by Jan Michael Carpo, Correspondent
With the recent surge in Bitcoin’s value approaching nearly P4 million per token, Filipinos have shown increased interest in meme coins such as Dogecoin, Shiba Inu, and Pepe.
Wei Zhou, CEO of Coins.ph, shared in a recent press briefing that local traders are now being drawn to these highly speculative cryptocurrency tokens as a means to potentially generate quick profits.
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Priced very low
“One of the reasons why Filipinos love meme coins is that they’re priced very low,” he said, “making them accessible to traders with smaller wallets.”
Zhou stated that the affordability of meme coins is a key factor now driving their popularity among Filipino traders. The tokens are priced around P5 to P10 each, and this accessibility allows traders with smaller budgets to participate, with the potential for higher payouts as prices increase.
“At this price point, traders are encouraged to buy in big volume to receive a better payoff when prices start to pick up,” Zhou added.
He, however, stressed that these tokens’ prices are volatile, which means that traders should always monitor their movement in the market to optimize profits.
“If it is a pure speculative token, make sure to take from profit,” he shared, noting that some traders have a tendency to forget to sell when the prices have already gone up.
Surge in meme coin transactions
According to Zhou, meme coin transactions on the company’s trading platform have started to surge and now comprise over 25% of trade activity — a significant increase from less than 5% in the previous year.
Meme coins are transient cryptocurrency tokens inspired by internet memes, characterized by humorous digital content that often garners widespread popularity online.
Among the notable meme tokens, Dogecoin experienced a 25% price gain in the past week, while Pepe and Shiba Inu saw increases of approximately 59% and 11%, respectively. As of the latest data, the global market capitalization of leading meme tokens has risen by 7% to US$65.52 billion.
Established in 2014, Coins.PH operates as a cryptocurrency exchange under Bangko Sentral ng Pilipinas (BSP) regulation, making it the first of its kind in Asia to obtain permits from a central bank to issue both virtual currency and electronic money.
Exactly 10 years after its launch in 2014, the fintech company now has over 18 million users. However, only about one million or two million of these users are active every month. The virtual currency provider is thus targeting to double its active users this year as it gears up for expansion in other regions.