DiPasquale, CEO of crypto fund manager BitBull Capital, told CoinDesk.
Apparently, the U.S. government reaches a deal regarding the debt ceiling, or failing to do so, both bode well for crypto assets.
Lucas Outumuro, head of research at blockchain analytics firm IntoTheBlock, told CoinDesk that there “could certainly be a bid for BTC” whether or not there’s a deal on the debt ceiling.
Bitcoin is the largest cryptocurrency in the world, by market capitalization.
