0
0
Meme Coins Dominate Crypto Market Amid Bitcoin’s Stability
Bitcoin’s performance this week has been relatively stable, following its highly anticipated halving event, with minimal fluctuations. However, amidst this lackluster movement, meme coins have emerged as the standout performers in the cryptocurrency market.
Bonk Dominates with Impressive Gains
According to CoinGecko data, Bonk, a Solana-based meme token, has experienced the most significant gains in the past week, surging by an impressive 58%. This surge can be attributed to the Bonk DAO’s decision to burn over 278 billion Bonk tokens, a move that has been perceived as bullish as it reduces the token’s supply, making it more scarce and desirable.
Pepe Soars on Coinbase Listing
Another notable performer in the meme coin category is Pepe, an Ethereum-based token, which has seen a substantial increase of 36% in its price this week. This surge was triggered by the announcement of Coinbase International’s listing of Pepe perpetual contracts. It is a testament to the interconnectedness of meme coins, where a price surge in one token often leads to similar movements in others within the market.
Other Rising Meme Coins and Non-Meme Tokens
In addition to Bonk and Pepe, other meme coins such as Floki have also experienced significant gains, with Floki’s price jumping over 20% in the past week. On a different note, Hedera, a distributed ledger technology similar to blockchain, saw a notable increase of 32% following news of digital asset exchange Archax’s partnership to offer BlackRock’s ICS U.S. Treasury money market fund using the Hedera network.
Meanwhile, Bitcoin’s price has remained relatively stagnant at $62,991 amid an outflow of funds from newly approved Bitcoin exchange-traded funds (ETFs). This outflow was likely driven by a recent federal economic report indicating slower-than-expected growth in the American economy, sparking caution among investors involved in the volatile cryptocurrency market.
Furthermore, Ethereum, the second-largest cryptocurrency, has faced its own set of challenges, with industry heavyweight Consensys filing a lawsuit against the Securities and Exchange Commission (SEC) over allegations of planning to categorize Ethereum as a security. Despite these hurdles, Ethereum has managed to maintain a moderate increase of 2% over the week, with its price currently at $3,120.
Image/Photo credit: source url
